Suckage: Got To Move...or buy

[mcs328]

My friend decided to sell his condo that I'm currently renting out from him. Someone wants to buy it but he gave me first choice before he sells it. He'll eat the closing costs if I do but I need to see if I can afford the mortgage is the sale price is 180K. I'm not rich but if it mortgage works out to what I pay in rent I can swing it. Otherwise in 6 months I gotta find a cheaper place to buy or start renting again. Sigh. No affordable foreclosures I see around my area either. blah...I feel like I'm gonna croak :dead:

[nickel]

gray skies are gonna clear up :)

in these situations we always end up doing what we gotta do, and you'll do just that mcs328.

[oblongmelon]

Mortgage rates are the lowest this month that they have been in years-unfortunately, at the beginning of this month-they are going to be going back up....if you like the place enough to stay there look into what you'd be paying for a mortgage. If your the kind of person who is kinda young, likes to travel, doesnt have job security, and perhaps someday would like a house without neighbors right on top of you-I'd say..rent from someone else and let him sell the thing off..

[Maarchk]

... I'm not rich but if it mortgage works out to what I pay in rent I can swing it... :dead:

I would just worry about the additional costs of ownership. I assume if its a condo, you have HOA fees and other things. You may want to ask your friend what other costs come up, not to mention if he covers any utilities that he if currently paying. I was looking to buy a house and i read this...

Link Time (http://biz.yahoo.com/pfg/e10buyrent/)

It just mentions some good points. I hope which ever way you go that it works out well. :)

[mcs328]

I would just worry about the additional costs of ownership. I assume if its a condo, you have HOA fees and other things. You may want to ask your friend what other costs come up, not to mention if he covers any utilities that he if currently paying. I was looking to buy a house and i read this...

Link Time (http://biz.yahoo.com/pfg/e10buyrent/)

It just mentions some good points. I hope which ever way you go that it works out well. :)

Read through it. Good Stuff. So has it beens everyone experience that they can expect 40% more fees on top of the base monthly mortgage according to the article? She used some numbers and came up with 1100 mortgage plus 450 bucks in extras for insurance and stuff. Is that's the case I don't think I can afford the 1500 monthly cost of ownership to buy my friends condo and just better off renting. Sigh.