I want to move out

[BigVic]

Thanks everyone. I guess my first step is to find out what my FICO score is. Then save my expected mortgage payment each month. Quick question though. If I save my expected mortgage payment each month, I could pay off my car within the year and would have an extra $218 a month. Would it be best to do this first, or keep that money for the down payment? I have heard that first time home buyers can get 0 down deals, but I'm not sure and realize that it is better to have a down payment..

[ClearClouds]

You may also want to consider alternate ways of earning a second income. I live in California and it's very hard to find a place for under $1000 living on your own where I live. Maybe you want to consider getting a roommate too?

[jIM_Ohio]

Thanks everyone. I guess my first step is to find out what my FICO score is. Then save my expected mortgage payment each month. Quick question though. If I save my expected mortgage payment each month, I could pay off my car within the year and would have an extra $218 a month. Would it be best to do this first, or keep that money for the down payment? I have heard that first time home buyers can get 0 down deals, but I'm not sure and realize that it is better to have a down payment..

pay off the car if the interest rate on the car is higher than your savings account is paying.

If savings account is earning .5% and car costs you 5%, pay off the car.
If the savings account is earning 3% and car costs you 2%, keep the savings.

[tulsa_sr5]

Not to head off topic, I know this wasn't part of your original question, but are you sure you want to buy a condo? Would it be a long term place to live or a stepping stone to a house in 5-10 years? I'm sure it varies a lot from place to place but I personally don't know anyone who has made any money off a condo except for turning it into a rental and even that can be dicey.

Def. not trying to tell you what to do, just hoping it's something you've already investigated.

[maat55]

Not to head off topic, I know this wasn't part of your original question, but are you sure you want to buy a condo? Would it be a long term place to live or a stepping stone to a house in 5-10 years? I'm sure it varies a lot from place to place but I personally don't know anyone who has made any money off a condo except for turning it into a rental and even that can be dicey.

Def. not trying to tell you what to do, just hoping it's something you've already investigated.

I agree, they are not considered much of an investment. Not that they are not a good place to live, but your resale buyers are a much smaller number than house buyers.

[snafu]

You haven't mentioned how secure you believe your employment to be in these uncertain times. Since you're currently living rent-free, I suggest you start a dedicated savings plan, paying the sum you'd expect to pay for the condo/home you expect to buy. Add to that amount the cost of insurance, utilities and 12% for food as you will still eat. You also need an emergency fund.

After 6 months you will be much more knowledgeable and comfortable with the role of home owner.

[BigVic]

That is not off topic at all. I appreciate any information you all can give me. I am not limited to just a condo, I just figured that would be better for me right now as opposed to a house which I plan to pursue a few years down the road. Maybe it might be more beneficial to own a home.

As for job security, I am glad to say that I feel that my job is very safe.

I thank everyone who has posted so far. Thanks for the help.

[kork13]

Since Vic mentioned it, I was curious... what are any advantages/disadvantages to owning a condo vs. a standard single-family house?

A condo is basically equatable to an apartment that you can buy, correct?

[jIM_Ohio]

Since Vic mentioned it, I was curious... what are any advantages/disadvantages to owning a condo vs. a standard single-family house?

A condo is basically equatable to an apartment that you can buy, correct?

I have owned both a condo and single family home.

Condos are cheaper (for same square footage in same zip code).
You have less upkeep with condo (no lawn to mow or garden to weed)
repairs to roof are not your responsibility (condo association covers it)
condos have a distinct resell market (you are selling to retired people, or people which want a condo- a subset of overall market).

Single family homes will give a yard and distance between you and your neighbors.
property taxes and upkeep is considerably more
all repairs inside and out are on you to fix
Resale will be easier than a condo (most home buyers look for a single family home).

The tax deductions for both are the same. It is a matter of preference.

When I traveled 50% of the time, the condo was great- I could come home and relax without doing work on weekends to keep up the outside.

Condo community was split into about 66% senior citizens which were retired and 33% young people either single or newly married. Maybe an infant or two. Once 7pm hit few people were outside walking around, and the crowd which used the pool was a little different than wife and I. No trick or treaters ever came.

In single family home the bus stops have 20-40 kids at them. When we go to pool or playground in our community everyone appears to be our age. At 9pm some weekends the party is just getting started. I give away beer on Halloween night if you know what I mean.

It depends on how you live your life and what is important to you.