Good idea buying a condo ?

[Stfranch]

I will compare how much it will actually cost buying vs renting,


You guys are awesome !!

Thank you so much for all your opinions

[smithy77]

Lots of good information in this thread. I also tell prospective buyers to have a reserve of at least 25K for a condo, 50K for a townhouse, and 75K for a single family home. There are many hidden costs associated with home ownership----replacements (roof, furnace, driveway, etc.), and assessments for condos. I would wait until your wife is employed and bringing in a second income. And for god's sake, don't buy during a housing bubble, and don't get suckered into an adjustable rate mortgage.

[Carlingtonian]

I agree with the advice above. What you can do now is save for retirement. The extra years of compound interest mean that every little bit you save in your 20s makes a *huge* difference 30 or 40 years later--moreso than retirement contributions you make even in your 30s. So I'd sock away a good 10% and then also save up for a down payment for your first home, which I'd wait to buy until after your wife graduates. With two incomes, buying will be much easier.

However--playing devil's advocate a little--if you are very handy--I'm thinking on the level of Mike Holmes or Nicole Curtis--and if you can buy a fixer-upper in an in-demand part of town, that might work for you. For example, if you can find a run-down 2BR house in SW Arlington or Baileys Crossroads that you an renovate. Thing is, that'll take a lot of time and energy--and money. And it'd only be worth doing if you're there at the very least 3 years (to avoid being taxed on the profit). I just don't see people in their 20s having the time or inclination to deal with that kinda thing.

[Stfranch]

Wow !

Thanks for the great info everyone !

[SandyJet]

My advice to newlywed couples who want to save a lot of money first few years of marriage is skip buying a condo and buy a condom. Just kidding.