Wheels in Motion

We met with our realtor today. It went well-ish. Bottom line is that we need more income or less debt. Though there are ways around both.

Thinking that our first home will probably be a condo. But could be a townhouse, depending on a number of factors. Very vague, I know, but the market here in Northern Virginia is a little bit steeper than in other places in this country, so there are many options available, especially to first-time buyers such as we are.

There are downsides. There are fears. But there is a light at the end of this tunnel: that with any luck at all, and a little bit of homework, we should be homeowners by the time our rental lease is up.

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One thought on “Wheels in Motion

  1. Brighty18 says:

    You know, there are some enormous advantages to condos. I loved mine and sometimes miss it. Advantages include (but are not limited to) the following:

    1. You don’t have to deal with a yard and outside maintenance. If you live in an area where it snows this is a HUGE advantage.
    2. Many indoor repairs (water damage, structural issues, wind damage, etc.) are also covered. In fact, unexpected repair fees are very, very rare.
    3. You can build equity with little physical investment.
    4. It is wicked, wicked easy to rent out if you, say, have to move to Europe or Asia for a year or so. You can usually pay a small fee to the condo association to take care of the “landlord stuff” for you.
    5. It is very safe and you’ll not need to worry about break-ins.
    6. It can mean that you have access to things like a pool, work-out area, community center, etc. that you would not have if you had a house.
    7. Usually your car is safer and nobody can steal anything out of your garage.

    My only word of caution is to make sure before you buy that there is lots and lots of money in the condo association. If so, you’ll have fewer and more painless assessments. Along those same lines, ask when the last assessment was and what was for. You can even ask if anything else is expected. Oh, and read the covenants – sometimes there’s some really annoying stuff!

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