I graduate college in a month and will dive into the real world soon.
Very nervous and somewhat disoriented being that I am bombarded with
all sorts of pressures left and right. I need a place to live and have
found apartments not too far away from downtown, where I will be
In terms of the place I live, should I buy or rent an apartment?
Renting is fairly straight-forward and is a low-risk strategy. The
place I am currently looking at is about a $1,000 a month for myself.
Buying my own property is quite an ambitious endeavor and is somewhat
difficult. The reasoning for buying a condo / apartment / house is that
the property appreciates in value and I'm paying mortgage instead of
rent. Real estate in the city almost always grow in value over the
long-term. I'll only have to make a down-payment and simply pay monthly
mortgage payments. I could even get a roommate if I buy something more
than one bedroom and have my roommate's rent go towards paying off my
mortgage. Either way, when I decide to move, I can sell the property
for a decent return and my mortgage payments would actually go to some
use. The downside to buying a property is that it is quite expensive
(~$300,000) and takes a lot of effort to purchase, finance, maintain
What do you guys think? Any suggestions? What is the outlook on the
housing market? Although the sector is on the down-turn, the median
house prices have stayed relatively steady. Should I buy or rent? Any
ideas would be highly appreciated. Thanks in advance.