Buying a townhouse expensively for personal reasons

Does price matter if you need to property for personal use and have no plans to sell?

I need to buy a townhouse for my parents to stay in as they are immigrating to the US. I want it to be walking distance from me. Safe community etc and need to happen within few months. There are no rentals that fit my criteria.

I found one but due to very limited supply of what I am looking for (about 6 sales last year). Asking price is 500k. Highest offer is 506k. I think that is 25K above what comps from few months ago which are already 50-75k above early and pre Covid years levels. They accepted an offer matching the highest but with better terms.

Part of me find this repulsive because the previous rentals and flips I bought or invested with others were great. But on the other hand I have a family situation and limited in my options.

Is it ok to bite the bullet and buy given I have no plans to sell and will need it for a long time. The area is great and In high demand and this particular association has low turnover rate.

Ok to buy?

submitted by /u/Lopsided_Ad7153
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Does price matter if you need to property for personal use and have no plans to sell? I need to buy a townhouse for my parents to stay in as they are immigrating to the US. I want it to be walking distance from me. Safe community etc and need to happen within few months. There are no rentals that fit my criteria. I found one but due to very limited supply of what I am looking for (about 6 sales last year). Asking price is 500k. Highest offer is 506k. I think that is 25K above what comps from few months ago which are already 50-75k above early and pre Covid years levels. They accepted an offer matching the highest but with better terms. Part of me find this repulsive because the previous rentals and flips I bought or invested with others were great. But on the other hand I have a family situation and limited in my options. Is it ok to bite the bullet and buy given I have no plans to sell and will need it for a long time. The area is great and In high demand and this particular association has low turnover rate. Ok to buy? submitted by /u/Lopsided_Ad7153 [link] [comments]

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