Girls who have bought an apartment or house I could use your help!

Original post by staceylacey

Jul 22, 2008 08:34 PM

Hi guys! We are in a predicament. Here goes. We want to start a fam in 2-3 years. We are not ready to leave the 'city' yet. So we have been thinking about buying an apartment. We would then sell this apartment in 2-3 years. I have never bought anything so I dont know if this is crazy. Would this make us any money? I could really use some feedback. Thanks!

donegal419 Posted: Jul 23, 2008 07:02 PM

Re: Girls who have bought an apartment or house I could use your help!

Posted by milana

Everyone already said it, buying is definitly better than renting, and right now its certainly a buyers market...but what goes down must go back up. Its only a matter of time until we see real estate going up again. Especially since you plan on selling within 2-3 years, you cant go wrong.

Not always.... depending on how you put intto the new place and your closing costs, you may not make any money, and you could possibly lose money. they say it takes about 5 years to make any money back. Your first few years of mortgage is interest only anyway.

i might weigh this out and rent for 2-3 years and then buy the larger property. like i said, it can take 5 years to see any profit. (There are exceptions of course, but this is a general belief in real estate)

Also, now might be the better time to buy the larger property. when the market goes back up, it will be more expensive to buy the house than it would be now. Condos and co-ops don't go up or down all that much because there is always a demand. it can always be realyl hard to get rid of a co-op depending on where it is because the maintenance fees and all the other rules suck.

GOOD LUCK!