Should We Buy a Condo At Our Age?

I wanted a house, it’s only me, I’m 41, still working to get out of debt next 2 years. I rent a apt. But as I get older I know as a single person, I can’t be renting apartment forever. I’d like to retire not worrying about rental. But with housing costs so expensive I wouldn’t be able to afford it cash, maybe a condo? Maybe a house if I save for 10years or so till I have $300k cash saving all my money I don’t want a mortgage for ever🙁 I don’t want to share walls with others lol. Then the remaining of my working life save my money for retirement?

I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc... It is possible and very lucrative as long as all steps and details are followed.!!

Imagine being a 45 year old woman with nothing to your name and all of a sudden wanting to buy a home 🤡

The reason he said put the money in a Roth IRA is because the IRS allows up to 10k exclusion of gains for first purchase of a home! That’s a great idea, the guy giving advice is a clown. You could put 15k in a Roth IRA over a few years, have 10k of gains in the market, and then have 25k for the down payment TAX FREE! This just goes to show they don’t really know what they’re talking about lol. The guy said “put it in a mutual fund in a taxable brokerage account” that’s the dumbest thing I’ve ever heard

As of today you can takeout Roth IRA contributions tax free and penalty free. When it comes to interest you have made you can withdraw up to 10 thousand dollars from your Roth IRA towards buying a home for the first time no penalties but taxed.

False! You can remove money you put into a Roth IRA penalty free and tax free assuming you don’t touch the earnings!

Omg he keeps going about that age - the woman is jn her 50s she’s not a grandmother in her 90s geez

I’m not even a financial advisor and I thought the parking it in a Roth IRA was bad too! LOL

Stabilizes, until you need a new roof, even if it’s a condo, enjoy the 20k cash call. In her case, she literally doesn’t want a house, she said that. Just rent, way less stress.

Buying property is to much of a mess and way to expensive these days.

You can withdraw contributions from a Roth IRA, penalty and tax free

People sneer at HOA fees in condos until they actually add up how much money they end up spending in maintenance over the lifetime of the SFH mortgage. Also the price range you have access to you at 60k a year would have you weighing a brand new condo vs a 10+ year old house or even older depending on your area. Also depending on your area, you will pay much lower taxes on a condo. The biggest downside to a condo is trying to figure out if the property is properly managed.

She can only afford a tiny condo in the cheapest part of the country if she is gonna be able to put together a high enough down payment so she can get the mortgage down to only 25% of her net income… and at her age?? Dave just glossed over this problem which is very real for many older Americans. Unless they intend on working until they are literally 83 years old

Condo = condo association = another name for a HOA = letting other people tell you how you can't use your own property.

Just say no.

Hello, What is Single Family Detached Condo? What are the differences between traditional single family vs Single Family Detached Condo? It it good to purchase new Single Family Detached Condo or old traditional single family home?

I agree to a point. Why are you buying a home only for you to leave it to who? yes your rent will go up but you don’t pay maintenance cost on a building. You are a single individual unless you’re leaving this home to family members why are you buying a home?

I think she should keep renting.

adasdfsasdfsadfsadf fsadfasdfasdsadsadfasdfrsdfsadfasd asdfasdfasdf sdfasdfasdf sdfasdfsadf sadfasdf at my age

If I die, I want my financial situation to be a blessing for my heirs. Leaving them debt, in addition to my death, could be destructive.

all of Daves followers sound like they have no confidence... and although for the avg person Dave may work out... i dont totally agree with his approach... His approach is definitely not to build wealth.

This advice is incorrect, a first time home buyer can withdraw from a roth IRA with no penalty.

I refuse to live under the supervision of a home owners association.

R4

Your property taxes and homeowners insurance go up every year.

You don't pay penalties if you withdraw the principle from a Roth.

Love the idea of a condo but lord having neighbors

You can withdraw principle without a penalty.

Lol 1500 mortgage that will get you nothing in California

Our paid in full condo costs per month: $297 condo maintenance, $52 for ins, $48 (homesteaded) property taxes, $82 electric = $479 per month including cable, water, and building insurance. Way cheaper than rent...but no mortgage is the key!

Anthony is sooooo bad. Bring back Chris ... there is no penalty for withdrawing contributions to a Roth IRA.

I wouldn't use a Roth like the caller suggests, but Anthony is incorrect: you can withdrawn principal (not interest) from a Roth at any time without penalty.

Plan to retire overseas. You can live well in South America and Southeast Asia and retire at a younger age. Why are Americans so fixated on retiring in the US?

Who cares about paying it off take the 30 year loan and stiff the bank when you die.

“Correct me if I’m wrong, Dave.” These are wasted words. Believe it, Dave will correct you if you are wrong!

Condo ownership cost will go up with inflation, just like rent. between the condo fees, insurance and everything else it is the same thing as a rent increase. So I don't understand why you would move from 800$ a month rent to a 1200-1300$ a month condo ownership expense.

I totally disagree with Dave on this one

The Roth IRA seems like a smart move, given her age. Save and wait till 59 1/2 then take what you need out...

HOA and taxes go up every year so while base mortgage payment may be the same, lots of other things to consider.

False, you do not pay penalties in a ROTH IRA if you withdraw the principle before retirement. A roth IRA is a good place to park your money so long as it’s not in something speculative.

You can withdraw from Roth IRA for down payment tax free- if it’s first time home buyer.

We sold everything including our car and back packed & biked everywhere we went for a year! It’s rejuvenating! So glad I was able to let go of the material items to get rid of debt and live freely!

I like Anthony's personally.
Great job.

Get a 30yr mortgage. And give extra payments as you can. Because "sheet" happens. That's what we did. Paid off in 18yrs

The problem with Condo / HOAs isn't really the fees, which are a good or bad deal depending on the value you get in exchange (lawn care, snow removal, maintaining/repairing common structures, etc) it's the frequently ridiculous rules and that the associations are typically run by the people you'd least want to govern you - nosy, busy body, judgmental Karens.

What about those HOA fees every month required to purchase a condo!!!!

How old is Debbie?

Lol where I'm from nobody gets thought this!..😒