So in my area, there are new condos being built. The one I am debating on is around $175,000. It is 1600 square foot and also has a basement. It is nice because it is so new. Location is good as well.
Right now, they claim they are offering huge perks to move through them. While little is specifically advertised. I was wondering if anyone knew how much bargaining space I should generally have?
Right now I'm making about $35,000 a year with NO debt whatsoever and I have around $20,000 saved up. I potentially may get promoted at work to $45,000 a year. Only if I get promoted will I consider this. Either way, I didn't want to turn this into a "can I afford this" thread.
Any feedback you can give on buying NEW condos would be appreciated.
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Depends on your goals, how much you value living in a condo(what I consider an apartment) real estate conditions in your area, dependants, other debts and obligations, etc. Not enough information for anyone here to make an informed decision.
You should look for a cheaper place. At your income level it would be possible to reduce your gross income to welfare levels once you adjust for property taxes, interest and retirement contribution. Then you can start collecting EITC, Savers tax credit, etc. That's my plan at least...
InFlamed said:So in my area, there are new condos being built. The one I am debating on is around $175,000. It is 1600 square foot and also has a basement. It is nice because it is so new. Location is good as well.
Right now, they claim they are offering huge perks to move through them. While little is specifically advertised. I was wondering if anyone knew how much bargaining space I should generally have?
Right now I'm making about $35,000 a year with NO debt whatsoever and I have around $20,000 saved up. I potentially may get promoted at work to $45,000 a year. Only if I get promoted will I consider this. Either way, I didn't want to turn this into a "can I afford this" thread.
Any feedback you can give on buying NEW condos would be appreciated.
Other factors would be the future financial health of the condo association. That is how many of the the units are actually completed, occupied by owner, or rented. It is important that the condo project has already been completed since the builder may go bankrupt and never finish. If more than 20% of the units are rented then you may not be able to get a mortgage. Finally if there are not enough other owners then the condo association bills will be much higher to divide amongst you.
So you will have neighbor upstair? is this a townhouse? or one of those revonated old skyscrapper? You should buy it if you lived in NYC or one of those big cities.
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