Having trouble deciding what I should do in this housing market. I live at home and have saved up a good amount, looking to move out to a condo.
Not sure if A) I buy a condo and re-fi in the future with lower rates B) I rent a condo and wait for prices/interest rates to hopefully cool or C) Buy a small house to rent out and use that income to rent a condo. I’m afraid that the condo market could crash with institutional investors selling with the higher rates, HOAs, and taxes.

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Been renting 4 years in Brickell, it’s cheaper to rent right now. HOA fees in condos are roughly 1200/month for most place. Not to mention by 2025 reserves need to be fully funded, so this year will see a rise in HOA and Special Assessments. If you like condo living you can rent a 1/1.5 in Brickell for low 3000s, the same as a purchase would be close to $6000 a month after tax, insurance, hoa and interest rates on the mortgage.

If you don’t want a condo there’s always a house. No HOA and if you stay put for a while and assume that rates will fall you can try and look for an interest only product for 5 years and then re fi before

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Buying a house with that budget is trickier bc it’d be very small, old, and/or in an unfavorable location. If I did do it, I’d probably remodel it and rent it out but that is also a hassle

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I don’t love the idea of renting, but realize it may be cheaper and can protect me in case the market crashes. I think a house may be a safer investment in Miami right now. Graduated college last year (never owned a place) so would appreciate advice from people with more experience, thanks :)

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C

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