# should we buy a house if we can't sell...



## dasexyfroto (Mar 3, 2010)

currently there is a very tough sellers market for Condos. My wife and I currently own a condo that we have been living for about 4-5 years in. It is a very tough market and honestly we can not seem to sell it. We are seriously looking at buying a house. Do you think its the right time to buy a house? How can we tell if we can "afford" to buy a house? Is renting out our condo a bad decision vs. selling it? I am not sure if this matters or not, but I am not the actual owner of the condo, I moved into it b4 my wife and I got married and "technically" she bought the condo, and ever since I have been living there I have been helping making the mortgage payments on it.


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## MarriedMan09 (Jul 2, 2010)

There are a few questions buried in this post, lets see if I can help a bit:

1. Is it a right time to buy a house?

Deep down inside you more than likely already know the answer. No one can tell you for 100% sure when the righ time to buy a house for you is. There are many factors. Current finances, local market conditions, interest rates, price trends (are prices falling or rising in your area), is teh kind of home you are looking for available? if so could you move quickly to buy it? Best bet is to talk to a realestate aganet (preferable one that you are someone you trust, trusts) they can give you the information you need to make a informaed decision.


2. Can we afford a house?

Well, can you? How well are you affording the house you live in now? 

Are you able to keep it maintained? 

Do you feel the power bill is expensive? Water bill? 

Could you afford the extra montly payment on a biger house? 

If you can, how about when you figure a bigger power and water bill? 

What will the taxes on the new property be? Homeowners insurance? 

Is there an association fee? 

Afer you figure all that... could you afford to fix something if it breaks? 

If so.. then I guess you could afford one.


3. renting or selling?

Are you good at fixing things yourself? 

Could you afford the exspense to hire someone if you cant? 

Would you be able to rent the condo at a price that is above your current mortgage? 

If so, could you place that profit in an account to cover future repairs on the property?

If your tennants are unable to pay, can you cover the extra mortgage? Sometime you have to cover it until they can be evicted.. which can be awhile (6+ months)

if so.. then I guess renting could be an option.


As far as the condo belonging to your wife.. if you two are on the same boat.. this shouldn't matter.


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