Recent graduate looking to purchase condo in nearby ciy

Housing

Hello PF,

Seeking a bit of advice on my current financial situation given I don't have a sound person to speak to so why not ask reddit. I am looking to move out of my house to a nearby city for potential higher income earnings as well as living the city life. The area I have been looking into has condo/home prices rising at a quick rate due to it's convenience. (City outside of an even larger one)

-I am 23 and work in the STEM field -My current annual salary will be around 74-76k pending my year end bonus pre tax -I have a part time job paid in cash that I do for an extra 10-20hrs a week at 12-15$hr. At an extra 200 a week or so I would say a safe estimate would be around 8k cash yearly. I am also figuring out an opportunity with the same hourly load but at 18-20$hr at a call center. A reasonable estimate is around 60k post tax yearly.

-I have 26k or 28k in savings and exactly 28k in student loans as well I believe at 3-4% interest rate.

-I am looking at 2 br condo's in the high 300's up to the mid 400's.

-My down payment would not be very high but I could get a room mate(very quickly) and as my income will jump I will pay it off faster.

-Over the past 3 years condo's in this area have gone up around 100k in value. I plan on staying until my late 20's-early 30's then going back to the suburbs (as of right now). If the condo went up only another 50k in value over the next 10 I would still be happy.

-I live a frugal lifestyle and don't really care to purchase anything expensive I don't need. My idea of fun is working out or a nice dinner every once in a while.

Reasons for a 2br over a 1br: I strongly believe I can get a good friend or family member to eventually move in with me over time. Either way I am happy with any random room mate. Also, if my income jumps to where this apartment isn't in a tight financial situation and I have an open room I will convert it to a work from home office. Ideally if that situation comes I would also likely do renovations as an apartment in the high 3-400k range is kinda ghetto ish

Posted Aug 29, 2016, 10:56 PM UTC · edited

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