I’m in SE Wisconsin if that matters (which I’m sure it does), and I’m trying to decide between buying a condo and renting an apartment. My main concern is trying to figure out which direction prices are likely to go, and if buying now makes sense, or if I’d be better off jumping on a 6 or 12 month lease to wait for a good deal.
I’m planning on moving from where I’m at ASAP, altough to be honest I could stretch it out a couple months if I needed to. I fully intend to be moved by the end of the year, hopefully much sooner. If I decide to rent, a September 1 move would be my goal. If I were to buy, I do have the luxury of being able to shop around a few months probably.
My job situation is good, and I think I’ll be here for a while, so having the flexibility to move which renting would afford me is not important to me. In fact, I’d rather not move more than I have to, which is one reason I’m thinking of buying now. If I do buy I could definitely see myself staying 3-5 years or more, although of course there are no guarantees.
The kind of condo I’d be willing to buy would probably stretch my budget pretty far, but wouldn’t cripple me, and I could afford it. I also would have access to financial help from my family if I got into a jam, although I would prefer not to go that route.
If I were to rent, I would have a little extra cash I think. Since places I’d be renting would be shorter term than buying a condo, I’d be willing to settle for something less nice but cheaper. If I buy the condo, it would be a little nicer because I’d be planning on staying there indefinitely.
I guess my question in a nutshell is: Will I get a better deal buying a condo now, or would I be better off waiting 6-18 months?