Should I purchase a home or condo (Southern California – Anaheim, single male, age 23)?
I’m considering to purchase a home or condo and trying to figure out which is my best option. I’m not looking to marry minimum 5 years. Trying to find the best in resale value; looking for as an investment. Affordability I was considering to buy a home up to $650,000 (location Yorba Linda, Fullerton, Orange, 2400 min sq ft 2 stories w/ baltic ceilings, 4 bdrm, 3 baths, etc) but was starting to think if I should just go for something smaller and spend up to $450,000 and get a decent location such as Long Beach (1000-1200 sq ft, 2 bdrm, 1 bath, luxurious maybe type condo with ocean view hopefully).
When looking at condo fees and buying a home without HOA fees, for location such as southern California, would it make sense to buy now a condo or house or wait on both with the influx of new foreclosures supposedly occurring next year? My living situation now is at home with parents and I want to buy a property that will maintain value in the next 5/7 years.
Originally putting down 40% but will do 20-30% and use 2010 tax year with higher income to get loan.
Alex Horowitz answers:
You don’t mention downpayment.
You will need at least 10% down.
20% down will avoid that nasty PMI which is like throwing away thousands a year.
Buy something small as your first home.
Pay it off in full, and then move to a larger home…
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