Hi everyone!
Looking for input on a financial question- my partner and I are looking into purchasing our first home. We are torn in between purchasing the cheapest option possible (in our case a condo or apartment or small home) and paying it off as quick as we can, or purchasing a multi family home and renting out one unit while we live in the other to make our mortgage cheaper and again-paying it off as fast as possible.
Some things to consider, we make about ~200k combined a year, and because we live near the Boston area, housing is expensive!
Condos would run about 350 to 500
Multi family would be from 650 to 800
We can pull together the 20% down payment but we can’t do anything more than that.
Is it even worth us buying? Do we wait for the housing market to dip? Do we invest in the housing market regardless of the high prices right now?
We currently rent and my thought process has been why are we paying our landlord 26k a year when we can pay ourselves back eventually.
Thanks!