Talk me out of a condo.

[Farbin Kaiber]

Town home is different from a condo, it's more of a duplex home.

[mrsleeve]

1 word. Hoa

[Hellabad]

Don't buy anything right now. Especially a condo.

[george graves]

^Here we go. Why?

[wannaBMthree]

Because the supply is through the roof and it will take years for the values to go back up. That being said, If you can find a Condo at 1/2 price that you really like, Jump on it. You can always rent it out too

[Restoman]

Don't buy anything right now. Especially a condo.

Have you been listening to too much Hanity and/or Glen Beck. If so you will be paralyzed financially.


What do you live in now OP? As far as I can remember you are not 16 like most on here so I assume you already have a house. Around here condos are a good idea for those who do not want to mess with the exterior. No lawn or bush trimming. covered and or garage parking, The HOA fees include all exterior maint. no painting only roof is your job. The heat and humidity can be debilitating here for the old. We are usually gated on the back if not the front also. I really do not see a downside to condo's they just suit a certain lifestyle better than others.

[Rsully70sev]

To "not invest in anythnig" is BAD advice. Now is probabally the best time to invest-IF you can afford it. With homes at an all time low, low rates, foreclosures, etc, etc. It is a GREAT time to invest in a home, once again IF you can afford it. It sounds harsh, but it's easy to capitalize on others misfourtune. Even if you just want an investment option, this is a very simplified version, contact me if you want a more indepth explination, but BUY a home, RENT it out and before you know it, you'll be a home owner, at a small cost to you-pay your mortgage with the rent money you collect. Obviously it's not that easy, I suggest you do your research.

[pureaudio]

Right now is a horrible time to buy if your looking for a quick investment, if you're looking for a place to live then it is a fantastic time to buy.

[mrmckie]

To "not invest in anythnig" is BAD advice. Now is probabally the best time to invest-IF you can afford it. With homes at an all time low, low rates, foreclosures, etc, etc. It is a GREAT time to invest in a home, once again IF you can afford it. It sounds harsh, but it's easy to capitalize on others misfourtune. Even if you just want an investment option, this is a very simplified version, contact me if you want a more indepth explination, but BUY a home, RENT it out and before you know it, you'll be a home owner, at a small cost to you-pay your mortgage with the rent money you collect. Obviously it's not that easy, I suggest you do your research.

thats my plan, i'm looking into a two family to rent, moving back home for about a year or two and then buy a little house for myself. Around here the rent from both floors can cover the mortage on both properties..;)

[pharow]

just say no...to the condo. buy a house.

[nrubenstein]

I had a condo for a couple years and sold it.

Fundamentally, the problem with condos is that everyone else's problem is yours too. For example: the drunk jackass that threw his pants over his halogen torch lamp destroyed 14 units (water damage).

One MAJOR issue to look at is whether or not condo fees are senior to mortgages. In some jurisdictions, fees are senior, which means that if a unit is foreclosed on, fees due are paid. If they aren't, then everyone in the complex gets screwed. Likewise, you need to see what the association's reserves look like, what maintenance is coming up (remember - it's NOT your choice when this shit gets dealt with), and whether the place is competently managed.

Frankly. having been there, I would not own a condo in a large building. I *might* consider it in a smaller building where you can have greater control and are less likely to have helpless first time homebuyers (absolutely the worst - they think everything is the responsibility of the management company and won't do any maintenance). Realistically, though, from a financial perspective, rent. The only way houses are an effective investment is really that they force you to put money away, or else the bank takes them. If you can make yourself save, you will do better putting money elsewhere.

Don't forget to do a rent/buy analysis. In many markets, the value of a for sale product is much higher than the relative value of a rental.

Whatever you do, though, stay the fuck away from co-ops. They are a disaster waiting to happen, and the only meaningful function they have is that they are exempt from equal housing. If the association goes bankrupt due to mismanagement or corruption or just bad luck, you lose your home.

[george graves]

Thank you nrubenstein - that's the kind of advice that I was looking for.

[mitch500]

my elevator just took a shit in my condo... i live on the sixth floor, its been out of commission for about 3 months now... i get up and down the stairs in a flash but the old timers here are just dying.... anyways everyone in the building just got hit up with $15,000 repair bill to fix the thing... elevator guys have been here for the past month fixing it and its still not done. that is because they are replacing everything because it was ancient.

[M-technik-3]

Hated it and the hoa that went along with it.

[TwoJ's]

655K????
sounds like a big condo, but JESUS!
my 2000 sq/ft 4 bed room house with a pool fully remodeled in Scottsdale was only 290K and that was in the middle of the realestate bubble.

did you mean 65.5K or 65K?

No, 655. It's not a condo though. It's called a brown stone I guess. A couple of her neighbors got over 800 for theirs a few years ago. It's just the location. Bellevue is ridiculously nice and it's a great place to live. Just extremely over priced. I was actually upset with her when she bought the place. The house I grew up in just 35 miles south in Puyallup was a 3500 sq. ft., 4 BR, 4 bath, huge basement/game room with pool table, ping pong, shuffle board etc. on 1/2 acre with a very nice pool, hot tub, full basketball court and was every bit as nice as this place. She sold it and for the same amount of money got this town house in Bellevue.

God damnit I wish I still lived there. It was the best place to throw parties, and I'm sure I got laid way more than I should have in high school because my house was the place to be. 16-18 year old chicks + a little bit of alcohol and a pool and hot tub just makes their clothes fall off.