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Teacher Next Door |
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With the housing market in apparent free fall, I have been of the opinion that anyone who enters it now must be crazy. So why am I about to enter not only into the housing market, but the much weaker condo/townhouse market?
I am participating the Teacher Next Door program, where teachers can buy a HUD home in the area of their school for 50% the estimated value. So the townhouse I am buying in Lakewood CO is estimated to be worth $120,000 and I am getting it for $60,000. Closing costs, realator fees and repairs will be about another 15,000. I plan to sell the house in three years, the minimum amount of time I am required to stay there. Comps have been selling between 130 and 140K.
Is the market so bad that I won't even be able to turn a profit this way, or is this such a good deal that I'd be crazy not to do it? |
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If you don't buy, you'll still have living expenses with nothing to show for them three years from now. So I'd say jump at the chance. Prices would have to fall drastically before you'd lose money, and it's likely you'll come out ahead. Besides, as I say, you have to live somewhere anyhow. |
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Edith
Originally published on February 15, 2008 |
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