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Updated over 7 years ago,

User Stats

4
Posts
5
Votes
CherTong Her
  • Saint Paul, MN
5
Votes |
4
Posts

About to make my first Purchase, two options to choose

CherTong Her
  • Saint Paul, MN
Posted

First post here, not really sure what is acceptable or not so just going to write out my scenario. Basically about to make my first home purchase and do a house hack but there's two options and I would appreciate advice. Some basic background on myself, late 20's, married, currently renting, Minnesota. Dual income, no kids.

Option 1 - 180k Dupelx, 2 bed 1 bath each, so-so neighborhood, strong renter neighborhood

Option 2 - 220k Duplex, 2 bed 2 bath each, nicer neighborhood than option 1, strong renter neighborhood

I would be looking to do an FHA, but the difference in monthly mortgage is an additional $300-$400 per month if I went with option 2. I suppose my biggest question is, would it make more sense to buy the "nicer" option 2 house vs the "cheaper" option 1 house? I know that everyone always says, make sure it fits your criteria and don't deviate, however I'm also thinking about the difference of paying off my investment faster on option one vs appreciating value on option 2. Does it make more sense to go for a higher potential appreciating value or to go for a lower valued home that I would be able to pay off faster? Thanks

P.S. If I need to give more information to better answer the question, I'm more than happy to try and provide!

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