What Price Condo Can You Afford on Your Income?

January 12, 2014 | By Seija Goldstein AuthorMy First Apartment

Before you step foot in an open house, you need to know how much condo you can afford. For example, if you make $50,000/year, you cannot afford a $300,000 condo, unless you have a secret trust fund. And even if you make $100k/year, a million dollar condo is way out of your league. And, if…

The Condo Purchase Timeline: How Long Will It Take?

January 11, 2014 | By Alex Starace AuthorMy First Apartment

You’ve decided to get into the market. And now you want to know how long until you’ve found and moved into your dream condo: a month, a year? While the time required for each step can vary significantly, we thought we’d break down the process and provide rough estimates for what you should expect. Getting…

How Does a Mortgage Work?

January 10, 2014 | By Alex Starace AuthorMy First Apartment

If you’re buying a place, you’re almost certain to need a mortgage. Here’s the lowdown on mortgages. A mortgage is a loan. In the most basic sense, that’s all it is – it’s a loan that allows someone to buy real estate. Like all loans, mortgages have interest rates. In other words, if you take out a…

How to Search for a Condo

January 9, 2014 | By Alex Starace AuthorMy First Apartment

It’s common to feel overwhelmed the first few times that you go to an open house. There are a lot of moving parts – there’s your realtor, the listing agent, the price of the condo, the building size, the parking situation, the association reserves, and so on. And you’re expected to take this all in…

ARM vs. Fixed: How to Decide Which Mortgage Is For You?

January 9, 2014 | By Seija Goldstein AuthorMy First Apartment

When you start looking for your first mortgage you’ll be introduced to a whole slew of new terms and abbreviations: Conventional fixed, ARM, FHA and PMI. Get your bearings by Googling each term and checking here about mortgages in general. But, even if you know what each term means, you’ll still need to decide which…

Co-ops vs. Condos

January 9, 2014 | By Seija Goldstein AuthorMy First Apartment

You’ve finally built enough of a nest egg that buying a place is within reach. You’re not yet ready for a house in the suburbs, but you do want to live in your own apartment. Now, another decision waits. What should you look for? Co-op or Condo? And what is the difference? Actually, there are a number…

Even if You Love the Condo: Five Deal Breakers

January 9, 2014 | By Alex Starace AuthorMy First Apartment

You’ve visited a condo three times and you’re ready to put in a serious offer. You’re excited. But then you learn a little bit more – and you realize that now you have second thoughts. What are some issues that should be deal breakers? Here are a few:There is no Condo Association in place. Yes,…

First Visit: How to Check Out the Condo Building

January 8, 2014 | By Alex Starace AuthorMy First Apartment

When looking for a condo for the first time, there’s a lot to consider. You may not know where to start. In fact, you need to check things out before you even set a foot inside the unit for sale. Learn about the neighborhood. Walk around the block and see if you would be happy living…

First Visit: How to Check Out the Condo Unit

January 8, 2014 | By Alex Starace AuthorMy First Apartment

You’re out looking at condos, perhaps for the first time. Once you’ve evaluated the neighborhood and the building of a place, it’s time to step inside the actual unit you’re interested in. When you walk into the unit, how do you feel? While you don’t need to immediately have a “Wow, this is great!” sensation, if there’s something…

Top 10 Reasons It’s Better to Rent Than Buy

January 8, 2014 | By Alissa Green AuthorMy First Apartment

The biggest benefit of renting is, of course, flexibility. Many of the other reasons play into that fly-by-night spirit. Add any additional reasons in the comments below! 1. It’s Easier to Be Spontaneous. You think you may want to move to a new neighborhood, new city, heck, new country? Find a subletter and you’re done. Not all…