house (150k saved. what can i afford?)
we have around $150,000 saved (liquid assets - mostly cash) and we are considering buying a condo in one of the three major cities in the U.S. we r considering a two bedroom condo which goes for about $350-450k. Lets say our downpayment + closing cost will come around $100k.. i just worry about having only $50k in cash after i buy the condo. is that okay? i mean we will continue to have our jobs and be able to save around $1000 per month (we dont have any other debt). is there anything else we should consider before actively looking to buy? we dont have kids now but are considering to have a kid in the next 1-2 yrs. thank you all, first-time homebuyer (prospective)
Can't buy anything in LA for that price😂
Agree with sfh recommendation unless you hate maintenance more than you hate close neighbors. A SFH with at least 3-4 bedrooms will also allow you to rent out rooms for a year or two until you have those kids (house hacking). You can even save that money to go towards future child care or to rebuild your savings.
Property tax, hoa etc on top of mortgage. Good to have 1 year of emergency fund in case one or both of you loose the job or cannot work.
So is condo a bad idea then?
If you can, get a sfh. Appreciate faster. Else condo is better than renting 🤷🏻♂️ For emergency fund, can you tap into your family/friends if shit happens?
Never buy a condo
Why not?
Hoa, low appreciation, hoa, first to decline in downturn, and hoa.
Which location?
Chicago