Quote:
Originally Posted by 1stLand
For someone looking at getting into the real estate market (1st Time Homebuyer) who does not have job security or is just entering the job market.
1. Do not over-extend yourself - Buy something you can afford (ie: Condo's / Townhome)
2. Prepare to own this home for atleast 5 years
3. Expect fluctuations in the value of your home for the next few years
4. Budget for repairs and miscellaneous expenses
5. Take on a room-mate if possible
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Also I find it funny saying buy something you can afford. Often a townhome while having a lower price, will cost the same monthly as a house after you add in condo fees.
Lets see a 250,000 townhome with 200 a month for condo fees. Townhomes often don't include electricity and/or heat so add that in.
OR
A 300,000 house. Often the money per/mth will be very similar.
200 - 250 bucks per month onto your mortgage payment for condo fees is quite steep. If you move up 50,000 in your mortgage for a house it will be verrrry similar.
That said there are other advantages to a townhouse!
