$450k condo on $110k salary

[Anonymous]

About me:
-25yo in a stable field
-$110k salary
-Credit score is around 720
-Paid-off 11yo Lexus with 5-10 years left
-$4500 left in student loans
-Looking at putting ~$100k down (worked a lot during college, started first "adult job" at 21, and saved religiously)

I would like to buy a condo in Penn Quarter. I've lived in dumpy apartments in the past, so recent construction with AC and in-unit W/D is a must. Does this seem doable in my situation?

[Anonymous]

350k mortgage on 110k HHI, why wouldn't it work or do you want gummy points for being a saver?

[Anonymous]

What are the condo fees?

[Anonymous]

Anonymous wrote:What are the condo fees?

+1

Pay close attention to the condo fees. In some of the fancier buildings, they are practically a rent payment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What are the condo fees?

+1

Pay close attention to the condo fees. In some of the fancier buildings, they are practically a rent payment.

$437/month

[Anonymous]

Anonymous wrote:350k mortgage on 110k HHI, why wouldn't it work or do you want gummy points for being a saver?

Wow, who pissed in your Cheerios? $100k is nowhere near "brag about it on the internet" levels, and I've never bought property before so I figured I would ask people who have.

[Anonymous]

It's a touch more than I would feel comfortable buying on that income, especially with condo fees added in, but I tend to be financially conservative.

[Anonymous]

Op, you better off buying a small home in a nice area or townhouse.
Condo at that price is a lot, unless you are in NYC!

[Anonymous]

How old is the building?

[Anonymous]

Yes, condo fees are the real issue. Def look at the financials for the condo association first. But your numbers sound good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:350k mortgage on 110k HHI, why wouldn't it work or do you want gummy points for being a saver?

Wow, who pissed in your Cheerios? $100k is nowhere near "brag about it on the internet" levels, and I've never bought property before so I figured I would ask people who have.

+1. Sad that some people are so jealous.

[Anonymous]

With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

[Anonymous]

OP good for you. I don't know why people would think you're bragging on an anonymous forum.

[Anonymous]

Please.tell me the field you are.in to make 6 figures in your 20s so I can encourage same education for daughter

[Anonymous]

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down