Buying, renting? Condo? Help!?

My husband is just getting out of the army, so we're moving to be closer to his family, where he can get a decent job. With the housing market as low as it is, we're so confused! We have two months before we move, and we need to decide--apartment, or try to buy something?

We would love to have an investment. There are houses until 100k in decent neighborhoods, but there are also some lovely looking condos similarly under 100k. This would be our first time buying, we have a limited (but good) credit history, and someone who could cosign for us. The most we could put down is $6k...

What's good advice? Is a condo a good investment? A house? Or should we just go with an apartment?

We have less than 5k in debt (two credit card purchases and one education package thing). We pay about $125 a month back on the debt, so we really don't have issues with that.

Condos are great choices for first time buyers, although there's usually less you can do to improve one than an detached home. By buying a condo/townhome you'll be building equity as well as improving your credit.

Depending on your credit, you should be able to get financed with 5% down, especially with a co-signer, for a good rate. (Shop around a little to find the best rate!)

I've included a link to a couple articles about owning and investing in Condos below. GOOD LUCK!

A house is a better investment than a condo, however it's not always true... the 3 main real estate rules always apply: location, location, location.

If you can buy a property as close as possible to the city center, that will always be the best investment, because it will be easier to sell the property if you are in financial difficulties. Having a stunning house in the middle of nowhere, on the other hand, will be fruitless when talking about selling.

In this moment, buying is definitely the best move, and you will thank god you did it during these years!

Good luck!

Do you have any debt? If you do, I would start by renting and focusing on paying that off first, and then try to save 3-6 months of expenses.

Once you have that done, you'll be able to get the money saved up for a good down payment in no time.