I'd love some insight, as I keep zig zagging between what I think is the smart move. My Fast-lane business will do about $125k next year minimum and I expect this to double each year following. As of march, I'll have about $9k excess every 2 months to do what I please.
I currently rent my condo with the lease expiring end of year. My girlfriend put the idea in my head that maybe we should purchase a small home ($275k) as I'll be able to make a $25,000 down payment with savings. However i'll need to forgo my summer plans once again which were to vacation a bit, get a convertible, take a couple vegas trips, etc.
Although I do love the idea of not wasting $1,200 a month on rent, and rather investing in property - the kind of place we could afford would likely only be a good fit for me for maybe 3 or 4 years. If you can own property, is it ever a good idea to get a mortgage for a place you may not see yourself in long term?
I currently rent my condo with the lease expiring end of year. My girlfriend put the idea in my head that maybe we should purchase a small home ($275k) as I'll be able to make a $25,000 down payment with savings. However i'll need to forgo my summer plans once again which were to vacation a bit, get a convertible, take a couple vegas trips, etc.
Although I do love the idea of not wasting $1,200 a month on rent, and rather investing in property - the kind of place we could afford would likely only be a good fit for me for maybe 3 or 4 years. If you can own property, is it ever a good idea to get a mortgage for a place you may not see yourself in long term?
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