Which complex in RB? I am curious as I am real familiar with many of them….
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I think that condos will depreciate just as much if not more then detached homes.
I can seriously relate to the pressure so I understand. At least you will not have as much to lose equity wise. Just understand that you will not be selling that condo soon without a loss. So what you are doing is trading the rent payment for an interest payment which is not bad. So after you ran the numbers your mortgage, HOA and property tax covered your current rent?
I will not sit here and scrub all the numbers with you, however I do want to make sure you are happy with them.
Potential pitfalls include the depreciation on the condo may exceed the detached home percentage wise. Also while condo living is better then home living, you still share walls and are subject to HOA and close proximity to others. If the housing market depreciation gets delayed or slowed down by external factors that price point for 4S detached homes may not happen as fast as you like. Pray that the wife pressure doesn’t kick in earlier then you want to get out of the condo and into the home.
Other people may bash you harder for buying at all. Hang in there and do what makes your life easier and more comfortable…
After all, if you default on the condo the FHA will bail you out!!
