Should I buy this condo?

[Scuba]

Thanks everybody for the input. I decided to pass on the opportunity, and plan to stay at my current place and continue to save moola. Hoping that this year, I can save about $25k+$2800 employer match.



My goal is that in 10 years I can be close to FI, such that any income I earn would supplement my investment returns. I decided this goal outweighed the goal to have a bigger and nicer place.

Thanks for the update. Listening to your own intuition usually results in the best decision for you.

 

[ivinsfan]

You surprised me. I would have guessed you would decide to go ahead and by..once you put down money it becomes more yours and harder to walk away from.

 

[golfnut]

Uptown is a good place to be investing over all, and the location is about 2 blocks from a newly renovated ($200M) train station, but there are certainly some rough spots. The other part of where his current neighborhood is is Wriglyville is very close to Wrigly Field and is probably a great place to have rental property, as it's very popular for post-college people to rent when they are young and bar hopping every night, then leave when they buy a home or grow up a bit. regardless, it sounds like you're in the position with options, and the market isn't so hot that you must buy now, and you're not in a position where you have to move to more space quickly (new wife, new child arriving, etc) so no reason to rush into a decision of this magnitude without being sure it's right for you.

Wrigleyville hasn't changed all that much since the early 80s when I lived there bar hopping except for the cost to rent.

 

[younginvestor2013]

You surprised me. I would have guessed you would decide to go ahead and by..once you put down money it becomes more yours and harder to walk away from.

Yeah, my attorney said we may have to do some dancing around to get my earnest money back. We said we wanted closing credits for a few things, and they denied us. We went back and said we needed the closing credits to repair those items, and they came back and cancelled the contract. So it was a quick dance.

I'll get my earnest money back, and the only money I'm out is my $400 inspection fee. Plus the time and mental stress of thinking this over.

 

[Ready]

I know nothing about Chicago real estate so I can't contribute much here, but I know in Southern California condos are the first things to drop in value during a recession, while single family residences tend to hold their values better. I'm sure city living is completely different so maybe it's not a relevant comparison, but has the market been appreciating significantly in your neighborhood?

In So Cal prices are so high that I just think it's a bad time to buy, but maybe in your area that doesn't apply.

 

[Aerides]

I think you made the right decision. While your original post had me gung ho, when you updated about the location, and potential for partnering up soon, I was less enthusiastic.

I still think you should keep your eyes open for an upgrade. You're very young, and should enjoy your life along the way. Maybe when you and the GF are a talking marriage, find a bigger place that works for both of you.

I recommend taking the time now to make yourself a checklist of all the things your next place must have. That way you won't fall in love with a place that is perfect on 3 aspects, but fails on the other 2.

 

[Milton]

Yeah, my attorney said we may have to do some dancing around to get my earnest money back.