Reply to How long did it take you to save a down payment?

Forum Index » Real Estate

Reply to "How long did it take you to save a down payment?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Too long.[b] Should’ve just bought a 2BR condo when I had 3% for FHA loan and got a roommate when I was single. [/b]

Bought with my wife once we had cobbled together 12% down payment. We were stressed about not having 20%, but in hindsight it would have been SO DUMB to wait. We would have been priced out. We have friends who insisted on 20% and have never been able to catch up to annual price increases. And now with 7% rates, they are priced out.

Best advice I can give any people under the age of 35 is to not wait to hit 20% down payment. That’s advice from another bygone era when housing was much cheaper. Buy with 5% and get a roommate to offset the mortgage if you’re single. Time in the market will always benefit you. [/quote]

You can say that if it would have worked out for you in hindsight but the starter condo path is risky. I know as many people who were burned/delayed in ultimately buying a house by their starter condo purchase as who benefited from it.  [/quote]

This. I skipped the starter condo and bought a rowhouse. I would have been priced out of the rowhouse if I had bought the condo and waited another year for the rowhouse. Plus losing money on transaction fees.

Most people would be better off living with room mates in cheap rentals while they save for a TH or SFH. Investing the money would yield a better return than appreciation on a condo.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics