Home Buyer?

Mood: Nervous

“Be strong; don’t be discouraged, for your work has a reward.” 2 Chronicles 15:7 HCSB

I might soon be taking a giant leap outside of my comfort zone. I emailed my financial advisor today to see how much I can afford for a down payment for a condominium. The rent increase has been propelling me forward in a good way. Nikhil is so supportive!!

Message from Jay, my financial advisor (6-1-2020): As of Friday's market close there is $xx,xxx in your individual TOD account. With that, I normally recommend folks put down at least 20% when buying a residence, mainly to avoid PMI insurance.

Nikhil's Advice: 

1.  Obviously you would have a down payment but would build equity
2.  Renting is easier. Owning involves more responsibility but could be a good thing for you
3.  All depends on what you want and what is in your best interests
4.  Research and pondering time is good
5.  I'm all for you moving to new apartment or condo if your rent increases to 500 or above
6.  If it stays below 500, then you can stay and have more time to debate future housing decisions 
7.  A condo might give you more space and luxury for same price as apartment
8.  If you ever were to switch jobs, the other one would pay for condo  

Articles and Websites:

First Time Home Buyer

Simple Condo Advice

Potential Homes:

Condo