So I am following up with a mortgage person to see what kind of mortgage he can arrange for me for the condo. The more I think about it the more I think it is a good idea. I am ready to have my own place and am looking forward to owning. There are 7 properties left that I can afford in the area. And not having a yard to tend to sure sounds good right now! I also have contacted my insurance guy to determine what the insurance costs are estimated to be.
I still have a fear about being a contract employee but i am working with my boss and recently wrote a job description for my "dream job" here currently doing the same things I do now! So...that would be nice.
Does anyone know how the tax benefits work? I know you need to write in the property taxes you paid and the mortgage interest on the schedule A, does it work that you then get to deduct a percentage of it or are you going to be able to deduct the entire amount? It would work out that (for instance) if I had a years worth of interest paid this year it would be more than the amount of the federal taxes I paid. Would I get the entire amount (of income taxes) paid back or is it a percentage? What about the property taxes and the loan fees?
It has been an interesting journey to learn about this. I know a lot about personal finance but never having bought property it is new to me.
Any other suggestions? I am going to take some pictures tonight and really study the place to get a good feel for it. There would be some storage issues but I think I have them solved pretty well.
I am back to looking for a part time job. I had a full time and a part time job for two years and about 9 months ago I quit the part time job because I needed a break. I had pretty much worked 7 days a week and additional hours each day for 2 years. A weekend off here or there, but it was to much. I am looking at working at places that would benefit me (re employee discounts) toward purchasing things I would need for the condo if I went that route.
Condo Purchase follow up (more advice wanted!)
January 3rd, 2007 at 07:20 pm
January 3rd, 2007 at 08:52 pm 1167857560
January 3rd, 2007 at 10:07 pm 1167862022
January 5th, 2007 at 09:40 pm 1168033247
Take the amount you will get to deduct, that is more than your standard deduction, and that is fully deductible. Times it by your tax rate and that is how much you will save.
I know I Wrote a super long response before, but something else I thought of, I would not overall recommend it if you didn't feel comfortable with the payments and you had some money to put down - at least 10%, preferably 20%, with the market being so stagnate right now. I know I said do it do it do it, but I had to clarify some of that - I have no idea what your situation is. Not having steady income (job security) would make me nervous. Just keep in mind the mortgage people will aprove you for way more than you can truly afford. & I would do a fixed rate too.
Dues of 200 are good for the area. I have always had dues (last 7 years) and they have never gone up. They could, but overall it is unlikely. New constructions tend to way over-estimate how much they need. You could also be hit for a special assessment down the road to replace roofs, etc. but you limit your exposure to this with a new purchase - at least any time in the near future. & new construction is so awesome with the energy efficiency.
A condo is so little to upkeep the dues are well worth not owning an entire house and yard.
Good Luck!