How long did most of you wait before buying?

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objecion
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Joined: Sat Jan 25, 2014 5:10 pm

How long did most of you wait before buying?

Postby objecion » Sat Jan 25, 2014 6:39 pm

There is an absolutely ideal condo that just became available and I am concerned that if wait it will be sold or the current interest rates will escalate. Every 1.0 increase would add around $500 to the monthly payment.

I feel that I might be jumping the gun but I am confident about passing the bar in a few months and I think the world of the firm. Back to the original question, how long did most of you wait before buying?

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lawschool22
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Joined: Thu Jul 25, 2013 5:47 pm

Re: How long did most of you wait before buying?

Postby lawschool22 » Fri Jan 31, 2014 1:35 pm

objecion wrote:There is an absolutely ideal condo that just became available and I am concerned that if wait it will be sold or the current interest rates will escalate. Every 1.0 increase would add around $500 to the monthly payment.

I feel that I might be jumping the gun but I am confident about passing the bar in a few months and I think the world of the firm. Back to the original question, how long did most of you wait before buying?


If you are fairly confident you will be in this location for at least the next 3-4 years, then I would go for it. Building equity is better than paying rent. Just make sure you save money aside each month for an emergency fund - things will go wrong and need repaired. This needs to be built into your budget when deciding if it makes sense financially.

Also, in order to protect yourself in the event you do need to relocate but can't sell, make sure the condo is in a desirable location and in good condition, so that renting becomes an option for you if you need it to be.

I recently bought a condo about 1.5 years ago and I am very glad I did. I'm a 0L and will be starting in the fall, and will be renting it out while in school. I actually will make some nice side income from it, and I'm very glad I got something that is easily rentable, so keep that in mind.

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objecion
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Joined: Sat Jan 25, 2014 5:10 pm

Re: How long did most of you wait before buying?

Postby objecion » Sun Feb 02, 2014 4:21 pm

Thanks for that positive input. Two days after I posted I dropped by the firm, they could not have been nicer, so I committed to purchasing the condo. The down payment pretty much wipes me out, especially since my payments are due four months before starting work. I am fortunate not have a substantial student loan payment. If that were the case, I could not have even remotely considered this deal. As is my mortgage is a third more than paying rent and tuition.

I thought there might be more than a handful of grads who purchased early on. Apparently not. The only other two people I know jumping the gun are both married (or close to it). I suppose if someone’s job goes sideways the spouse can help.

If anyone else is buying early on or has an experience with jumping in early, how did it work out?




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