I currently live in Southern California. I am paying $ 1250 per month in rent.
I found a condo for sale down the street from me in a good location. It is about 957 sq ft and has two bedrooms and two full baths. There is a community pool, spa, and tennis court. The asking price is $ 179,000 and there is a $ 360/mo HOA fee.
The loft needs some work, but it has potential to be great! Some paint, new carpet and a bath room and kitchen remodel and it would be amazing!
I got pre-qualified for $ 180,000 FHA loan at 4.1% interest. I figure my monthly payment after tax, HOA and insurance would be about $ 1,500/mo. That is $ 250 more than my rent and I am barely getting by with that payment.
My biggest monthly payment is my car at about $ 580/mo. I could probably make some sacrifices for a couple years until my car is paid off. That way I can afford the condo right now.
My question… should I wait to buy a condo or jump on this right now? It will be tough for a while, but I don’t want to miss a great opportunity.