Ok, so the market pretty dismal for most but, for young people who are lucky enough to be getting the first post college job in their field, this can be a very opportune time to consider buying, over renting, your first home.
Let's say you are ready to leave your parents place and you are looking to rent closer to your brand-new office cubicle. You begin your search and quickly learn that $600.00 to $800.00 per month will get you in the door of some complexes with a few amenities and all the glow of freedom from prying parents! Sounds pretty good but then you begin to realize that today with a right sized/priced home or condo available in almost every town, $800.00 becomes an investment in you rather than simply a payment to a property management companies coffers.
A home or condo is an investment rather than just a "place to crash", that yields no return for your hard earned dollars. When you are ready to move up and out, you will have a proven financial track record for a bigger mortgage and options. If the market value will not yield the price you desire, but you can forsee that getting better given time, consider making it an income property by renting it for a year and reevaluating at lease renewal time.
So as you look around for your new "nest" use real estate websites with lots of options for calculating what your payments might be, ideas for mortgage lenders and real estate professionals you can contact to help you find just the right place for you! HINT: Start at http://www.remerica.com/ :)
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