Buying property

[Lindsey]

Well, last week I went to the bank to get pre-approved for a mortgage. I was curious to see how much I could get. My school loans are really holding me back, but I can't get them paid off any faster right now. The lady at the bank told me it would be a really good thing to get into real estate as young as possible, and start building up equity. To be honest, I don't understand it so well, but she made it sound great!
I have been looking for a little while. Houses are almost out of the question with the small mortgage I could get. There are a few very old houses in very old (and not so safe) neighborhoods that have been flipped and are in my price range. However, they are all under 600 square feet, with bedrooms so small I could barely fit my bed into them. I really love having a yard, but I'm not sure how much I would use a yard in a neighborhood like that, plus I wouldn't feel safe alone and would probably get another, bigger dog (I love Layla to death and she loves being the "only child" but she's just not threatening enough if someone broke in ). I'd also have the extra cost of a security system.
If I would like to go without the yard, I found a 910 square foot apartment-style condo in a building I used to rent in. It's on the top floor, so no noise from people above, and it's an end unit so I'd only have neighbors on one side. 3 bedroom apartments are very hard to come by in this city, but this one is three bedrooms, has in-suite laundry, security doors, a deck overlooking the parking lot and tennis courts, and is PET FRIENDLY! There are no pet friendly condos around here! It's in my price range because nothing has been done to it. It has original carpet and linoleum, original kitchen cabinets and countertops, old appliances.... BUT I could redesign the place how I want it. If I lived there for a few years I could just work on it while living there. And in the end I'm sure I could make a lot of money if I sold it in 5 or 6 years.
I guess my big push besides the whole equity thing is that I'm really tired of having roommates. I would love coming home and it just being me and Layla. I could watch tv when I wanted. I could leave dirty dishes in the sink for a day if I didn't feel like washing them I wouldn't have to wait my turn to wash clothes! I could stay up late with my boyfriend or friends without worrying that I'm keeping someone awake in the next room.
I don't think I want to buy a condo before summer though, because I really do enjoy my yard in the summer. And I really love my house. I guess I'm just in a situation where I feel that if I took that leap, I'd really miss what I have now! I know it's not forever... if I got married and had that extra income, a house would be no problem. But until that happens, I'm either renting and putting my money in someone else's pocket, or buying a place and investing in something for me.

[Lindsey]

Oh yeah, if Scott and I do end up moving to Texas as we've been planning, I could just rent the place out It could pay more than my mortgage, especially if I had three people renting and had some updates done by then!

[judy]

The condo sounds great Lindsey! Can you live with a deck instead of a backyard?
That sounds like the only negative.

I have a very large deck, and it is so nice. But, a backyard would be ideal. I could
let the dogs out to play in the grass. But, in a condo, you don't have to do any yard work like getting the snow off the walks, etc.

I lived in a top floor, corner apartment. It is really nice to have nobody on top of you and you should have windows on all of the walls for a wonderful breeze.

[Lindsey]

Thanks for your input Judy! I have been toying with the idea a lot. My mom is against me buying a condo, but I don't think it's such a bad idea. She thinks I need a yard and that I would lose money on a condo and it will be hard to sell later. But I really don't think so... my brother is an electrician and he is wiring all the new condo developments. There are tons of condos being constructed because there is demand for them!
My grandma also lives near this condo, and my grandma has a yard Layla and I could go hang out with her in the yard on nice days, although Layla would have to be leashed because she can fit through the fence. But Layla can run around off-leash in the dog park, and she can run around my parents' huge yard every time we visit!
I guess I would really just like a place to call my own. I want to have a real home!

[DianaB]

Lindsey, I haven't answered because I really don't know what to tell you. My best advice is still to talk it over with your parents. We live in such a small town that the prices of things just don't compare between where you live and where I live. You seem really young to go into debt that far by yourself but I don't know all of the facts either. Good luck with your decision.

[Lindsey]

I guess that the thing is I will be paying to live either way... right now our duplex is $1125 a month for rent, with about 700 square feet of living space on our main floor for three of us. In comparison, the condo would be about $750 a month for a mortgage, with 910 square feet to myself And if I really wanted extra spending money, there is enough room for a roommate, although I would rather just be alone.
It is a lot of debt, I know that... but I am in debt for the next 15 years from college anyway. I guess the main thing is I can either throw my money down the drain by renting, or invest my money in something by buying.
I actually emailed a real estate agent this morning to try to schedule a showing. I'd like to at least see the place before getting too excited about it.