To buy a house in five years, a financial planner suggests writing down your goal, then putting your savings in the right.
Before you step foot in an open house, you need to know how much condo you can afford. For example, if you make $50,000/year, you cannot afford a $300,000 condo, unless you have a secret trust fund. And even if you make $100k/year, a million dollar condo is way out of your league.
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You estimate about $300 per year in maintenance and repairs; You figure the condo will be vacant about one month per year (you factor in this as a cost of $750 a year) You figure each time it is vacant you’ll need to spend $250 on advertising costs, and you estimate this as a once a year expense
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The biggest factor in determining how much money you need to buy a condo is the location. Condos in downtown Los Angeles, for example, have a median price of $620,000. This means half of all condos are less than $620,000 and half cost more. Condos in the Cleveland, Ohio, area have an average price of $168,544.
Buying a condominium, like buying any real estate, involves a cash investment. The amount of money you need to finalize a purchase contract depends on several factors, all based on the agreed upon.
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Before you buy any property, it’s a good idea to make sure you understand what kind of maintenance will be required and how much it may cost. With a townhouse, this will be separate from your mortgage payment, your property tax, your homeowners’ insurance payments and any HOA dues you may pay.
You should be well aware of those before you buy a condo and find you can’t live with their rules. What to Know About Buying a Condo. In addition to a condo’s rules, you should also be aware of the condo association’s budget. That way you can know what kind of money you’ll need to contribute, as well as where the money is going.
When you purchase a condo, you’ll need to have a down payment, money for the closing costs and money for all associated condo fees. The Down Payment One major expense you’ll encounter when buying a condo is the down payment.