Home Purchase Dilema

[MandR 0]

To Buy or Not to Buy It.... that is the question..........

VJ friends, would love opinions

The condo we live in is for sale. It was gutted and remodeled 4 years ago, located on the 4th floor in

Ft. Lauderdale on the water with views of downtown Ft. Lauderdale, the Intra Coastal water way and million dollar homes.........

It's only a 1 bed / 1 bath but does come with a double wide dock for a boat. I do own a boat and it's location is perfect for getting out to the ocean beaching the boat, going to restaurants. It's also in a good location for our commutes to work with plenty of restaurants and entertianment within a 5-10 minute drive.

It was offered to me a year ago for $300,000.00 and I turned it down. About 6 months ago I offered $280,000.00 and that was not accepted. It has now been offered to me for $265,000.00

Now the dilema...... If we move and buy another place with 2 bedrooms it would run around $285,000.00 and that's for around a 1,300 sq foot home. I would also have to store my boat for about $300.00 a month. We are planning to try for a little one toward the end of next summer. We are thinking of just walking away from the deal. Or to buy it, stay in it through the pregnancy and up until the little one is about 6 months old. Then either rent it and buy a bigger place or sell it and hope within 1.5 to 2 years time that property values start climbing again and we don't come out in the negative.

My biggest thing with this is throwing $300.00 a month away to store a boat... When I can stay where I am for a little while longer. Pay a mortage that includes the dock and make a little money I HOPE in 2 years time when we sell it.

[w¡n9Nµ7 §£@¥€r 123]

A 1 BR will be awfully difficult once your child grows up, IMO. And you're assuming prices will stop declining within that time, but they may not.

[Artegal 1]

The trend seems to be that house prices will continue to decline. Especially now that it is November--as winter soon comes the housing market declines--even in sunny Florida. But also there are way too many homes on the market--and no end in sight on the building. I would make a lower offer of 265K continue to shop around and see what else you can find. But if you like where you are at and they say its location that maters most then maybe buying the place you are at might be your best option. 1 Bedroom is not a big deal yet--you have 9 months of carrying the baby--then when he is born you will have him in the bedroom with you for a while after that. So I would say 2 years before you are even really in need of a 2nd bedroom.

But let me ask you this--what are you paying in Rent now for the condo versus what you would pay in Mortgage for the same condo? Don't forget that the little one will be an added expense to your household. And then you need to think where do you want your kid to go to school? What kind of area do you live in, is it a good place for children? Maybe in say 5 or 6 years you might want to move to another location, a house with a yard and near good schools etc.

Edited November 11, 2006 by Artegal

[PlatyPius 5]

Is it in a "touristy" area? If so, your best plan might be to buy it, live in it as long as possible, then rent it out either to a tenant or as a vacation rental. Of course, as a vacation rental, you'll probably be spending a LOT for remodeling. Often.

Or.... buy the other house and sell the boat. It's just a boat. Major life decisions shouldn't revolve around something like a boat, in my opinion. But that's just me.

[Flames9_RN 358]

Much more of a market for 2 bedroom condos than 1 bedroom when it comes to selling!!

[AnaAndDaniel 0]

buy what you can afford and still be happy.

Daniel

:energetic:

[Nikita2Charles 32]

It comes down to one thing

How much can you afford? you mentioned it would cost about $300/month to rent a space for your boat, whereas you can store if for free. With a little one at least a year away, then let say until he's another year or 2. so you are set for at least 2-3 years, then you can start to look for a locality with Good school for the little one. But right now the market is in a downturn you can use that to your benefit and get a house now even it that means you might have to LET THE BOAT go. or postpone for 2 years 300/month, 24months, so about $7000 saving in 2 years from the boat storage fee.

[brtlmj 0]

To Buy or Not to Buy It.... that is the question..........

According to: http://money.cnn.com/pf/101/lessons/8/page1.html if you are paying 35% less in rent than your mortgage payment, taxes etc. would be, it's better to keep on renting.

Bartek

[CarolineM 0]

Do you HAVE to find a place to keep your boat in the water? Can you buy one of those trailer pull things and keep it at your condo??

[Leafgal 3]

Parking a boat on dry land at the Condo might be an issue, you should check the Rules and Regulations of the Condo to see it that is an option. I think you need to sit down and figure out what it will cost to stay there and rent, keeping the boat, moving with storing the boat and moving and selling the boat. If the market is going down you always know it will eventually go back up, the question will be can you wait for that to happen. Good luck with whatever you do.

[yogib37 3]

well that is a tough call. If it were me, I would consider buying it. That way you can keep your boat. when the time comes, You can rent it out, then you still have rights to the boat being in the water since you are legaly the owner of the home.

Now if you dont buy it, and the current owner finds someone else to buy the condo.. they may want to live in it and you will be force to move, then you may need to pay the $300/mo for boat storage.

Just looking at both sides

Yogi