Reply to Is home ownership out of reach for people under 30?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]A lot of people under 30 are not ready to put down those type of roots.   I think I read somewhere that the average age of first time homebuyers is 32. [/quote]

No they aren’t but it’s smart to do it if you can and build equity. You can rent it out of buy but climbing the ladder seems to be the key. I know a few who waited (late 30’s) and it’s just too hard to save 300k for a downpayment for them to stay in this area. [/quote]

When you're young you don't have to worry about school quality and can get a small place.  What I see a lot of people in DC (including my own kid) is live with your parents for 2 years after college, save up for a downpayment on a condo or townhouse.  Even if you don't want to stay in DC, you can rent it out until you're ready to sell.  Some get the townhouse and then rent out the basement in it while they live there to save more money.   [/quote]

I know more people that have lost money renting out their place in DC than made money.  Tenant laws are horrible for the owner…one bad tenant can cause you so much cost and grief.  It really isn’t for the faint of heart if you are just finding people through an agent…maybe if you rent to friends or get into the IMF/World Bank pipeline.[/quote]

+1 in theory it's a good idea but buy that condo in VA not DC[/quote]

DP. "In theory" condos are often a bad idea.  It is very easy for them to be overbuilt and they are more like a commodity than real estate. I've seen several real estate downturns where SFHs are barely affected and condo owners got hammered.  Unless you're in Manhattan, condos are a much risker investment than a SFH. [/quote]

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