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Hello everyone, I am writing a paper about B2B buying process in the digital age, and would really appreciate if you could answer this quick survey for me
It takes only 5 to 10 minutes
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https://docs.google.com/forms/d/1SHtMJeGPiaNyi2n2Pt8S8F3w5wI0N38wvWamiWWMKb4/edit
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Also consider unexpected repairs and maintenance that may come up, especially if HVAC and other big systems may be old
And 6% fee to real estate agents when you decide to sell
Consider the desirability of a 1 bedroom house. Not many people may want to but. Also consider the opportunity cost of investing that down payment elsewhere.
Mentor
I would go with at least 2 bed. And 2 bath if you can swing it.
It's so much harder to sell a 1 bed.
When I was looking to buy, I saw the most gorgeous and newly renovated 1 bed. Despite being single, I just didn't want it. Not enough space and I always wondered about being able to resell. That property sat on the market for ages.
The only people who are going to want to buy a 1 bed are single people for the most part.
With a 2 bed, you get the singles, the partners, the young or small families.
Why not go for a 2 bed if you have that much set aside for the down payment? And personally with rates so low right now, I wouldn't be putting more than 20% down unless you're trying to get more affordable monthly payments (in which case, you might be buying too much house if it isn't a forever for the family home)
Coach
Use online mortgage cost calculators to get an idea of what the total monthly payment will be. Compare that to rents of places you would otherwise consider. Also consider rent gets raised every year so not having to move or pay more is nice.
Consider tax, insurance, hoa costs/rules and any potential repairs and other expenses you might have.
If you do decide to buy just put like 20% down. Interest rates are so low you are better off having your cash easily accessible invested in equities or something. 20% is typically the amount where you dont have to pay for additional private mortgage insurance (pmi)
Ultimately base it on if you would enjoy it. If you expect to live there for a while it can be nice having your own place and not dealing with renting.