Hoyma, Renter in Brighton, MA

Rent vs. buying a condo?

Asked by Hoyma, Brighton, MA Fri Jul 6, 2012

If you have the money to invest in lower quality [around 100 K] 1 bedroom condo in WeHo, would it make more sense to rent or buy? I am 22 years old

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6
Jason Harmon’s answer
Buying would be a smart move. When you grow out of it, you will be able to keep it as an investment unit and rent it out, or sell it. To view all the condos available for sale or for lease in West Hollywood "and beyond" visit our website at - http://www.toplacondos.com/condo/buildings.php?city=West%20H…

My team, The Top L.A. Realtor Group, are condo specialists located in West Hollywood on the Sunset Strip. If you have any questions give us a call at (310) 623-0289
0 votes Thank Flag Link Fri Jul 6, 2012
My honest opinion would be to continue saving and wait.

I wouldn't suggest putting all your money into a $100,000 condo at the same time as taking on debt for a condo that, if in West Hollywood, will be in a subpar building and won't really be all that desirable to many people. I would advise you to find a modest place to rent and continue to save your money to put into a better condo in a few years time.

You are still very young and have done extremely well to be in the position you are, but think what two years, a steady job and wise saving could do for you. A good first time buy condo, in a desirable location, in a quality building you ideally want to be looking in the $200,000 range.

Check out my website realrealtyla.wordpress.com and check out a stunning, fully updated unit in a great part of LA that just hit the market today for $205,000. These are the sorts of units you can get if you continue saving for a little longer.

If you have any other questions or concerns please do not hesitate to email me at Realrealtyla@gmail.com. I also have a profile on Trulia that includes some of my previous blog posts, recommendations etc.

Best of luck,

V
0 votes Thank Flag Link Tue Aug 7, 2012
I see you are out of state. Have you seen a condo for a 100k in Hollywood? If you have, perhaps you might think about the condition of the condo. Last condo I sold in Hollywood, was kind of run down for 400k. It is an expensive town. Usually you would have to have cash or a job transfer for the loan.
I think you are facing an uphill battle.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@socalhomes.biz
http://www.socalhomes.biz
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sun Jul 8, 2012
Good luck finding a 1 bedroom condo in WeHo for $100k! I just shown a studio space for that price in a condo development. Not saying it's impossible, but they are few and far between.

In my opinion, buying is better than renting, 99% of the time!

All the best,
Kieran
Web Reference: http://kierantherealtor.com
0 votes Thank Flag Link Sun Jul 8, 2012
Hoyama, I just notice you are from Brigton MA, I used to live in the South End of Boston:))
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Fri Jul 6, 2012
Great question, how long are you planning on living here? If it is more than 3 years in makes perfect financial move.

Should you have any other questions feel free to reach out to me directly at
homes@endrebarath.com

Endre Barath,Jr.
Prudential California Security
Beverly Hills, CA

301.486.1003(m)
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Fri Jul 6, 2012
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