I currently have around 200k cash, I have the ability to buy a townhouse or condo within 1M for self living. The interest rate is about 3% 30 years. Due to my limited budget, I can only afford some homes like this: https://www.redfin.com/CA/Santa-Clara/1905-Magdalena-Cir-95051/unit-34/home/670743 https://www.redfin.com/CA/Fremont/209-Boston-Fern-Cmn-94539/home/22962644 https://www.redfin.com/CA/San-Jose/305-Cravens-Ct-95133/home/702896 These houses are all not perfect. Considering the high inflation and rate increase/Qt in the near future. Should I wait and watch or should I purchase a home now? Really appreciate if you can provide some advice. YoE: 1.5 year with PhD TC: 230k Bay Area Industry: Hardware Currently using STEM OPT to work. H1B is selected but not approved yet. #housing #bayarea #engineer
In that range it’s better to buy a new built house. Don’t buy something just for the heck of it
What's your base/fixed salary of the 230k?
I’d prefer a TH for 1M; condos suck because you could have neighbors above you constantly making noise. With TH only on the sides. I also wouldn’t go above 1M; TH aren’t worth it because you don’t own the land. If the market isn’t hot, TH might take longer to sell. Just my opinion; happy to be corrected.
I have seen townhouses where you do own the land, but you agree to let the HOA treat it as a part of the common area
Interesting; is this I. The Bay Area,
You’re going to wait and watch the prices go up. If you’re lucky, you’ll still be able to afford it when the price goes up by a few hundred thousand dollars more when you finally buy. That’s what I did. Some aren’t that lucky and have to move to Texas.
Moving to Texas is also an option. Lol.
Lol if you’re okay with that outcome then you should wait. I definitely did not want to be gentrified out of California so I worked my tail off and made it happen. But different strokes for different folks.