Should I buy a condo, or rent?

I'm currently living at home in Southern New England, helping to take care of a family member who needs someone around 24/7. I have a job that pays $40k, and I'm almost certainly getting promoted to a job that pays 25% more within a couple of months.





There are these condos a couple miles down the road, in the direction of where I work (which is 7 miles away). They are at preconstruction prices of 180,000 for a 1400 sq foot unit with 2 beds, 2.5 baths, granite countertops, hardwoods thoughout, garage. A comparable unit in the area has an asking price of around $215-$230,000





Is it wise to jump on something like this while I have the ability to pay down a mortgage without actually living there, even when considering the environment? How concerned should I be about the housing crisis if I wanted to move in 5-7, *maybe* 10 years? I'd like to get a little independence anyways, so would I be wiser to just rent an apartment nearby?Should I buy a condo, or rent?
I do not know about New England, but this is what I tell my clients here in Florida: It depends upon the local housing market. If no one is buying right now where you live, then wait. The prices will probably fall further. If sale are starting to climb, then it may be a safe idea to buy. However, make sure the contract has a provision that allows you to back out and receive a complete refund of your deposit if an appraisal THAT IS ';CERTIFIED'; TO YOU indicates the house is not worth the sales price. The people to whom an appraisal is ';certified'; are those in who have a right to sue the appraiser if the appraisal is incorrect.Should I buy a condo, or rent?
Ditto. Buy do not rent. I made 100K last year on my half duplex. Buy.
Renting is basically throwing your money away, with a house at least you are investing in something that will build equity over time. It's like a savings account you cannot touch until you sell. An apartment will never do that, besides you'll end up paying more for an apartment than a mortgage.





Your best bet would be to buy a condo now while they are going up because you build to suit. The housing market will always fluctuate, what not be worth much in 5 years might double in 10, besides if condos in the area are selling for a lot more then it will only increase the value of your home.





Buy don't rent.