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Well, I had the first meeting with my realtor today.

I am VERY excited, and I am VERY positive about this experience. :)

Dave Oswald is my realtor. He was recommended to me by a friend who recently bought her own house. He's a very nice man, and even lived in central California for a while (he was familiar with Picnic Day at UCD. We talked a bit about the sorry state of public schools in CA.). We discussed the price range I was looking at. And while there are condos avalible for 60k, as he put it "I have two daughters your age. There is no way I would allow them to live in the areas that have condos for that much".

We talked about how the magic number for me is $500. That's what I want to pay monthly. It will have to cover my insurance, affiliation fees, mortgage payments, etc. How much my trust fund will provide as a down payment will effect this GREATLY. But interest rates right now are ridiculously low right now, I know that I can afford this.

This brings me to my second point. Some people are rather concerned about my desicion to buy this condo. Granted, I have been complaining about the complete lack of money I've had as of late. Some of this is due to expensives I had in December for Christmas and Car issues. Some of this is also trying to pay a rent of $760 on a pay check that's around $500. I appreciated the concern my friends have, but calling me crazy for wanting to buy into a fabulous investment implies that perhaps I have not thought this through, that I have not considered the pros and cons of what's been going on. It implies that I am blindly running into this with no thought at all.

This is not the case.

I have the resources avalible. I don't (and won't) normally disclose the worth of my trust fund to people. This is because you don't need to know this. I am very sensitive about my trust fund. It is an amazing resource for me to have, and I understand how lucky I am to have this, but I also feel guilty at times for having finacial security and more oppertunities than some other people have. I don't like to flaunt my trust fund. I don't like to talk about it at all. I try to keep a humble life. But I should also utilize my options. Buying a condo is an AMAZING investment, especially right now.

I appreciated the help that some friends have offered me, but starting out an offer to help by saying that I'm crazy is probably not the best way to stay on my good side. In fact, it actually hurts me quite a bit. This is a scary time for me, and while I understand my friends are trying to make sure that I see and understand all aspects of what I'm getting into, knocking me down will only serve to hurt me instead of opening my mind. The well meaning gesture, which I'm sure it was meant to be, came off as an insult. It was knocking me down, it was to make me feel like a child, and not the adult that I am becoming.

I did ask for advice in my last post, and I don't expect everybody to coddle me like a baby, telling me that it's going to be alright and there's nothing to worry about, but I do want the respect that someone making the transition into being an adult deserves. Calling me crazy is not respect.
 
 
 
 
 
 
*huggles her megsy* I think it's a wonderful idea.
*huggles her earl* Loves you too babes, and thanks for the vote of confidence :)
Hey I'm all for people growing up. As long as they can afford too, which you can. So the more power to you babe!
Hey Meg...I know I am the last person in the universe you would take any advice from, but I say go for it. If you have the resources and the desire...then Carpe Diem! Seize the opportunity
Real Estate is almost universally a good investment, Megalicious, because it generally at least holds its value, even if it doesn't appreciate. Also, if you aren't using it, you can rent it out to someone else. Clearly, you have given this consideration, and from what I understand about how the trusts in your family work, you wouldn't be able to use the trust for it if the professional financial people who administer it didn't think it was a good idea. I'd take the word of professional financial advisers over the gut reactions of any of my friends, personally.

Something you ought to consider- and perhaps you have already- is that the one real drawback to home ownership is that you have to fix everything yourself, often at great trouble and expense. If something important breaks at 2 AM, you've got to line up a repairperson yourself. You're quite capable of handling that, I'm sure, but you might want to think about how you would financially deal with an unexpected (and large) repair bill.

-Tiff
a lot of condos have association fees that cover repairs and such. If I were to get just a house, then yes, I would have to worry about trying to find some guy to come and fix a busted pipe at three in the morning that's spewing water all over the place (we get a lot of calls at Gopher State about that).

But condos usually have someone who will be on call for such things, it's why I would pay the association fee :)
Condo fees cover things like water, sewer, and stuff that affects the other units... but if your dryer breaks, or your furnace isn't working, or your windows need weatherstripping, you could be SOL.

That's probably a question worth asking to the particular condominium office- the rules vary from place to place, so it's safer to never make the assumption. It's nice to know *exactly* what is and is not covered by your condo fees before you need it.

Tiff