18 year old girl wants to move out? Condo, Appartment,or Mobile Home? Confused?

Answers:0   |   LastUpdateAt:2012-09-21 14:45:04  

Asked at 2012-09-21 14:45:04
Please tell me if the assumptions do is right or wrong. I make about $ 1,500 / month in math tutoring my university tutoring center. MedlinePlus MedlinePlus I live in a super expensive in NY ... and a one-bedroom apartment is $ 1,500 / month if you're lucky. It is usually more. And yet this does not include anything ... just rent. So basically, I would be completely wiped out of my money after paying rent. MedlinePlus MedlinePlus I've had my eye on this building near my college for a while. It is a 1 bedroom / 1 bath. Its price is $ 110,000. From what I understand, I would have to make at least a 20% down payment. So 20% of $ 110,000 is approximately: $ 22,000. MedlinePlus MedlinePlus Now I have about half that saved ... so if I extra effort during the coming months and super hard during the winter, I think I might be able to get the money. That would leave a balance of $ 88,000. If I have the standard 30-year fixed rate mortgage loan, the monthly payments would be $ 244 + $ 300 monthly condo fee = $ 544 hold a month. I imagine it would probably be a little higher because the loan interest. But still ... this value is significantly less than the rent of $ 1,500, right? Also, if I decide this ... then I would go to grad.school limited in my state ... I would not mind at all, I have really wanted to go to Stonybrook. MedlinePlus MedlinePlus And the trailer ... drastic and dangerous option. It is priced at $ 7,000 in total. I have the money and could go buy now. However, the area is very poor, with a crime rate that increases exponentially every year ... and I'm a girl who lives by herself ... that would make me a prime target for rape, theft, murder, etc.. MedlinePlus MedlinePlus Also, do not hold their value, either ... Say for example, I decide I want to go out of state grad.school two years later when I graduate college. i would have a hard time getting it out of my hands. Also, if something bad happens, I do not think these houses are covered by insurance. MedlinePlus MedlinePlus So ... What should I do? MedlinePlus MedlinePlus Thanks in advance for the help, all answers are appreciated :)

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