All right, I will blog about one major thing that has been on my mind as of late. After dealing with my rent increase
and being a little jealous of my Dad purchasing my sister a house
, I'm now thinking about buying a house/condo/townhouse in my near future.
Previously when I looked at houses in various areas around me, the cheaper ones I could find were at least $250k, and listed putting down around $50k on it. I don't have that amount of money just yet (been working my job for 18 months), but I'll eventually get there. I saw one townhouse nearby me I could put down a $10k deposit or something and only pay around $1000 a month for mortgage. However, I believe that house is gone because I never saw it again.
After talking to some co-workers, I heard about various sites that listed foreclosed properties for a pretty good price. After looking around, I have been seeing some decent deals around (even if housing prices are crazy high in the Baltimore/Washington area, unless I were to live in the Eastern Shore, around Frederick, or even PA). While I understand some places will need a lot of work or may not be good enough to live in, I'm getting the feeling I should start checking some out and seeing if I can ever buy something. I'm not really looking to buy some massive house, would be perfectly happy with a 1500 square feet townhouse/condo. While I'd LOVE to have a garage, getting one for a decent price will probably be difficult. After visiting one of my CAG friend's house, it's definitely what I want most in the world. It would be nice having a more stable residence, not feeling like my money is going down the drain for rent. I think owning my own place may even be appealing to people of the opposite sex. I'd love to have my own yard right now (even if small). Some say I should just sign a short lease at my current apartment and look at houses, but with the increase of rent, saving up for a place will be even more difficult.
There are some things that make buying a house a little harder for me than some people. While I don't have any debt, some houses I might not be able to make a big enough down payment on. If I was moving to the Midwest, I'd have a very easy time buying a house (east coast is freaking expensive). Another reason is my credit history. While I never filed for bankruptcy or never been in debt, my credit history isn't all that established. It's not like every credit card out there will accept me (I got denied from some). Another major problem is my future. I just don't know if I'll be staying in the Baltimore/Washington area. Personally, I would love to stay here for the rest of my life (unless I can end up with a job that puts me in the Chicago area, my favorite area of the country). However, my career is still being figured out and hope to decide what job suits me best. While my area has excellent jobs, coming from a big college from the Midwest kind of makes it harder on me since most companies that know my college/major the best are in the Midwest (but the Midwest has a pretty bad job market right now which explains why I no longer live there).
Despite some issues, people say now is the best time to buy. I do feel buying a house would be a better decision than me upgrading my car (my car is a 2003 w/ 90k miles, still runs but needs just a little bit of work). Housing value should go up down the road too. If I can't buy a house, I am looking to at least rent a townhouse/condo now. I could possibly move into a cheaper apartment (with a longer commute), but then it could be short lived if I decided to buy a house (causing me to move again). Ugh, it's a tough decision I'm really trying to make right now. Some wonder why I want a house when I'm single with no family, but in ways I'd like the space of a house to myself.
Anyone else remember when they bought their first house? Would anyone recommend I start considering buying (I'm 28 years old btw)?