Is buying an apartment a good idea for me?

Answers:1   |   LastUpdateAt:2012-09-11 19:28:05  

Question
BritBrit
Asked at 2012-08-14 19:45:03
Now that you have graduated from school, have carried out a very decent for the last year and have 70K in savings , it's safe to buy my first time?

Currently home to me about 3k per month . My student loans are only about 200 a month. My car is paid over a year , but now only pay about 650 for rent (I have a roommate ), which gives me plenty of free money to shop , party and enjoy being young. Yes I have 25 years of age.

The place I have in mind is a 100K 2 bd / 2 ba apartment. Is in a good up and coming area of the city, its extensive and best to date was already pre -approved for a loan of 250 thousand, if I mistake not mean that I could afford to make some reforms housing and still do well under budget .

From now on no children. I have a boyfriend who has a son, but you do not intend to marry or have children in the near future ... since it is an apartment that I am not sure that would spend the rest of my life here ... maybe down the line that I would buy a real house, but with it being as I do not want anything too large.

My question here is, I'm in a good place to buy a house, however, or should save more, pay my student loans (which may actually pay now, but it would take almost all my savings ) or should I just wait until ready to settle and buy a real house ?

I have really wanted to make an offer on this apartment, but only because we want to fight ...
Answer1mmmmmm1Answered at 2012-09-11 19:28:05
Buy now! MedlinePlus MedlinePlus Real estate is almost always a good long-term investment . And if I'm reading correctly your situation , you have $ 70k in savings and are planning to buy an apartment for $ 100k . If you wish, you can buy real estate with a mortgage of only $ 30,000 ? You would have to pay less in monthly mortgage payments you make in rent now . MedlinePlus MedlinePlus This seems like a great opportunity to create some real wealth for you . If you do not plan to live there all his life , would be held fully paid. This would allow you to rent and receive passive income as rent. You will be receiving a monthly income without having to work for it . MedlinePlus MedlinePlus I would not take that loan $ 250K . It is not necessary that the additional debt . Do the renovations in time with your current income . If there are some immediate and significant reforms to do , borrow a bit more to do urgent work . the bank would like nothing more than for you to get the $ 250K . This will earn you more money in interest payments . MedlinePlus MedlinePlus Keep your debt to a minimum and buy that place now . You will not regret it , especially when you 've paid and that is collecting rent checks they are paying for the house of your dreams . You will not have problems if you only borrow the minimum rear.
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