Bay area housing tips for us kids?
I have less than 3 yrs exp, make ~210k/yr, which is less than many of you, and I don't know much about purchasing a property. I had some q's: Is it worth saving for a 2br 2bath 700Kish condo just to stop having to pay rent? (Is my tc even enough?) How much extra should I have saved up after purchasing a place? My plan is to save 20-25% and try to bid for a decent condo..
Try to find a condo that can rent out for what your payments are. Something with decent or good schools, near transportation. That way if you want out you can rent it and at least break even. Alternatively you can move into a room to rent and save faster if you currently have an expensive apt.
Also, take a look at what your finances are like, and where all your money goes, what it costs you to live. Then see what you can afford. Look at some mortgage calculators and don’t forget about insurance and property taxes (like in Cali)
I recommend getting that condo as the starter home. Hopefully a few years from when you are ready to have a family, that condo rent is enough to cover itself and some of your new family home.
Thanks everyone!
210k for less than 3 years of experience is good. Generally, rent vs buy equations that I have seen tend to recommend renting if you plan to stay in the area less than 7 years. How long do you plan on living in the area (marriage, kids, random chance can all effect this)
I might move to socal eventually but def staying few yrs