Reply to How does anyone find a job that pays enough to afford a home here?

Forum Index » Jobs and Careers

Reply to "How does anyone find a job that pays enough to afford a home here?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Doesn't anyone live in a nasty run down apartment so they can save more? All my friends live in super fancy apartments and then say they can't save money. [/quote]

I lived in a nasty, rundown apartment. I saved money. I bought a non-luxury condo with that money. The condo has not appreciated. I am no closer to owning a SFH than I was 10 years ago.

There was a time when people in DC could buy "starter homes" and build equity and then move up. That time is over.[/quote]

It doesn’t have to appreciate to get equity. Equity is just paying your mortgage monthly.

Get a roommate. [/quote]

Let me give some PPs an example.

Assume you bought a 400k condo, with 20% down payment, 6% interest, and sold for exact same amount 10 years later (barely break even).

Your monthly is about 2700, interest is about ~ 1600 in the first year.
10 years later, your monthly is the same, interest is about 780.

You would have 141k left in principal.

sale price of 400k - 141k = 258k equity in the condo.
You started with 80k equity.

That's building equity.

You can argue you can build 1mm equity if you bought a sfh house 10 years ago, sure, but do you have money for a sfh house? does bank want to lend to you? if not, its not accessible to you.

Your opportunity is to build ~ 180k equity that's still enough to go toward your next house.

A huge advantage of condo is that you dont need to spend time on yardwork and renovations, which leaves you a lot of personal time to evolve your career. [/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