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Looking To Get A Place Of My Own

So this is probably no surprise, but I have been thinking for moving out of my parents house for a while now but recently the idea has been getting more serious, and I have been actively looking at what is out there and available when it comes to apartments.  Well recently a friend laid a seed in my mind about the possibility of Buying a condo, in part because with the market for all housing the way it is now home prices are cheap and condos are cheep too.  Well I decided I would give it a peak and to my surprise I found that the monthly cost of a mortgage on a condo would be less then that for the rent of an apartment!  So now my mind is also seriously considering the possibility of actually buying seeing as I have more then enough money in savings to make a good sized down payment.  It an idea that I would really like to try to talk about with some one that has experience, simply because I do want to know if it is a crazy idea or not.  But mom dose not like even talking about the idea of me renting an apartment of my own, and even dad is less then hot on the topic of me possibly moving out. 


Yet to me it dose seem tempting and like a good time to get into the market if I can when I can get a nice place that the value will only go up on, at a price so low and with a payment lower then rent even lower then most room renting situations in the area.  When I say low I mean a mortgage payment equal to only one weeks pay, which is a good chunk less then even the cheapest rents for apartments hardly equivalent is. (in part do to the fact that the college population drives up rent rates) The other thing is the fact that the value of the property will in the long run go up, meaning unlike renting where my money is simply going out the door owning my money would in effect be working for me.  That and I could decorate, paint etc the place the way I wanted and do improvements on it which would also add the the value of the place. Then like an apartment there would not be the maintenance of yards etc to deal with just maintaining my own "unit".

Is it crazy to be even thinking about becoming a home owner at 23, or is it logical to be thinking of the possibilities and to be looking to take advantage of the current housing situation and possibly grab the bull by the horns? 
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Comments

  1. Biki HonkoOctober 13, 2010 at 3:58 PM

    NO! Its not crazy to think about buying your own place at 23! It is a much better investment than is renting! Renting you are paying for some else to purchase a place. Our youngest just signed on his first house last week, he is 24, so see your not to young at all!

    The only thing with a condo is the monthly fees. They do have a tendency to go up and up. So, look into the increases of the fees to check to see how much they have risen of late. If they heat is centralized then a great deal of the fee increase could be fuel.

    But i would say pick the best neighborhood you can afford, and go for it!

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