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I was thinking about a mortgage and even opened a loan calculator to figure it out. It comes out to $40-50k a month, plus utilities. I have enough for a 20% down payment. I'm looking at resale properties. Yes, new builds have lower interest rates, but they start at 10 million, plus 2 million for renovations (which I don't have). I can afford the payments, even though the amount is significant for me (and I won't be able to quit my job, if anything happens). I don't have a husband to rely on a single salary, and my ex doesn't pay child support because he's not working. I want to move out of my parents' place, but I'm really scared, considering I'm fully supporting my child, with all their activities and kindergarten.
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Katerina
Well, if you can afford it financially, then why not? You can always get out of a mortgage at any time)
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prosto LYuDOK
Katerina I don't understand anything about mortgages, I guess you can't just sell an apartment like that.
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Olya Gulyuk
Maybe start with a smaller apartment while your parents might be able to rent theirs out, so you can pay it off faster, and then expand later.
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Biryuk Svetlana
Taking out a mortgage... Maybe live with your mom for a while so you can pay it off. It'll be easier.
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prosto LYuDOK
Biryuk Svetlana In my city, you can't even get the full amount back in rent, even if you're lucky to get half, and with different tenants, there's no guarantee you won't have to repair anything after them.
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prosto LYuDOK
It's understandable that Moscow is more expensive. But here too, I'm alone, my parents are retired. I have no one to count on if anything happens.
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Yulenka
That makes sense, I bought my first apartment before marriage without my husband too, it was definitely tough.
But you've calculated your possibilities and it seems like you can manage. It'll just be more expensive later.
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Shashkova Anna
Grab it while you can, housing prices are going up every day. Utilities will jump again starting October 1st. And if that goes up, then everything else will too.
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IRINA
And what city are you looking for an apartment in?
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Yuliya
If you have a place to live, I'd consider a new build so the payments are lower, but not a "concrete shell" – more like one with minimal builder's finish. I remember seeing info that payments should be 1/3 of your salary. So if you make at least 150k, that's great. And for the first while, you should have a cushion for 5-6 payments just in case.
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prosto LYuDOK
Yuliya I get varying amounts, sometimes more, sometimes less. And honestly, there's no talking about stability in our country right now… I don't have big savings either. It'll all go towards the down payment.
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Natalya
I wouldn't commit to a payment like that.
I'm currently paying 50k.
My salary varies each month, so I'm not sure about the future.
Thankfully, I only have six months left to pay.
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Anna
You should take out a mortgage anyway, because there's no trend towards improving lending conditions. You could rent out this apartment for a while and continue living with your parents.
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Ulyana
It only gets harder from here. With inflation these days, this payment will seem much easier in a couple of years.
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Nadezhda
Be brave, it's only scary at the beginning
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Kseniya
My sister is raising 2 kids on her own. She took out a mortgage a long time ago. The payment is 55k. Talk about motivation to work!
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Olya
You need to look at the payment amount, not the cost of the apartment.

If your child is under 7, new construction is at 6%.
Payment-wise, it's more advantageous than a resale property.

Resale properties are currently around 18-20%.
.
If you can't pay at all, you can rent it out (then you'll still have to cover part of the payment with your salary) or you can sell it.
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Important: if you use maternity capital,

1. Allocate a share to the child only after the mortgage is paid off.
Since you are divorced, both parents can manage the child's property until they turn 18.
Although it's hard to cheat with an apartment, guardianship authorities monitor this.

2. It's harder to sell an apartment with maternity capital; you'll need to allocate a share to the child in some property.
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