Newbie needs help -- house-buying decision

#2 12-04-2004, 10:27 AM

"John A. Weeks III" <john[at]johnweeks.com> wrote in message news:<031220041509119393%john[at]johnweeks.com> ...
- quote -

> In article <559ac2fa.0412031147.6542e1a[at]posting.google.com> , S. S.
> <sassysaser[at]yahoo.com> wrote:
> > Right now, need to move to a bigger place. So either can rent a
> > two-bedroom apartment (monthly rental will be around $1,300), or buy a
> > condo or a townhouse at over $200k (once again will put 20% down
> > payment) in this area. But given that we plan to buy a single house
> > in, let's say, year 2008, we cannot decide whether the benefit is any
> > bigger to buy a condo/townhouse and then sell it in the 4th year. If
> > renting a two-bedroom for 4 years and holding a two bedroom for 4
> > years yield the similar financial outcome, then we'd rather avoid the
> > hassle of owning a unit.
> Answered in the real-estate news group. To summarize, avoid the
> risk of not being able to get out of a condo and rent at $1300.
> -john-

This is good advice. Read more of John's stuff. It has proved useful to me.

Good Luck,

Mike

http://www.changepassinterference.com

#1 12-03-2004, 08:50 PM

Try renting to check out the suburbs. Move into the community and learn
about them.

Given the commute, there are areas in Greater Boston that are relatively
cheaper.

"S. S." <sassysaser[at]yahoo.com> wrote in message
news:559ac2fa.0412031147.6542e1a[at]posting.google.com...
- quote -

> I need your help in assessing the options for me. Here is the
> background information --
> Husband and wife; both 28 years old; no kids; both working full time;
> currently renting a one bedroom apartment in Boston suburb; monthly
> rental slightly over $1,000;
> Each month, after tax, car loan, rental, 401k, utility, and other
> misc. expenditures, can save about $3,400. At this rate, in 3 ~ 4
> years, will reach over $200k in saving. At that point, plan to buy a
> house at about 500K ~ 600K (which probably would be average in a good
> Boston suburban town at the time of 2008). Have to wait until that
> time, because (1). do want to put 20% down payment; (2). do want to
> have enough money for overhead housing expenditure and emergency fund.
> Right now, need to move to a bigger place. So either can rent a
> two-bedroom apartment (monthly rental will be around $1,300), or buy a
> condo or a townhouse at over $200k (once again will put 20% down
> payment) in this area. But given that we plan to buy a single house
> in, let's say, year 2008, we cannot decide whether the benefit is any
> bigger to buy a condo/townhouse and then sell it in the 4th year. If
> renting a two-bedroom for 4 years and holding a two bedroom for 4
> years yield the similar financial outcome, then we'd rather avoid the
> hassle of owning a unit. Can you help me assess the options? Thank you
> very much in advance!
> S.S.

12-03-2004, 08:50 PM

In article <559ac2fa.0412031147.6542e1a[at]posting.google.com> , S. S.
<sassysaser[at]yahoo.com> wrote:

- quote -

> Right now, need to move to a bigger place. So either can rent a
> two-bedroom apartment (monthly rental will be around $1,300), or buy a
> condo or a townhouse at over $200k (once again will put 20% down
> payment) in this area. But given that we plan to buy a single house
> in, let's say, year 2008, we cannot decide whether the benefit is any
> bigger to buy a condo/townhouse and then sell it in the 4th year. If
> renting a two-bedroom for 4 years and holding a two bedroom for 4
> years yield the similar financial outcome, then we'd rather avoid the
> hassle of owning a unit.

Answered in the real-estate news group. To summarize, avoid the
risk of not being able to get out of a condo and rent at $1300.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

#-1 12-03-2004, 07:23 PM

I need your help in assessing the options for me. Here is the
background information --

Husband and wife; both 28 years old; no kids; both working full time;
currently renting a one bedroom apartment in Boston suburb; monthly
rental slightly over $1,000;

Each month, after tax, car loan, rental, 401k, utility, and other
misc. expenditures, can save about $3,400. At this rate, in 3 ~ 4
years, will reach over $200k in saving. At that point, plan to buy a
house at about 500K ~ 600K (which probably would be average in a good
Boston suburban town at the time of 2008). Have to wait until that
time, because (1). do want to put 20% down payment; (2). do want to
have enough money for overhead housing expenditure and emergency fund.

Right now, need to move to a bigger place. So either can rent a
two-bedroom apartment (monthly rental will be around $1,300), or buy a
condo or a townhouse at over $200k (once again will put 20% down
payment) in this area. But given that we plan to buy a single house
in, let's say, year 2008, we cannot decide whether the benefit is any
bigger to buy a condo/townhouse and then sell it in the 4th year. If
renting a two-bedroom for 4 years and holding a two bedroom for 4
years yield the similar financial outcome, then we'd rather avoid the
hassle of owning a unit. Can you help me assess the options? Thank you
very much in advance!

S.S.

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