Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

dem4mylyfe

(14 posts)
Wed Mar 7, 2012, 07:15 AM Mar 2012

Buying a condominium now or in 2 years ?

I hope my problem's solution will help others.

I've been wanting to buy a condo for many years. It appears that 2 bedroom, 2 bath condos in my target market have bottomed out in price recently.

My problem: Do I buy now and not actually live in it for two years, or wait for two more years and risk price appreciation ? I am able to buy now.

I"m aware that for two years I have to pay the real estate taxes, HOA fees, upkeep expenses, etc as well as the disadvantage of not actually living in it. I know I can rent it out. There is no way, due to personal reasons, I can actually live in it right now. I have to wait another two years.

Thanks for your time.

4 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Buying a condominium now or in 2 years ? (Original Post) dem4mylyfe Mar 2012 OP
Don't have more than a top of the head response, elleng Mar 2012 #1
Do you like being a landlord? Common Sense Party Mar 2012 #2
If you can afford the condo SheilaT Mar 2012 #3
bought the condo dem4mylyfe Apr 2012 #4

elleng

(136,386 posts)
1. Don't have more than a top of the head response,
Wed Mar 7, 2012, 06:12 PM
Mar 2012

but if you're pretty sure prices have bottomed out (I'm aware of inability to be certain,) I'd go for it, personally.

And if you're sure its what you want.

BEST of luck!

 

SheilaT

(23,156 posts)
3. If you can afford the condo
Sun Mar 11, 2012, 09:34 PM
Mar 2012

don't worry about getting in at the absolute bottom of the market. Market timing in real estate or the stock market is something of a fool's game.

But, if you can't move in right away you'd better really like being a landlord. And if you're not going to move in right away, that may impact the loan you can get. Discuss at least some of this with a realtor before you commit.

On the very bright side, it's not very likely that even if the absolute bottom of the market was reached last week, that prices in most places will increase greatly in another two years.

I bought two and a half years ago in my city, and I believe if I were to try to sell right now I'd sell for only what I paid. But I didn't buy just to make money. I bought because I wanted to own and I could afford this place.

Latest Discussions»Culture Forums»Personal Finance and Investing»Buying a condominium now ...