I worked my butt off enough to get good credits and I’m finally ready to start looking at a permanent place to buy. I didn’t save enough to make the full payment, so I will definitely need a loan/mortgage. Which I’m very accepting of this idea and I made peace with the fact that I will be paying off for this space for the rest of my life. In fact, I will happily pay for this space and get indepence and finally not worry about roommates and can keep my family away from me because I actually OWN this space.
I’ve been looking through options, and here are my options:
1- An apartment in a neighborhood close to my work. Pros: cheaper, save gas money, shopping options are close by and there are plenty of them. Cons: no backyard. But I’m not big on backyards or balcony.
2- An apartment in a very good area close to touristy places with a really good view. Pros: I could make money off of it by renting it when it’s tourism season. The view is stunning (which kinda matters to me, but will I be bored of it? If I could save a few grands on skipping this, should I do it?). Comes with a little balcony. Cons: a little far from work, very expensive, I could legit buy a house with that money. But that could be my lifelong investment right? I don’t know if a view is worth it for the money I’ll pay.
3- A house with a backyard and a garage. Cons: more space, more rooms. Cons: a little bit on the outskirts of the city, not many shopping options yet as it’s a fairly new area. I will have to clean that whole space by myself and take care of it and furnish it all. Which I’m not that interested in having extra rooms or liability.
When I say shopping, I mean grocery stores, supermarkets, gas stations and such. So the essentials.
I need guidance. I’ve never made such a huge financial commitment or decision in my life. And I understand that the fear of making the decision is natural as it’s a lifelong commitment. I’m in no rush in the meantime. I have all the time in the world to think about it and decide.
These are the information I have in mind as of now. I don’t know if there are other factors that I need to be looking at or considering. The city is pretty safe except for some areas, which I don’t even ever go to. Are there other factors to keep in mind while searching and deciding?
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A house is going to cost a lot more to maintain than condo/apartment, also property tax will be substantially more money so take that into account.
Look at the condo documents too – if you buy one, sometimes they can hit you randomly with big repair $$$ if they building/land isn’t maintained properly. Also monthly condo fees on top of mortgage.
If I had to choose personally I’d pick 2. I like condos especially if you have a pool or gym in the building and it’s close to shops – less driving. Easy to rent or sell in the future + chance to appreciate.
Good luck! I’m in the same boat lol