With a 70k salary, should my daughter buy a condo or a house?

[Anonymous]

If she is handy and can mow grass, the house can make sense but only if she is willing to do most of the work herself. She will likely spend on average a few thousand a year in maintenance, appliances, plants, etc.

[Anonymous]

https://themortgagereports.com/70827/70k-per-year-salary-how-much-house-can-i-afford#:~:text=If%20you're%20an%20aspiring,depending%20on%20your%20personal%20finances.

Decent article on this topic

[Anonymous]

Op here, thank you for the responses. We have looked at the numbers and the $400k condo we know she can afford. She will have $150k savings + $50k first time home buyer money (although we are not sure how this part works yet). Plus we the parents can help out if need be. She also wants to have a friend move in and pay her rent so that will help too. So we are thinking the condo is best for now, but I really want her to buy a house if she can find one in an area she likes in good condition, which may be really hard to do on her budget. It would have worked 2 years ago but house prices have really gone up a lot here.

[Anonymous]

Sounds insane.

[Anonymous]

OP, let her rent an apartment in the city for a few years. There is plenty of time for her to buy a place in the future.

[Anonymous]

Sorry, but she can't afford either.

[Anonymous]

An apartment is better than a condo due to more freedom & less responsibility; buy the house.

[Anonymous]

At 27 if there’s a $500K house available-I would much prefer it just to cut down on interactions with shared walls, complex rules and management issues. I would have been so tired of having other’s influence my day to day. But also at 27 I’m not sure if I wasn’t married/had a family that I’d want to be a single person (even w/a roommate) in the suburbs. If she’s looking for an investment-real estate is very volatile now. If she’s looking for a place to live then establish that and then make best choice.

[Anonymous]

Condo she gets roommate and building deals with big stuff

[Anonymous]

My San Diego condo was $144k in 1988 and is Zillow’d at $950K now.

[Anonymous]

She stays with you for several years and save all her money. She should be contributing to her tax-deferred retirement savings and putting enough to get the maximum match from her employer. Once she has enough emergency funds for 6 months, and at least 30% for down payment, she should buy a house (SFH or TH) where the mortgage is not more than 25% of her take home pay.

Otherwise, she can rent with several roommates. Home ownerships does not mean that you make yourself a pauper.

[Anonymous]

I make about that much and no way could I afford that much house. Yikes.

[Anonymous]

Anonymous wrote:Neither. Why would a suburban condo be $400k? Concentrate on building net worth and not through real estate. Not going to happen.
Real estate is not always the way to go. Invest the $150k and have her invest anything extra she is saving by living where she is living now. What's wrong with renting a 1-bedroom?
At some point, the investment you all want to tie up in a home will grow big enough for her to buy a nice place and have money left over.

That is how much they cost in south MoCo county, MD. (NP here)

[Anonymous]

Anonymous wrote:Op here, thank you for the responses. We have looked at the numbers and the $400k condo we know she can afford. She will have $150k savings + $50k first time home buyer money (although we are not sure how this part works yet). Plus we the parents can help out if need be. She also wants to have a friend move in and pay her rent so that will help too. So we are thinking the condo is best for now, but I really want her to buy a house if she can find one in an area she likes in good condition, which may be really hard to do on her budget. It would have worked 2 years ago but house prices have really gone up a lot here.

And she may go to grad school across the country or marry someone from God knows where.

She is not in a stable phase of life yet. This is her time to travel and date. Don't tie her down with a yard and mortgage.

[Anonymous]

Anonymous wrote:How old is this condo? New(er) build with contemporary features would be a better risk than buying an older building that will need expensive maintenance and special assessments.

Mine has never had an assessment (20+ years). An older complex has a financial track record. A new organization does not. Ask about that when you choose one.

I think many of you do not own condos (like the ones saying they do not appreciate) and are just spouting ignorant comments.