...........I am preparing to buy a condo or house within the next year. In my area, you might as well own if you can, cause rents are about the same as a mortgage. I do plan to stay within a few miles of where I am.
.......... What do I need to know, or what have you experienced that might help me in my search. I.E. what I should be looking for that I might miss on a first visit, what questions to ask..etc...
...........Debt is not a problem, but are there things that I should do to show a history before applying for a mortgage?
..........How much of a down payment should I be prepared to put down?
.. (....How much wood could a woodchuck chuck, if a woodchuck could chuck wood? ) :P but that's a different topic ;)
.........Anything that I should consider If I decide to use part of my home as a mini music studio?
........This is some of what came to mind. Preparing now, clarifying my own vision and expectations as I get ready for a truly new step for me!
I'm sure there are people in this forum who have the expertise to answer your questions. It is good that you are writing out your plans. I will say this, however: regardless of where you live, condos are much easier to buy than houses, but are harder to sell in the long run. Also, unless the area you plan to live in is super popular, condos generally appreciate in value very slowly.
Condos are still a good investment. I own one. I pay less in mortgage and HSA fees than most people pay in rent each month. At the end of the year, I have a tax deduction.
No to mention, when I'm ready to buy a house, I can use this for rental property.
I don't know about appreciating very slowly. I bought my condo in 2001 for $70,000. They are now selling at about $155,000. Two just sold in my division and were only on the market for a few weeks.
A year before purchasing my home (or even saving for it) I took a first time homebuyers course that was offered with the Consumer credit counseling service. Check to see if there is a similiar program offered in your area. It was very informative.
Thank you 1EagleSky , sagesong, and Xanadu012 ;D ;D ;D
...........This year has been an extra busy one for me and an emotional one. I am now getting back some sense of normalcy. I had almost forgotten about the next year, because this one had more than I bargained for in it.
..........Of course, in the midst of it all, I am greatly blessed ;D
...........Your posts helped to remind me of my goal and my desire to meet it. I will take into consideration all that has been shared.
............Of course, any further input is still very welcome ;D
All the best to you all, and thanks again.................. BB :) :) :)