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Updated almost 6 years ago, 11/25/2018

Account Closed
  • Investor
  • Melrose, MA
7
Votes |
22
Posts

Buy now or wait and save?

Account Closed
  • Investor
  • Melrose, MA
Posted

Right now, I would be able to afford a property that is around 325K or less.  I've been looking at a lot of 2br apartments and condos in areas like Malden, Medford, and Swampscott.  I need to be accessable to downtown Boston, but also to the north shore as my girlfriend works frequently in those areas.  I would be willing to house hack while renting out the rooms in my own apartment to friends.  But my main question is whether I should wait to save more so that I can afford something with more rooms.  Buying a duplex in these areas would be at least 600-700K.  Should I keep spending 900 a month on rent or just get started on something smaller that won't save me much money but at least I'd be paying down a mortgage instead of rent?  I appreciate any advice!

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