Reply to Starter home with newborn (DC)

Forum Index » DC Public and Public Charter Schools

Reply to "Starter home with newborn (DC)"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote]Begging and pleading: please stop the "I bought my condo and made a million bucks" posts. The person who posted it is either dimwitted or a troll.

I didn't make a million. Never said I did. But did I buy for 380K in 2008 and sell in one day on market in 2012 for 420K? Yes, yes I did. Speedy that offends you.[/quote]

Okay, so you made, on paper, 40k in 4 years. Minus, let's say, 6.25% transaction costs (buyers/sellers agent at 2.5% each plus 1.25 transfer tax--whchi it is in DC)--not even including closing costs on loan--, bringing you to about 394k. that's 14k 'profit' in 4 years. Subtract closing costs--did you really make money? how did the cost of ownership--mortgage plus repairs minus tax break--compare to renting? what could you have made if you had invested the downpayment and rented?

I'm glad you think you made a great deal, but its important for the OP to realize that 5 years goes fast, condos aren't always good investments and what you think you need when you have a newborn is very different than what you need with a family with slightly older kids. If OP has money to invest in a downpayment, might make sense to wait and rent, or buy in a better school district/more space. Buying/selling in 5 years costs a lot of money![/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