Vallerina 2 #1 March 4, 2004 Okay, so some of you saw my other thread today about interviewing. If I decide to stay with this job instead of finding a new one, the one advantage is that I get a HUGE amount of money to buy a house/condo with. While that may seem like the greatest thing ever, it's not. I can't find any houses in my price range in the area they want to move me to. It looks like I'd have to buy a condo. I just have a few questions about condos. Would I still be throwing my money away as I would with renting? Do they increase in value very well? Are they easy to sell? I imagine a lot of this depends on the area, but I know nothing about condo shopping, so any advice would be great.There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
Malfunction 0 #2 March 4, 2004 Since I work in mortgage, I may be able to help you. Condos hold their value rather well, and selling them is normally not difficuly (unless it is a high-rise condo). You won't be throwing your money away, but you will have a monthly fee to the homeowner's association to cover amenities and the blanket insurance policy. You will have to get insurance on posessions because the association will have the property covered (but check the by-laws of the association before buying one). Most condos are similiar to houses with the exception that you share a wall with a neighbor. Most associations make sure that the condos do not get run down, thus keeping the resale value; and that is what makes them so marketable... they almost always look nice. There are, of course, exceptions to the norm. If there is anything else I can answer for you regarding mortgages and real estate, let me know. I may disagree with what you have to say, but I shall defend to the death your right to say it. - Voltaire Quote Share this post Link to post Share on other sites
airdweller 0 #3 March 4, 2004 With renting you are throwing your money away, But with a condo you are paying a mortgage. This gives you equity. For the most part all properties tend to increase in value. I think they are easier to sell because they tend to be cheaper which opens up a wider market, but you are correct in that a lot of it depends on the area. Good luck------------------------------------------------------ "From the mightiest pharaoh to the lowliest peasant, who doesn't enjoy a good sit?" C. Montgomery Burns Quote Share this post Link to post Share on other sites
Michele 1 #4 March 4, 2004 Did I miss something? you coming here? Boy, love, I can help you make that decision... I've got tunnel time I'm running out to, but pm me the details, and we can talk. Over all, buying anything is generally better than renting, especially if you're moving into a higher salary and a higher cost of living area. lemme know how I can help - and sorry for missing your earlier thread.... Ciels- michele ~Do Angels keep the dreams we seek While our hearts lie bleeding?~ Quote Share this post Link to post Share on other sites
FallingILweenie 0 #5 March 4, 2004 Hey Val, I was talking to a friend the other day that is in a similar situation, and something she said that I found interesting that you might also consider (if you aren't already) is to get a 2 bedroom and then rent out the other room. that way, it will be easier to sell it when you want to move on. blue ones tomas Quote Share this post Link to post Share on other sites
TequilaGirl 0 #6 March 4, 2004 Val - I just bought a townhome which are similar to condos - I looked into both.....send me a PM and I will give you all the details..... Quote Share this post Link to post Share on other sites
PhillyKev 0 #7 March 4, 2004 QuoteHey Val, I was talking to a friend the other day that is in a similar situation, and something she said that I found interesting that you might also consider (if you aren't already) is to get a 2 bedroom and then rent out the other room. that way, it will be easier to sell it when you want to move on. blue ones tomas That could be bad. When you rent a room out to someone, you are now a landlord. If you want to sell, and they don't want to move out, you have to evict them. Either that, or the buyer has to agree to buying the place with a tenant. Quote Share this post Link to post Share on other sites
Remster 30 #8 March 4, 2004 QuoteQuoteHey Val, I was talking to a friend the other day that is in a similar situation, and something she said that I found interesting that you might also consider (if you aren't already) is to get a 2 bedroom and then rent out the other room. that way, it will be easier to sell it when you want to move on. blue ones tomas That could be bad. When you rent a room out to someone, you are now a landlord. If you want to sell, and they don't want to move out, you have to evict them. Either that, or the buyer has to agree to buying the place with a tenant. You're right Kev. Plus, I know its always good to keep in mind re-sale, but, buy for yourself. Buy someting that works for YOU. Chances are, when you sell, others will want similar feature that made you interested.Remster Quote Share this post Link to post Share on other sites
skyyhi 0 #9 March 4, 2004 Well, here is my VERY LIMITED condo experience. I have a friend who bought a condo here in San Diego about 7 - 10 years ago for $150,000. He sold it about 2 months ago for $250,000 - this was a 1 BEDROOM CONDO SMALLER THAN MY APARTMENT. I freaked. . .It was in a great area but geez, that is a HUGE price increase. . .________________________________________ Take risks not to escape life… but to prevent life from escaping. ~ A bumper sticker at the DZ FGF #6 Darcy Quote Share this post Link to post Share on other sites
Yoshi 0 #10 March 4, 2004 I am also in the mortgage business... Condos are excellent ideas in my opinion. the difference between a condo and a townhome is in a condo you dont own the land. normally on a townhome you own the small yard/land that it is on.. the condo association, as already stated, will have a blanket insurance policy to cover the dwelling, condo dues (ussually on an annual basis, can vary depending on the association and the benefits that come with it. some places you dont have to do ANY exterior work. no mowing landscaping etc. many places will have types of service plans for interior (minor) work..plumbing, electrical, etc. as said the equity you build in a condo, townhome, or house is extremely valuable. even in smaller less desireable locations homes usually have an increase in value. even in bad neighborhoods and run down places simply for the land value. you can also usually get much more (either space or amenities or location) in a townhome than a house. as far as the financing goes. usually about the same for either a house ot condo. the appraisals neened are generally an interior inspection or a full URAR appraisal (occasionally some lending institutions will allow electronic appraisals and drive by appraisals on houses, but usually need an interior inspection on a condo. That isnt much more money (a few hundred dollars at most). well, rather than ranting and raving on here, if you want more financial ideas PM me and Ill help with what I can._________________________________________ this space for rent. Quote Share this post Link to post Share on other sites
Slappie 9 #11 March 4, 2004 Dang Yoshi I didn't know you was a mortgage broker. What'cha think you can do for a guy who has semi f'd up credit and hardly any money for a down? Seriously your in Houston and so am I, I've been thinking of buying a townehome or condo. Was thinking of putting it off for another 2 years to let some things fall off my CR. Anyways we need to hook up and have a beer and discuss this "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
Yoshi 0 #12 March 4, 2004 I am actually a "Consumer Loan Rep II" whatever than means! HA.. but yeah we should grab a beer sometime and chat.. I cant really get any hookups, but I can give you a few ideas on the hundreds and hundreds of products available that may be able to help someone in your situation. PM me if you want more info..._________________________________________ this space for rent. Quote Share this post Link to post Share on other sites
Tink1717 2 #13 March 4, 2004 My condo has increased in value over 35K in four years. Condos have all the same tax advantages of individual homes. The only real difference is that when something goes wrong on the inside, it's your problem, when it goes wrong on the outside, it's the condo associations problem.Skydivers don't knock on Death's door. They ring the bell and runaway... It really pisses him off. -The World Famous Tink. (I never heard of you either!!) AA #2069 ASA#33 POPS#8808 Swooo 1717 Quote Share this post Link to post Share on other sites
skymama 37 #14 March 5, 2004 Just remember that in a condo you share common walls, just as you would in an apartment. You'll hear the same amount of noise through the walls.She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites
BETO74 0 #15 March 5, 2004 I got my condo a year and a half ago, I just got it appraise and I got and equity of $40.000 in a year and a half, now I'm thinking in getting some other property maybe I can retire young and just skydive. Like you I rather have a condo than a house, a house cost money and time to maintained, maybe one day Go for ithttp://web.mac.com/ac057a/iWeb/AC057A/H0M3.html Quote Share this post Link to post Share on other sites
Vallerina 2 #16 March 5, 2004 Hey, all. I have another question about condos. Let's say I want to do something like put jacuzzi jets in the bathtub. Do most condos let you do things like that? Would they give me a copy of the lease and its terms without me signing anything so that I can have my attorney look at it? And, I don't think I'd rent out the extra room because I really just don't want to live with a stranger!There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
Remster 30 #17 March 5, 2004 QuoteHey, all. I have another question about condos. Let's say I want to do something like put jacuzzi jets in the bathtub. Do most condos let you do things like that? Would they give me a copy of the lease and its terms without me signing anything so that I can have my attorney look at it? And, I don't think I'd rent out the extra room because I really just don't want to live with a stranger! (this is froma canadian eh perspective, but I'm pretty sure it applies) I most condos, who own and can do anything you want inside of your place, from the drywall inclussive in, as long as it doesnt affect other properties (like putting a 10ton concrete table might endenger the structure, but you get the drift). When you purchase a place, during the offer stage, you put it a couple of conditions: the most commun are 1- inspection (more important on an older place, and a house, but still worthwhile for a Condo I feel) 2 - mortgage approval (pre-approvals are nice to speed this up) 3 - review of the condo aggreement (what you call the lease) If any of these fail to your expectation, you can get out of the offer with no penalties wath so ever. Canadian and US real eastate rules are prerry similar from what I remember from our aborted move to Denver, so I think most of this applies.Remster Quote Share this post Link to post Share on other sites
Malfunction 0 #18 March 5, 2004 You should be able to get a copy of the association by-laws, and additions to property should be in there (it is not considered a lease because you actually have a mortgage on the unit). If you tell them that you want to review the by-laws, 95% of the time they will give you a copy (in my business, we have to review the by-laws of an association before we can approve the loan). Most of the by-laws will state something to the effect of 'additions to the interior, so long as it does not negatively affect the salability of the unit and does not negatively affect the exterior of the property, will be allowed.' Usually they will also give some monetary amount that is allowable, anything over that much has to be approved by the association. I say 'generally' and 'usually' because there are some condo associations that are more strict and tight with their laws. And as far as renting out a bedroom, most condo associations do not let you do that to begin with; condos are single family dwellings and the association(s), unless stipulated in the by-laws, do not allow renters. I may disagree with what you have to say, but I shall defend to the death your right to say it. - Voltaire Quote Share this post Link to post Share on other sites