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| *Ostroff, Fair and Company>>>Renting & Real Estate |
How do I afford a condo? I'm working 1 full time and 2 part time jobs, and I still don't make enough money. |
How do I afford a condo? I'm working 1 full time and 2 part time jobs, and I still don't make enough money. Michelle, it sounds like you live in a fairly expensive housing market if you are working 3 jobs and still can not afford to buy a condo. You may want to consider seeing if you can find a condo a little farther away than you would like in a different community that is not as expensive. If this does not work, see if your full time job has any openings in another city and if you can transfer there so that maybe you can afford the cost of living. No one should have to work 3 jobs just to try and make ends meet. Where is the excitement and fun in life in that? You should be working to live and not living to work (sorry to sound so cliche). Other than that you are going to need to start looking for either a better full time job or better part time jobs. You can also analyze your current financial situation to see where all of your money is going. Pay off all outstanding bills that you currently have and this should free up a considerable amount of money so that you should be able to afford a small condo. Best of luck to you. Source(s): http://www.gofirstsecurity.com/florida/s... (tips on saving for a down payment information) Do you have bills that you are paying that are making you broke? Otherwise do you know how to plan a budget? this may help you to see the spending habits that you may have that may be able to be corrected. How do you know? Have you been pre qualified by a lender? Have you spoken with a Realtor about what might be on the market in your price range. Do that first. You could always consider having a roommate to help out. Owning is much more financially better. Go for it! Obviously you can't get a condo now. How to get one in the future? Get a better job which require going back to school. Move to less expensive area. There are some more creative routes you could try like finding a unit in foreclosure and getting the bank to do a short sale...taking less than what is owed rather than having a non-performing loan on their books. Buy one that is in desperated need of repairs...buy low and fix. If you buy it cheap enough, you may find a lender that will lend based on the after repaired value rather than the purchase price...hard to do, but not impossible. It may sound rediculous to say, but have you considered moving? I hardly think that a "good life" is spent working all the time! If you can't afford the monthly obligations/mortgage that a condo in your area requires, then you need to set your goals on something else... either by moving, looking to co-buy with someone, or whatever it may be. Good luck to you! I agree with some of the others. If you are working essentially 2 full time jobs and cannot afford a condo, either your sights are set on too high price of condo, or you live in a market that will make it necessary to co-habitate with somebody. Any minimum wage earner working upards of 16 hours a day should still be able to afford a mortgage of some sorts. Wealth (money in general) is built by what is NOT spent, so you may want to look at where the money you are earning is going before jumping to any rash conclusions. |
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