Personal Finance (Not Investing) • Condo with high HOA. Worth it?

My thought process is that it is cheaper than renting my current unit
......
I'm paying a total of $65,600 to live here as opposed to $97,200 to live in NYC.

You are comparing apples to oranges with trying to compare NYC real estate to Chicago real estate.

....studio.....

Any thoughts?

Basically every point in your post is misguided and you don't even have a 20% downpayment.

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.

Statistics: Posted by Watty — Tue Dec 26, 2023 12:37 am — Replies 13 — Views 1013

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