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It depends but generally you should. If you’re a single guy, it’s actually one of the best investments you can make by house hacking.
That’s just a fancy term for buying a home on a mortgage and getting as many roommates as possible. It has a ridiculously high rate of return for as long as you do it (usually until marriage).
Thanks for the advice!
I own a condo and generally like it. Low maintenance, low mortgage which is cheaper than rent. Downside is dealing with the condo association. I purposely picked a place near the airport because I do need to occasionally fly for work. I do plan to buy a new house in the next year or two.
I purposely bought a condo with reasonable condo fees.
Absolutely love it. Be aware (not to state the obvious), a house costs much more than renting. Outside of your mortgage, maintenance and home improvement projects add up quick. Pace yourself and budget!
Thanks!
If you can afford it, I say go for it. It is a great investment. Just be prepared for how rough the market is right now. Houses are selling in a day. My friend had to put offers on four houses before she finally got one.
What city/ market are you in? Many markets are seeing a slow down.
Beyond the financial, I feel a certain sense of satisfaction having a home my family has (within city zoning laws lol) decision making power over. While the accountability for repairs and other costs (we needed a new roof within a month of moving to our home lol) can be an added stress having a place that is your family’s to call it’s own feels great most days.
Thanks for the advice
Subject Expert
Yes. House is one of the biggest investment you will ever do…so if you can afford it, you should. Unless you are expecting to get a job in some other city or state.
Appreciate the advice
House all the way. Still one of the best long term investments out there and you get to enjoy it and make your living space your own.
Thanks!
I moved from a townhouse to a house. Mainly because I have dogs and wanted a fenced backyard. Of course, having a fenced backyard begged me to start growing my own vegetables and many fruit trees and bushes, LOL. It's a lot of work, especially working full time. Great rewards, though. Homes are a lot more responsibility than townhomes, condos, or apartments. I also have many more expenses with a house. I do wish I would have purchased a home that would have let me rent out a basement apartment for additional income. Something for you to consider. Also, look into HOA's there are pros and cons. Some of them have rental restrictions. But they're also great for socializing if you get involved. My advice is to think about what you want and what your long-term goals are. And don't underestimate the maintenance costs!!! Good luck!