House or Condo in UC?

[singlemom]

I am a soon to be divorced mom. I’d like to keep my kids in the same schools they are currently in, in UC. My goal is to sell our current home and be in new housing before school starts fall 2010. In order to stay within a reasonable debt to income ratio, roughly 30%, with the anticipated equity from our current home, I can probably afford something about $475k. I’m not afraid of a fixer, I’m handy, have a tile saw, friends with hammers, etc. I need 3 bedrooms. I was considering purchasing a short sale but with a fairly tight time frame, we’re anticipating selling late spring next year I don’t think I’ll have the time to wait for processing.

I’ve never lived in a condo, and am worried about resale value, along with living conditions. I like to entertain and parking looks to be an issue. Also with kids I’m not sure about the environment, lots of partying college students? My kids will be teenagers soon enough.

Should I jump on a beat up house that comes up for sale in my price range once we go to sell? Or would a decent condo be better? And there really doesn’t seem to be too many 3 bedroom condo complexs in UC. Any insight would be appreciated. TIA.

[Scarlett]

Why not rent for a year or two at least? wait and see what the RE market is doing. This way you can rent a nicer bigger detached house in a nice quiet neighborhood. Keep your cash.

[Scarlett]

Why not rent for a year or two at least? wait and see what the RE market is doing. This way you can rent a nicer bigger detached house in a nice quiet neighborhood. Keep your cash.

[Scarlett]

Why not rent for a year or two at least? wait and see what the RE market is doing. This way you can rent a nicer bigger detached house in a nice quiet neighborhood. Keep your cash.

[Scarlett]

Why not rent for a year or two at least? wait and see what the RE market is doing. This way you can rent a nicer bigger detached house in a nice quiet neighborhood. Keep your cash.

[Scarlett]

Why not rent for a year or two at least? wait and see what the RE market is doing. This way you can rent a nicer bigger detached house in a nice quiet neighborhood. Keep your cash.

[singlemom]

I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?

[singlemom]

I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?

[singlemom]

I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?

[singlemom]

I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?

[singlemom]

I assumed I’d take a tax hit if I didn’t reinvest my capital gains in the same year that I received them, from the sale of our current home. Is that not correct?

[sdrealtor]

Consult your tax advisor but no tax hit. Rent.

[sdrealtor]

Consult your tax advisor but no tax hit. Rent.

[sdrealtor]

Consult your tax advisor but no tax hit. Rent.

[sdrealtor]

Consult your tax advisor but no tax hit. Rent.

[Author]

Posts