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Thread: Buying a condo

  1. #1
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    Default Buying a condo

    I recently moved to an area that is super low cost compared to what I'm used to. Im paying 705/month presently for a very small studio with all utilities included, plus a bunch of amenities. This is overpaying for the area I'm in and city, as I can get more space for the money. However, I'm happy with it's minimalism. I just want to know if a 40-65k condo would be a smarter investment than my current rent. Or whether, I should put my spare cash towards stocks and self-employed iras etfs and mutusl funds. Btw, the area is ok for dancing (not 2k or 3k night ok but 200 to 400 maybe 500 ok and pretty ok for escorting, especially if you are willing to tour). However, the city is pretty crime-ridden and has gotten worse in the past 5-8 years. Just had my first bucket of who-knows-what liquid thrown at me by someone who seemed very unwell, while on my evening jog right by where I currently live-just to give you an idea of how far this area has yet to go in terms of gentrification. I can afford to overpay on rent, but obviously want to make the most financially sensible decision especially if I have the opportunity. Any input?

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    Member Jalena's Avatar
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    Default Re: Buying a condo

    $705 all-included + amenities?? Even if it's very small, that sounds smashing to me! Then again, I just moved from an area where $800/mo + utilities for a small room in a house full of cokeheads is a steal, and it's rare to find ANY living space (even crappy living space) whose monthly rate doesn't include a comma.

    That said, two things:

    1) If that rate is still overpriced for where you are/what you're getting, it might be worth shopping around for something where your living space, amenities, and costs are better proportioned. There must be plenty of options between what you currently have and forking out $40-65K.

    2) If your area is both overpriced and -that- unsafe, I think the most financially sound thing to do is to save your pennies and move somewhere else. You can't put a price on safety or peace of mind.

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    Default Re: Buying a condo

    Condo shop !!
    A 50k 30 year Loan is only roughly $500 a month.

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    Default Re: Buying a condo

    Feel free to PM me....
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    Default Re: Buying a condo

    @Jalena Yeah, I definitely hear ya. I actually lived with ppl in LA who were smoking illegal substances in the house and paying a lot as you say. My area now is a couple miles away from a bad area, and definitely not in the Beverly Hills type section of the city. It's basically a hotel room with a kitchenette. Its completely gated, and common areas surveilled. I started thinking about a condo, just not sure if I should jump on it so quick given that I'm brand new to the area.

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