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After taxes and condo association fees you will probably find out you will be better off renting while you save more money and wait for the real estate market to correct more.
You have to run he numbers to see whether renting or owning is more financially sound and even then there are a lot of factors at play when owning.
I know individuals who bought a home 20 years ago and are now up over 100% net (inflation adjusted) and others who bought homes and are barely break-even/losing.
Gordon Madris at Meadowbrook is an experienced, knowledgeable loan officer.
If you want to talk to someone else as well, I'd recommend Mike Ricci at Contour Mortgage 516.316.2348. Just last week we were discussing the first time homebuyer grants; he's on top of them. He'll talk to you without obligation.
As always, Elke is a wealth of knowledge. Back in 2012, I had conversations with her regarding my own situation. I had a trusted broker but I wanted to get a so called second opinion and she supported what I had been told. Thanks for being a wonderful resource for all on CD for so many years.
Are you truly in control when.you own a condo? There are HOA rules in place.
Im talking more along the lines of renovations & selling. My bf rents & the LL is selling the house. He has no choice he hast to move… But when you own something selling is up to you. Additionally, I own my place so I can make any kind of update that I want. When you’re renting, you’re stuck with what you have.
You have to run he numbers to see whether renting or owning is more financially sound and even then there are a lot of factors at play when owning.
I know individuals who bought a home 20 years ago and are now up over 100% net (inflation adjusted) and others who bought homes and are barely break-even/losing.
I’ve known folks who think they’ve made a huge profit after selling a home after 15 years and they look a little sad when I quiz them on the costs of ‘owning’ the home (purchase price, mortgage interest paid, taxes, repairs, maintenance, insurance, inflation adjustment…
in other words, you're ok with lighting significant amounts of money on fire. Totally sound financial advice!
It IS sound advice. Renters lose 100% of their rent payments. Owners might not recoup 100% of their purchase price - but they haven't LOST anything since they've been getting tax credits and still had equity to lean on. Loss of home value over 100% rental loss? I'm in for the purchase any day.
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