House vs. Condo/Townhome

[Joan.of.the.Arch]

You sound excited.

So are you on that bread and water diet you mentioned? How is this working out with your finances? Maybe I should wait for the final update.

[investingnoob]

well I'm going to get a buddy to move in which will free up some cash for me.
After estimating everything I have very little extra a month, those are just estimates though...
I'm just ready to move in! since I graduated high school I've lived with my parents so i haven't even experienced
living on my own. It's a little scary, but it will be good for me.

[snafu]

Wish you loads of luck. Enjoy being a homeowner

[wnlbutterfly]

Beautiful home! Hopefully with it being new you won't have any major repairs anytime soon (but start saving for it).

Keep in mind it will take awhile for the First time Homebuyer credit to process through IRS. Those are being carefully reviewed and taking time to get back.

[investingnoob]

Yes I am definitely not spending anything and just saving everything I can. I'm just buying a fridge, my parents are letting me do my laundry at their house until i can afford a washer/dryer. They are very close to my house so it'll be nice if I need anything. My buddy got his homebuyer credit after 3 months, hopefully mine takes that or less.

[kassy123456]

Keep your chin up!

Look, as we all know you really need to save, save, save. But, once you have the money saved and are ready to buy your home you have to look at several things.
1. How much are the HOA dues?
2. What are the people who already live in the immediate area like?
3. There are always rules in every community - Check them out!
4. Find out how well the members of the HOA like those who are running the HOA.
5. Decide if you want people living above and, or below you (noise = your and theirs will be a factor).
6. If you can find out about your direct neighbor before you buy do it. You maybe living with this person a long time.
7. Check out what the insurance and property taxes will cost you for the property before you have to start paying them. This can be done on line.

These are a few things that people never think about or tell you to think about when your perparing to buy. Good luck!

Hey guys, just looking for some advice on whether to buy a house or condo/townhome?

First my situation is, I'm 22 years old, Single, no kids.
Take home is around 2800/mo. sometimes more from overtime.
Car payment= 373/mo with 6k left.
Insurance= 280/mo
Cell= 98/mo
gym=15/mo

I've got $12k saved all together.
I know everyone here thinks you should have a great deal more but how long will the tax bonus and interest rates last?


Instead of throwing away money renting an apartment, I'd rather invest in a house, especially the bonus of low interest rates, and tax bonus.


I would really like to get a house but I'd be living on bread and water unless I had a roomate or two. I know condo/townhomes are a nice option too since I'm young and single, no yard upkeep. But not as great investment as a house would. Yet more affordable.

any help would be appreciated.