Fwiw, I have a 20% downpayment, even more, it's just that it doesn't make much of a difference on the monthly payment to put it down. The PMI is so cheap, I'm looking at an extra $150/month if I put down 10% as opposed to 20%. Also the condo is not a studio, it's a roomy 1 bedroom. My current place in NYC is a studio.You are comparing apples to oranges with trying to compare NYC real estate to Chicago real estate.My thought process is that it is cheaper than renting my current unit
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I'm paying a total of $65,600 to live here as opposed to $97,200 to live in NYC.Basically every point in your post is misguided and you don't even have a 20% downpayment.....studio.....
Any thoughts?
If you want to move to Chicago then rent a condo in the same building.
Studio condo's have all sorts of problems since if you get into a relationship it will likely be to small especially if you have a kid. If you want to sell it or rent it then it can be very hard to sell or rent a studio condo in a bad housing market since in a bad housing market people can get a one bedroom condo instead.
Keeping the condo as a rental can be a problem too since you might not be able to qualify for a mortgage on some other property if you want to buy something else.
I see your other points though.
Statistics: Posted by myrongains — Tue Dec 26, 2023 12:59 am — Replies 14 — Views 1100