Should I buy a condo?

Just because you are their only child isn't an excuse to be living at home at your age, but if you have the opportunity and no one minds take advantage of it and save while you can.  Go speak to a mortgage lender and see what you would currently qualify for so that you will have an idea what you have to work with.  Then do your research around where you want to live.  A good fist step would be a condo or townhome, but keep in my they have HOA fees (which you need to factor in) and rules that have to be followed (which isn't necessarily a bad thing).  Check on what homeowners insurance costs would be and property taxes.

ITS GREAT WHEN AN ADULT CHILD CAN STAY AT THEIR PARENTS HOUSE UNTIL MARRIED OR ADEQUATELY FINANCIALLY STABLE!!!!...only stuck up snobs think its a bad thing.....it doesn't work for all families, but when it does, its a good thing.

in theory, you can get a mortgage up to 195K, maybe 225K in low cost of living areas.....most condos/townhouses need at least 20% down, although you can apply for a FHA waiver to go as low as 3.5% down (HOA must meet FHA requirements).

be prepared to deal with a lot of (*&^ from abusive HOA boards....and annoying rude neighbors.

condos are appropriate for some people...some they are less expensive than houses...they are smaller with many 1-2 bedrooms available.  if you don't have the time to care for a property all by yourself.  some have accessibility features if you become disabled (single floor living, elevators, etc)>

Never ever buy a condo. 

1.  You have to follow the stupid rules set up by the committee or whatever they call themselves.  If they say everyone needs new windows, guess what. You’re getting new windows. If they say no pets, guess what, no pets. It’s your unit so why can’t you do whatever you want to do with it. 

2.  You pay a condo fee but you have no idea what it’s used for. I pay $300 a month and I have no idea what it’s used for other than trash removal but isn’t that provided by the city. It’s used for lighting in the hallways but there’s no lighting in the parking lot where it’s really dark. I think there’s several hundred thousand in the war chest but whenever there’s repairs needed, why not use the war chest. 

3.  If the whole thing needs fixing, guess what. You’re contributing to the fix even if you don’t live near the area. But if you need repairs, are the neighbors going to contribute. Hell no. My unit above me had leaky pipes so water was leaking into my ceiling. Who paid to have the water stains removed. Not the unit that was responsible or every units contributing. My home insurance paid for it. There’s a problem in the indoor parking spaces and guess who’s responsible for paying for the repairs. All of us even though I don’t have a spot in the indoor garage. 

4.  With that much money from condo fees, it shouldn’t be a surprise if there’s some fishy business going on. I think the last guy who was in charge had some money thrown his way from the company that was responsible for looking after our war chest. All of us knew it was doing a crappy job but he still insisted on keeping the company. It wasn’t until he lost the election that we got a different company. He got re-elected in the next election and guess what. The old company was back in charge. He retired and left so we got a new company. 

Buy a house, a trailer, a log cabin, or even a parking spot to put up your cardboard home. Whatever you do, don’t buy a condo.