A few month's ago we tried to purchase another condo to use as a rental unit. Because the condo was going to be used as an investment property, we had to put 25% down, but it was so cheap we couldn't get a mortgage to finance the remaining cost of the house. It's still for sale and I think it will be an amazing deal for someone. The pictures online are horrible though and really don't do it justice so I have a feeling it will be for sale for quite awhile.
I'm glad that purchase didn't work out though. The condo we live in is pretty small for a family of four + 1 fur baby, only 965 square feet. We've lived here for 10 years now and lately, the lack of space has really been getting to me. I've been thinking about wanting to move for a few months but didn't think Mr. R would want to. We've always talked about staying here for the long haul. But we outgrew this condo a few years ago.
Since we have already discussed investing in more real estate, I decided to finally talk to Mr. R about it a few weeks ago. I told him that I think we should rent out our condo and purchase a 3 bedroom condo for us to move into. He was all for it and didn't have any objections.
It's been really fun talking about what we are looking for in a home. We've never home shopped before. The condo we live in, was a really great price and a great location so we purchased it. We never took time to look around before.
The bank pre-approved us for $130,000 but neither of us really want to spend that much.
Last week we looked at 4 condos. Two of them we could tell were not going to work for us but we really liked the other two. Three bedroom condos are hard to come by around here so we are pretty limited on our selection.
Today, we looked at 2 single family homes that looked really nice online but turned out to not be so great in person. We wanted to compare what our money would get us between a mortgage plus HOA fees for a condo and just a mortgage for a single family home where we had to do all the maintenance. We all liked the condos better.
Mr. R and I are going back on Thursday to do a really thorough walk through of our favorite condo and then possibly put in an offer.