A weekly thread to discuss financial matters - from personal all the way up to global.
Ground Rules
- Remember that we're all just Internet randos. Don't bet your life savings on a hot tip from this thread.
- Keep culture war in the culture war thread. Yes, global events may impact our personal finances, but that does not mean we have to incessantly harp on culture war aspects here. If you are going to discuss it, please stick to the practical impacts of it on an individual level.
- Be kind. Remember that everyone here comes from different circumstances. We all have different resources available and different risk tolerances.
- Don't let the perfect be the enemy of the good. Better is better. Celebrate people when they take a step up and work to move their finances in the right direction. Don't flame out because they haven't followed what you consider the optimal path. Everybody has to start somewhere.
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Notes -
Is the sped-up inheritance enough to get or substantially pay for a single family home? At least in my city, they outperform condos substantially. And as someone who has done both urban SFHs and condos, I simply cannot imagine raising a child in the condo. I know people manage it, but it seems miserable.
I would only go with the condo if it were a genuine good deal (say, looking at comparables 10% off the market rate).
I would also do a lot of research into the HOA. Condo HOAs can have a lot of landmines, and you've probably been fairly insulated from it as a renter.
Be polite, of course, but you must negotiate for your and your future family's wellbeing. If your preexisting relationship with the landlord means you're uncomfortable playing hardball, that's another reason to avoid the condo. What price you settle on is very likely the difference between a good and a bad investment.
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