Reply to $450k condo on $110k salary

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Reply to "$450k condo on $110k salary"

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[quote=Anonymous][quote=Anonymous]Based on a 30-year $350K mortgage at 4%, you'd be looking at about $1700/month in mortgage, plus property taxes and homeowners (so add ~$300 for escrow?), plus $500 for condo fees.  Can you swing [b]$2500/month[/b] (plus any utilities not included with the condo fees) comfortably?

Our first home was a condo, and the fees and special assessments are what kill you.  This is particularly a problem for buildings that were converted to condos rather than being built as condos because the building will be much older than the reserve fund, and they'll be in make-up mode to built the reserve up.  We also lost the first contract on our condo ~8 years ago when we sold because the homeowners' documents presented an upcoming special assessment in the worst-case scenario and very differently than what had been described to the homeowners.  We ended up selling at a slight loss, even though it was a desirable area and walking distance to a metro.[/quote]

If it's 2,500 a month you're better off investing your money.  You should be able to find an apartment for 2,500 or less.  Condos simply aren't worth the hassle and the ROI isn't there.  You'll have to spend money on the closing costs, taxes and possibly assessments down the road.  Just rent and invest your money until you can buy a house.

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