So I plan to move out of my parents' house one way or another within the year.
Problem is I live in Montgomery County, Maryland where housing isn't cheap. Lucky to find a shitty studio/1br for $900 monthly rent. I refuse have any roommates, even though it means a cheaper expense. It's not worth it in my mind.
I have a daily commute to Northern VA where I work, and I refuse to live in the state of Virginia. Northern VA is even more expensive anyway.
So basically my options for rent here in MD are
>not a shithole
However there are cheap ~$100-150k 1 br condos for sale that are both not shitholes and convenient, with potential mortgage of only around $500-600 a month + HOA and utilities.
So what's the catch here in buying, other than any potential difficulty in getting a home loan or saving up for the down payment? What responsibilities or risks am I facing that I don't face in renting?
a kike owns your house for the next 30 years, but thats mostly it
personally id just buy a condo in dc proper, their property tax rate is basically nothing, and you don't need to pay a tax on personal property like virginia
HOA fees are usually only slightly cheaper than rent. It's not suspicious or anything if they're lower, that's just usually not the case.
Also, make sure the building isn't on a land lease, which is where someone else owns the land, and they charge the owner of the building rent. When the land lease expires, the landowner can raise the rates to whatever they want to, so there's tremendous potential to be fucked over if you have a permanent stake in said building.
When you "buy" a place to live you are really "buying" an option to "sell" the place later while living in the place you "bought" for a fixed monthly price. After a certain amount amount of a term of interest and principal payments that double or triple the "price of the home", you will "own" the home with only taxes and repairs as your cash out go.
When you rent you are contracting to have a place to live at a fixed price for a term of about a year without having the right to "sell" it later. You generally are not responsible for maintenance to your domicile in such a case.
In either case you could live next door to an asshole.
I live in MoCo as well. Kinda in the same position but I'm saving up to pay at least a 20% down payment on a house.
Do you plan to stay in this area for more than 5 years? People usually tell me to go by the rule of thumb of if you're going to be staying for less than 5 years, just rent. Otherwise, buy.
I'm considering trying to hold off a bit longer and wait to see if the bubble bursts again. Homes are getting a bit pricey out here again. Minimum seems to be at least 400k in the Wheaton / Glenmont area.
Rent is also at around 1600 a month for a single bedroom studio. I don't want to go up to Gaithersburg or Germantown or even Clarksburg. Would prefer to stay in the area with the metro access.