Buying a condo..can someone please help

Question

I’m planning on buying a condo…. I’m only 19 but my aunt says that there is a first time buyers plan that really helps people out especially if you’re a student. (She is in real state) She said that her youngest client was 18 years old and he bought a house…my question is. how much will my payment come out to if the condo is $90k…according to the mortgage calculator (on the website) with $5k down it would be around $500 not including the maintenance fee…how much is insurance for a condo? And how much I’m I looking on planning on spending each month on bills? Can someone help me out here…?

Answer 1

You’ll have to call insurance agents for quotes. That will really depend on geography & amenities. You’ll want to find out your annual property taxes (from the county) because that will also be factored into your payment.

Is your agent an agent in the market where you’re looking? If not, find a buyer’s agent in your market and they can advise you on ways to obtain utility cost info. As a matter of personal opinion, if you haven’t even lived on your own to have a concept of your general living costs where you're planning to buy, I wouldn’t jump into buying a home. Ownership nearly always costs more than most of us anticipate.  I’d rather rent for a couple of years and then consider buying.

Something else to consider: You’ll want to plan on owning this property for a minimum of five years unless you want to bring money to the table to sell it.

Answer 2

You will pay about the same as apartment insurance. You could call around and get quotes. Insurance agents love to give quotes! I pay $200 a year.

The utilities are about the same as an apartment - but - sometimes heat is included in the assessments and sometimes not - it depends on the building - so again you have to ask. You have to take 3 things into consideration; the taxes, the assessment and the mortgage. This gives you a good idea of what the monthly charges will be. The utilities will be about the same as an apartment would have been.

The mortgage calculators tell you what your mortgage will be, as long as you get the rate stated and include any points you have to pay.