That is a very personalized decision which only you can make. Your best bet would be to meet with a mortgage banker and get yourself pre-qualified. You would need to show the bank your last two years tax returns, proof of income and assets and allow them to run your credit report. After that you can weigh out the carrying costs on both scenarios and see which one is more appealing to you.
If I can be of further assistance, please contact me direct. Either way, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
If supporting 2 mortgage payments with your income doesn't seem feasible, I would recommend purchasing a 2-unit, establish two years of tax returns reflecting rental income, and then purchase your investment property.
There are always options, it simply comes down to gaining a clearer snapshot of your scenario from a financial standpoint to ensure the most beneficial plan of action is chosen.
If you'd like to discuss your options in greater depth please contact me at your earliest convenience.
Paul F. Marzolla
Senior Mortgage Consultant
Why; because you have complete control over your investment. A condo, you are still at the mercy of what the condo board does or does not do, how many other owners in the condo are investors or owner occupants etc, all this effects your future value or salability of your condo.
With a two family house, you have full control.
Kathryn Lilly, Broker
Realty on the Greene, LLC
As for whether a two family is a better decision, that's really impossible to say. Maybe you find you can't stand living next to a tenant.