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Advice with challenging housing situation

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  • Advice with challenging housing situation

    Hey folks, I'm 28, and six months from finishing fellowship. I have a job in a reasonably high cost of living area, around 230k per year. No debt at all, but only about 10k in mutual funds (no other savings).

    We made the massive mistake of buying a condo during residency. Its been a great place to live, but we sunk about $45k of equity into it and owing to construction issues and the market it is going to be very difficult to sell. We will likely be able to rent it out and come close to covering expenses.

    We don't want to make the same mistake of buying to quickly when we move. However, the city appears to have a HUGE mismatch between rent and housing - we could buy a home that would meet our needs for around $250k. Apartments however run at $2500 if we want to be in safe area, have parking. So the New York times calculator would suggest buying... And yet if we haven't sold our other house, maybe its not the smartest thing to do.

    Any thoughts?

  • #2
    Live there for a year before buying to make sure you like the job, location, etc., and save up a 20% downpayment. You can afford the high rent and in the long run better to not be stuck with two properties in case you want to move.

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    • #3
      Yup. Rent for one to two years to make sure the new job is a good fit for everyone involved. Also, gives you the opportunity to get to know the various neighborhoods so you're an informed home buyer.

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      • #4
        If the job is a Private practice with partnership tract, you will lose in negotiations if you to have a home mortgage wrapped around your neck.

        You may not like the job. Another one may come along that pays better and is LCOL area. You can't take it if you have another house to sell.

         

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