Quote:
Originally Posted by Burninator
I am mostly looking at finished products. I've looked at some pre-sale stuff but nothing really interested me or I couldn't afford it...
A couple more questions.
-Is it better to use the down payment to buy a more expensive place or have a smaller mortgage? I can see pros and cons to both.
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-How much money should I set aside to buy furnishings for my place? I basically only have what's in my bedroom and am not really interested in getting Grandma style hand me down flower pattern couches.
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If you're going finished product, I think you're in a great spot to wait. Prices shouldn't go up anytime soon, and letting your down payment gain interest and grow while you wait can't hurt.
On your next point, I would vote smaller mortgage, but I guess it's a matter of opinion. I'd prefer to pay less interest and be able to pay off a mortgage off faster.
Ask yourself what you really need a home first, and I don't think you'll regret going either way if that's your main motivation.
Ok furnishings can be had for pretty cheep. When I first got my own place I found a ton of great deals and freebies and still kept the place looking good. I found a free bbq, ironing board, dining chairs, patio furniture and a $200 sofa. I furnished my 2 bed condo for well under $1000 (not including beds), and slowly upgrades parts as I found things I liked/deals in the future.