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I bought a condo in April for $200k, (listing price $210k) and put 3.5% down + paid closing costs... I installed new pergo floors, painted, and the place looks 100% better.
The condo is too small, and now my fiance and I want to look for a house in PA (we live in NJ) where home prices + property taxes are much lower. We would both be happier living together in a bigger place!!
We would put both of our names on the deed/title - but my question is, can both of our credits get approved for the mortgage loan amount? or just his b/c I already have this condo + mortgage in my name?
I know I will be losing several thousand dollars which sucks, but hopefully I can sell the place for $215k and get something back! the market is going down, so I would have to get another appraisal to see how much my place is worth? how does that work?
In the end we want to live together, get married, and start a family. there is no room in this condo.. its too small - we need a house to live comfortably. I will also save alot of money every month. Instead of paying $2k/mo for mortgage, taxes, HOA Fee + utilities, I'll probably be paying half of that once we live together.. and I'll have spending money - something I DO NOT HAVE whatsoever now! (now I have about $100-$150 a week to spend on whatever I want - but that usually goes to food)
any advice? should I proceed to do this? are there any other suggestions/ideas of other things to do? I'm confused and don't know how to proceed in the right direction. Im 26 years old and this was my first place ever purchased. I would rent, but it's too stressful to worry about someone paying my mortgage, etc.
And you may be losing much more than several thousand dollars. Talk to some RE agents and get them to do an analysis and tell you what your condo is worth.
Ultimately you're flipping the condo without intending to. The problem is you paid market value (I'm assuming) instead of buying at a less than market value, in turn, being able to make a profit when you sell. Also, it's concerning that you only end up with $150 or less a week after your expenses...I'm supprised you qualified for that mortgage with those numbers.
The only way to know for sure about qualifying for another mortgage is to speak with a mortgage professional. It's possible (and probable) that you won't qualify for an addl mortgage.
I'd say slow down - you clearly rushed into this purchase without thinking it through properly, given the fact that it doesn't meet any of your needs and you can't afford it. Talk to a pro and find out what a realistic value is for your current place and go from there.
Plus if you are getting married and plan to start a family in your next place, you should consider the fact that you will either have to pay daycare or lose one income. You shouldn't buy a home based on what your combined income is right now if that will not be what you will earn long term.
I bought a condo in April for $200k, (listing price $210k) and put 3.5% down + paid closing costs... I installed new pergo floors, painted, and the place looks 100% better.
The condo is too small, and now my fiance and I want to look for a house in PA (we live in NJ) where home prices + property taxes are much lower. We would both be happier living together in a bigger place!!
We would put both of our names on the deed/title - but my question is, can both of our credits get approved for the mortgage loan amount? or just his b/c I already have this condo + mortgage in my name?
I know I will be losing several thousand dollars which sucks, but hopefully I can sell the place for $215k and get something back! the market is going down, so I would have to get another appraisal to see how much my place is worth? how does that work?
In the end we want to live together, get married, and start a family. there is no room in this condo.. its too small - we need a house to live comfortably. I will also save alot of money every month. Instead of paying $2k/mo for mortgage, taxes, HOA Fee + utilities, I'll probably be paying half of that once we live together.. and I'll have spending money - something I DO NOT HAVE whatsoever now! (now I have about $100-$150 a week to spend on whatever I want - but that usually goes to food)
any advice? should I proceed to do this? are there any other suggestions/ideas of other things to do? I'm confused and don't know how to proceed in the right direction. Im 26 years old and this was my first place ever purchased. I would rent, but it's too stressful to worry about someone paying my mortgage, etc.
can someone please help!
thanks!
How can a condo be to small for 2 people? I understand that when a couple has kids space needs increase dramatically but a young couple should be able to live in a fairly small space. My husband and I lived in an 800 sf 1BR condo for 6 years.
If you only have $150 per week left over to pay for food then you really cannot afford the condo on your own so I would say your best bet is to have your fiance move in with you and share expenses. Once you are ready to start a family you can think about moving.
thanks for the replies.. ive been talking to co-workers and the idea of renting it out seems the most logical. my fiance makes good money, so he would be able to afford a house by himself if need be... i just want to live togehter in a house the way it should be! i was skeptical about renting, but it might benefit greatly - i can still keep the $8k tax credit and get a nice return every year.
the condo is too small for us.. not enough storage for a vacuum, shoes, clothes, towels, etc.. i have to keep laundry baskets in plain view b/c they dont fit in the laundry room or in my closet.. it was a rushed decision b/c i needed to get out of my parents house and now im trying to get things back on track..
Please don't take the decision to become a landlord lightly. Assume worse case scenarios when coming to your conclusion of "get a nice return every year".
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