Buying a condominium now or in 2 years ?

[dem4mylyfe]

I hope my problem's solution will help others.

I've been wanting to buy a condo for many years. It appears that 2 bedroom, 2 bath condos in my target market have bottomed out in price recently.

My problem: Do I buy now and not actually live in it for two years, or wait for two more years and risk price appreciation ? I am able to buy now.

I"m aware that for two years I have to pay the real estate taxes, HOA fees, upkeep expenses, etc as well as the disadvantage of not actually living in it. I know I can rent it out. There is no way, due to personal reasons, I can actually live in it right now. I have to wait another two years.

Thanks for your time.

[elleng]

1. Don't have more than a top of the head response,

but if you're pretty sure prices have bottomed out (I'm aware of inability to be certain,) I'd go for it, personally.

And if you're sure its what you want.

BEST of luck!

[Common Sense Party]

2. Do you like being a landlord?

[SheilaT]

3. If you can afford the condo

don't worry about getting in at the absolute bottom of the market. Market timing in real estate or the stock market is something of a fool's game.

But, if you can't move in right away you'd better really like being a landlord. And if you're not going to move in right away, that may impact the loan you can get. Discuss at least some of this with a realtor before you commit.

On the very bright side, it's not very likely that even if the absolute bottom of the market was reached last week, that prices in most places will increase greatly in another two years.

I bought two and a half years ago in my city, and I believe if I were to try to sell right now I'd sell for only what I paid. But I didn't buy just to make money. I bought because I wanted to own and I could afford this place.

[dem4mylyfe]

4. bought the condo

Thanks for the help and advice all of you. Peace.