I Bought a Condo

I bought my own condo earlier this year, and some people (mostly my own age – millennial) think I am crazy. They have the idea that buying a home is what you do once you are ready to settle down. They would rather pay rent than own something, but the way I look at it, rent is money you will never see again. At least your mortgage comes back to you once you sell what is yours.

This is making the most of my money, by investing in a property and not wasting thousands of dollars by giving it to someone else.

Yes buying a home can be scary because the numbers are so big, but think of it as money sticking to the side walls of your house. It’s not really leaving, well a little of it is because it is interest for your loan, but you will reclaim most of it when you go to sell.

I never thought I would have the purchasing power in my 20’s to buy a property. Through a lot of hard work and sacrifice I managed to save enough for a hefty down payment. Now, to get a loan was the problem. There are several types of loans you can get. Traditional, government backed, secured, open-ended etc. I was lucky enough to get a private loan, meaning I didn’t have to deal with the banks and contribute to making them richer.

Depending on which type of loan you get determines how long you will (want to) stay in your new home. Some loans will have you pay an absorbent mount of interest, while others will have you pay little interest and more principle. Your best loan is the one that pays little interest, and more principle.

My condo was a fixer-upper from the start, and I knew it would require a lot of work. Having a roommate there will help with the cost of it all, but it also comes at a price of having less space.

Lessons learned

MY advice to you is to get yourself a quality, dependable real estate agent. You don’t want to go through the process feeling alone. Having a good agent makes things easier for you, while keeping your confidence in the whole process up. They give valuable advice like suggesting driving through neighborhoods at night to make sure you feel safe.

Negotiation can take a while. Be sure you have a place or two to stay in case it takes longer than planned. If you become homeless in the process, you can probably use it to your advantage to make the seller go ahead and sign. Just tell your agent and they’ll relay the message.

Home sweet home

My condo is located off Shelbyville road, right by Hustrbourne lane.  Its location is couldn’t be much better, and I enjoy my neighbors in every direction. There are restaurants, shops, and the mall all within 2 miles from me.

My condo is a 2 bedroom with a basement. It’s not huge, but it feels warm. Each day it becomes more of home than it was before.

I was lucky enough that the last owner was a complete slob, so it made me renovate every square inch of the place. This drove down the price when I bought it, and made me sharpen my renovation skills for the future, and forced the price upward when it’s time to sell.

I have a few renovations left, but I can begin those once I am moved in because it’s nothing urgent. I am grateful for what I have, as I have learned a lot about the real estate process, as well as learning more about myself.

In a few years once I have outgrown this place, I plan on doing the same thing. Starting over, buying a little fixer upper house, renovating it, living inside for a while, and then selling it. 

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