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Tell me about buying a condo/house.

S

Savij

Diamond Member
I'm 24, I've been working for a year. I have no savings and am working on paying down (a lot of) credit card debt that I built up while unemployed. I have student loans (lots and lots and lots of student loans). I don't think I'll be able to get anything now, but I want to know what my prospects are for the next 2 -3 years.

I looked up my scores and they are 792 for transunion, 712 for experian, and a 731 fico from equifax. I know that I need to pay down debt and get some savings, but how much savings are we talking about? What else should I be thinking about? Tell me what you wish someone had told you to do when you were in a similar situation.

For the record I am thinking of a condo in the Boston area and I earn average for an entry level engineer.

 
condos will be the first to go down when there is a downturn, a lot of investors speculate with condos because they are the cheapest/lowest maintenance

heck now I even see some condo versions not selling in the LA area

 
Basically you promise to buy the property.

Then you get a loan for the property. Then you sign a bunch of papers and the house is yours (well, its the banks but they let you live in it)

There is no bubble.
 
I was also looking for a condo to buy earlier this year in the Boston area. I decided I wanted to pay a down payment more than 5%, which I cant afford to at the moment, with prices being kinda high. I also see signs that the housing/condo market in the Boston area might be cooling down. I'm going to wait and see what the situation is in the Spring (and save up a bunch) and then make a decision.
 
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