My friend and I spent the past two months trying to find a place to move in together. Initially we were going to do a one year lease on an apartment. Then we started looking at the possibilty of renting a home/condo. At this point, we've started considering the possibilty of cosigning a mortgage to buy a home. I'm in no way familiar with housing markets or the real estate industry. A quick google search revealed a wealth of information about closing fees, realtor commission, taxes, etc. My concern is that if buy a house/condo and try to sell one year later, even with the housing market being a strong as it is right now, we would end up losing thousands. I'm not too concerned about upkeep and maintenance costs because my friends parents are fairly well off and wouldn't mind helping out their son if something unexpected happens like a furnace blowing up or water heater needing replaced. What are the chances that I will lose money from all the taxes, fees, and commission I would have to pay If I sell one year later?
Read more: Is it possible to buy a house/condo and sell one year later without losing money?
