Looking to buy first property!
Hello everyone!
Me and My Fiancé live in Staten Island, NY. We just got pre-approved for a house at $450,000 with a 5.25% interest rate and a 3.5% FHA loan, we're trying to get conventional.
For the longest time, I’ve been wanting to buy a duplex/triplex as my first property and house hack with the 3.5%-5% down to start our investment journey. The problem with that now is how expensive everything is in NY, and even if we find something in that price range, it needs A LOT of work. We’re considering New Jersey as well, but bad areas at that price point.
We also considered a cheap condo, or maybe townhouse. Or even a single family home. We’re kind of all over the place as you can see. Do we just wait it out? Our rent is only $1300 a month, so it’s not too bad, but we’re so sick of paying someone else’s mortgage. What is the best route to go to get started in an economy like this? Thank you so much!!!
Most Popular Reply
Best thing to do right now is be patient, and look at properties every single morning.
There is currently an uptick in inventory happening in almost every major market. This means you are going to start seeing more homes available, and at more reasonable price points. It does not mean we're is headed for a crash, it just means we're headed for a more balanced market.
Also regarding the property type question - I always have preferred SFR vs condo due to appreciation rate is better with a SFR, plus if you ever plan to rent, you don't need to pay HOA dues with a SFR. I know condos are more plentiful in your market though so you may not have a choice here.