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Is it at all reasonable for a fresh college graduate with a good job in silicon valley to buy a 1 bed apt now? |
if not then what kind of rents should i be looking at? Most mortage holders want to see someone on the job for a minimum of a year before approving a large loan. I would sock everything away that you can, and set your target as one year out. You'll be more established in your job and make a good candidate for a loan. In the meantime, force yourself to live within your means. It is hard not to buy buy buy, but if you can exercise some discipline you will be much better of in a year. Check the papers for currents rents. You might want to consider renting a room temporarily to get money put away from the big purchase. You should only buy if you have the money to make a good downpayment (or buy it outright). If you have a good job, you should be able to get enough money for a decent downpayment relatively quickly; rent until then. The cheapest that you can live with until you buy something. If owning is less than 25% more than renting than I would say go for it. Chances are that condos are going to cost closer to 50%-100% more than renting in your area so I would suggest you wait for the market to dip a little further than look at the situation again. We might get a little jump in price in 2007 but I think in the next few years you should be able to get a place cheaper than the current market value. |
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