I hope someone can help me devise a plan. I am 28, single, just got increased to 60K a year, and have a decent job, but one that does not seem to have any room for growth (so I am probably going to be looking for a new job in the next couple of years). I am in my right field, but not sure i've found a "career." In the future I see myself keeping a day job while working freelance and eventually... [more]
I hope someone can help me devise a plan. I am 28, single, just got increased to 60K a year, and have a decent job, but one that does not seem to have any room for growth (so I am probably going to be looking for a new job in the next couple of years). I am in my right field, but not sure i've found a "career." In the future I see myself keeping a day job while working freelance and eventually venturing off to into my own business (not sure what kind yet).
Well, I'm very financially vulnerable. Only 6K in savings (most of which is going to my next move). I feel vulnerable. I like where I live, but it has paper thin walls and the location is far from Manhattan where I work and do most things.
I am rambling, what I want to know is, should I rent a new apartment or save up to buy my own place in a nicer building. Safety is a big concern and I'm having trouble finding a decent place in Manhattan. I would like to live in ad doorman building.
How much would I need to have upfront to buy an apartment say in the lower - mid price range for a one bedroom or perhaps a studio?
Is it better to rent in my predicament and remain flexible (I'm still single/still not financially set) or should I save to buy and in turn spend less than paying rent?
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Response by NWT
about 15 years ago
Posts: 6643
Member since: Sep 2008
Buying can pay off only when prices are lower than they are now and everybody else is afraid to buy. You're nowhere near having enough cash stashed away, anyway, so don't worry about that now.
Keep saving, stay in your current place unless you can find something cheaper, and think about it again in five years.
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Response by sledgehammer
about 15 years ago
Posts: 899
Member since: Mar 2009
Look at some HDFC buildings, some good deal to be had at the moment. Make sure your monthly mortgage payment doesn't exceed the asking rent for a similar apt in the building.
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Response by dealboy
about 15 years ago
Posts: 528
Member since: Jan 2011
This posting is a moot point. You can't afford buying, and will not anytime soon, either. No offense. Focus on making more money or a new career if you want to buy something.
Buying can pay off only when prices are lower than they are now and everybody else is afraid to buy. You're nowhere near having enough cash stashed away, anyway, so don't worry about that now.
Keep saving, stay in your current place unless you can find something cheaper, and think about it again in five years.
Look at some HDFC buildings, some good deal to be had at the moment. Make sure your monthly mortgage payment doesn't exceed the asking rent for a similar apt in the building.
This posting is a moot point. You can't afford buying, and will not anytime soon, either. No offense. Focus on making more money or a new career if you want to buy something.