Is It A Good Idea To Buy A Town House In Chicago, Il?
ByAt this moment we live in an apartment, paying $1000 in rent. I think that money is going to waste since its renting. If we go for town house at least we will be investing our money in something instead of wasting it. Also, I live with a single parent who is a cashier and I make 250 per week and my other sibling makes about 350. And we are college students in debt. Hopefully, I will be leaving for professional school soon and a year later my sibling will be leaving for professional school too. So, the single parent will be all alone dealing with all the payments. However, I was thinking that when we do take out loan for school we can take out enough to give our single parent enough money to pay the monthly fee of the town house. Is that a good idea? I really want my single parent and other young siblings to have their own place to live and there is no way to do that at this stage of my life without this plan.
My question is is it a good idea to get a town house in this economy? What other factors will I have to worry about? and what’s your opinion on this?
1 Comments
November 3rd, 2009 at 10:05 am
If you bought the townhouse in August, 2008, you would have lost $50,000 since townhouses dropped that much in the last 6 months. Maybe they have stopped dropping; then your timing would be perfect. But if you bought and it dropped another $50,000, you would feel foolish for rushing. Only you can decide. Once the economy improves, your townhouse will go up a lot.
You can not use a student loan to help mom pay her bills. That is not ok. You will sign papers promising that you won’t do this. Don’t sign the papers and then break the rules..