While cursing the person who left their laundry in the washing machine this evening, I realized I had finally saved enough money for a down payment on a condo.
I've done some research, and there are units available that would cost me something on the order of 28% of my pre-tax income per month (including insurance, property tax, HOA) assuming I qualified for a reasonable rate. If I go through the entire process, I'll be on the hook for an order of magnitude more money than I ever have before, and that scares me.
I'm in the Pacific Northwest, where house prices are high and getting higher. Seems like it's a seller's market out here. I have no debt (yet), a solid job, and not much in the way of expenses...yet.
Now what? What are the traps and gotchas? Recommended places for more in depth research? Plus, there's also the concern about moving. How do I estimate the time until I break even vs. renting? It's maybe financially possible, but how do I decide if it's the right decision?