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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3
1 bedrooms can be a little tough but if you look at the prices for decent one bedrooms in west hollywood..you'll see that it makes sense to buy. You must factor in HOA fees, taxes, and insurance and make sure you can comfortable afford the condo. The thing about renting is that if it becomes a problem you can break a lease, but selling a property takes time and can land you in hot water if it becomes too much to handle.

Make a list of your expenses and the income coming in get a clear picture of your expenses. I would also speak to a mortgage expert who can give you some realistic numbers to consider before you can make a clear decision of buying vs. renting.

Feel free to contact me.

(310)402-8181
jkryukova@gmail.com
http://www.juliekproperties.com
0 votes Thank Flag Link Tue Aug 14, 2012
My honest opinion would be to continue saving.

I wouldn't suggest putting all your money into a $100,000 condo at the same time as taking on debt (mortgage) 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 am not high on Condos and HOAs,
but, buying is better than renting when the Market is moving up.

Good luck and may God bless
0 votes Thank Flag Link Sat Jul 7, 2012
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