'I Just Want to Be Free' — 23-Year-Old Asks Reddit if Buying a Condo Will Actually Set Her Back

Some people are in a rush to move out of their parents' homes. Getting out of the house can give you more flexibility and allow you to live in a city or town that you like. However, moving to a property away from home is also complicated and expensive. 

That's why a 23-year-old turned to Reddit for some advice. She is considering buying a condo and has $35,000 saved up for a 20% down payment. She also earns $52,000 per year working full-time.

"I just want to be free," she explained.

The parents don't want her to move out, but she views them as "very controlling." Redditors offered their advice in the comments. 

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Renting Vs. Buying

Most Redditors encouraged her to rent instead of buy a condo since it's a big step. She may move out, buy the condo, and end up not liking it. Then, she's stuck with the condo, and it can take a while before she can sell it.

However, if she rents for a year, she can gauge whether she likes it or not. Then, she can decide whether she wants to stay in the rental, upgrade her unit if she boosts her salary, or move back with her parents.

She admitted that renting is a good idea, but her parents are pushing her to buy a condo instead. The parents view rent as throwing money away, but renting may be the better choice in the short run to gauge if it's a good idea. Renting a property does not provide the same level of commitment as buying a condo, and a high commitment may not be the right choice with so many unknowns.

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Owning Will Always Have Monthly Costs

One Redditor mentioned that owning a property will always include monthly costs even after you have paid off the mortgage. Approaching renting vs. buying in this context is valuable since it highlights the trade-offs of both approaches.

While rent is commonly viewed as throwing money away, you might actually lose more money if you buy a property. The $35,000 the 23-year-old has saved up could go into an index fund instead of a down payment. Then, that money continues to grow while she makes monthly rent payments with her annual salary.

Make Freedom Your Priority

Some Redditors encouraged the 23-year-old to make the decision she wants, which seems to be renting over buying a condo.

"If freedom is your priority, make it your priority. Find a roommate situation where you can rent a room in a condo. Preview what it will be like before you decide to buy," one Redditor suggested. 

Redditors said that she doesn't need her parents' approval to move out. They also mentioned that she doesn't have to follow her parents' advice of buying a condo right away and can rent first to get some experience. You can do what you want with your money, and if you're ready to move out, you can make that decision.

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