I'm trying to decide if I want to buy a house. There are a lot of good deals on houses, including this one in town that I like (2 bedrooms, nice big back yard, deck, very large kitchen and large living room, and a couple of houses down from a family I really like in the second ward). They are either fixer uppers or have some quirk about them. But I think it's a good time to buy as I think (betting on?) home values to start rising in a few months. The problem is I own my condo, but it's value now is less than I owe, so I would definitely have to rent it out if I bought a house. Even if I rent it out, with the homeowners association fees (over $300), I'd be renting it at a loss, but I think the rental fee would cover my new mortgage and then some. And of course with the tax write off of the new place, I think that could cover utilities and property tax. But still, it'd be tight, especially if my condo didn't rent out (but I think it would). Oh, and to get the down payment, I'd have to almost wipe out my savings.
But I really want a house. I feel really cramped in this condo and want my doggies to have a yard to run around in. So what do you think? Is it a good gamble, or should I hold? I want to sell off my condo when the market turns around (reference the $300 HOA fees).
Posts
