Buying property...question?

[aeon]

Anyone here ever bought a condo? Is it like buying a house? I pathologically hate yard work...so I've stuck with condo's but I've been thinking I might take the step and buy instead of leasing. I mentioned before I'm moving closer to my father and I've been thinking hard about buying.

Is the process the same as with a house and are the interest rates/property taxes/insurance generally the same? I pay 1250 a month for my lease and don't really wanna go much beyond 1500-2000 for a mortage payment at this point and I don't wanna get stuck with some insane tax bill every 6 months/interest rate because it's a condo and not a house.

I've spoken to a couple realtors and they haven't impressed me as the brightest bulbs in the box. I'd rather hear from people who have some experience actually buying a condo.

[Evil Chris]

Around here, condos don't appreciate in value like regular homes do.

It's probably like that everywhere, but I may be mistaken. Personally I would never buy a condo for this reason. For most people, their home is their best investment. I don't see a condo as an investment.

[Nickatilynx]

Around here, condos don't appreciate in value like regular homes do.

It's probably like that everywhere, but I may be mistaken. Personally I would never buy a condo for this reason. For most people, their home is their best investment. I don't see a condo as an investment.

Chris,
Here in BC a fucking shed is appreciating a 20% a yr. LOL
A one bed appt downtown is $400k...

Aeon,

Go for it.
Always cool to own your own place.
Also at Mortgage rates these days , your max payment amount of 2k a mth should get you borrowing power of 350k

:)

[aeon]

Gracias for the input...but I don't really see a condo as an investment either. I just hate the idea of a house/maintenance/yardwork and leasing is essentially pitching my cash out the window. If I'm buying something - at least I'm building some equity. I don't plan on moving after this for at least several years and after being lectured by people about buying over leasing, I'm thinking they might be right.

I'm trying to find info on the practicalities of buying a condo...the similarities and differences with buying a house as far as contracts/interest rates/taxes go. I've never bought real estate of any kind before so this shit is all new to me.

[EroticySteve]

Chris,
Here in BC a fucking shed is appreciating a 20% a yr. LOL
A one bed appt downtown is $400k...

Aeon,

Go for it.
Always cool to own your own place.
Also at Mortgage rates these days , your max payment amount of 2k a mth should get you borrowing power of 350k

:)

In Florida condos are a safe investment. Most other areas of the country, i'd put them alongside townhomes in lousy real estate investments, only thing worse being Timeshare.

Look to see how much the association dues are. I found a fabulous condo for $180k, 2 bed 2 bath on the Gulf. A relative steal. However, the $700/mo association dues were the reason why it's a $180k condo. That same condo sold for $225k new. $8400/year is nearly 4 times as much as the annual taxes.

So not all condos are created equal.

[aeon]

Chris,
Here in BC a fucking shed is appreciating a 20% a yr. LOL
A one bed appt downtown is $400k...

Aeon,

Go for it.
Always cool to own your own place.
Also at Mortgage rates these days , your max payment amount of 2k a mth should get you borrowing power of 350k

:)

Thanx spammer - I appreciate it. I've never done this kinda thing before so I'm cautious and don't want any "hidden" surprises to come popping out.

[Nickatilynx]

Thanx spammer - I appreciate it. I've never done this kinda thing before so I'm cautious and don't want any "hidden" surprises to come popping out.

No worries mate.

Best of luck. :)

Shame you aren't up here.
I have a mortgage broker and realtor who are both au fait with the internet business and really look after you.

[Evil Chris]

Everything in Vancouver is over-priced. Even the coffee. :)

My buddy just left North Van last year for Pitt Meadows. He got himself a beautiful, huge new home for a fraction of what that same home might cost in north Van.

[Peaches]

Many condos in the ATL area don't appreciate in value and most end up being rented. The problem arises when only a certain percentage can be rented in a complex and sometimes you can neither sell nor rent.

Personally I'd wait - there are a lot of people who jumped on the "home ownership" bandwagon and picked condos with ARMs. Those folks are going to be hurting once the interest rates go up and you can probably pick one (or two) up pretty cheap at that point.

I don't like condos because I don't like neighbors ;) For most association fees you can buy a house and hire a gardner and get a handyman to fix what needs fixing.

[aeon]

No worries mate.

Best of luck. :)

Shame you aren't up here.
I have a mortgage broker and realtor who are both au fait with the internet business and really look after you.
Thanx for the offer. I'm moving closer to my Father. His health is kinda slipping these days and I plan on staying there at least as long as he's around, which is hopefully for a very long fucking time. I wasn't the greatest son so I wanna spend as much time as I can - while I can so canada isn't really an option.

They wouldn't let me in canada anyway. The minute I called someone at the embassy a faggot or nigger - my application would be summarily rejected ;)

[Mike AI]

Aeon, as long as you are not looking for a short term investment and you are going to stay in the condo for at least 5 years it would be a wise move.

Interest rates are still at historic lows, and can only go up.

It would have been wiser to buy property 3-4 years ago. There is probably a housing bubble ( especially on condos in places like Miami, and other big cities) in some places, so it depends on where you are buying.

Even where the "bubble" is worst, there will not be a total collapse like stock market, it will jsut lead to flat pricing for awhile, and some of the condo towers slated to be built the next few years will not be built.

[Hell Puppy]

If you're gonna LIVE in the condo, then it's a no brainer to buy. Rent is money flushed down the toilet. Even if the condo doesn't appreciate as quickly as a house, you're still gaining equity as you pay it down.

There really are no hidden secrets other than the fact you own it, so you're responsible for the maintenance. But the advantages are enormous, anything you add to it improves value, you can deduct the interest from your taxes, etc. It's no different from a house in those regards.

Now if you're buying for an investment, it's all about price and location. And I'd lean more toward undeveloped property at this point. I agree there they may be a bubble forming on the housing market. Housing prices have been steadily going up up and up, to the point that in many regions a brand new house is not affordable to the average blue collar family. Meanwhile, low interest rates and hellacious deals from the banks have had people buying more house than they can really afford.

All this adds up to bad news if the interest rates go up. A lot of those ARMs are gonna come home to roost and there's gonna be a glut of housing on the marketing and prices will drop.

[Winetalk.com]

what area are you considering buying?

I won't tell you much except one thing:
people like you buy on the TOP of the market.

"and this is all I have to say about that"

[aeon]

what area are you considering buying?

I won't tell you much except one thing:
people like you buy on the TOP of the market.

"and this is all I have to say about that"
The Roanoke Virginia area...I have no idea what the rest of your post means. This shit is all new to me.

Thanx for the input from everyone. People have been on me for awhile to buy a house but I just don't like them. I looked at some awhile back here (central indy) and I could get a mini mansion for 400K. Real estate here is dirt cheap but I had to remind myself before jumping in that pond. I'm single and intend on staying that way so I simply don't need a house. Condo's are much easier.

[EroticySteve]

Easier or not, it's just a better move. Unless you're in an overpopulated area a condo is a bad move. Don't take people's words for it. Buy some timeshare too. I'm a single guy, I own a couple houses, it's not a big deal to cut the lawn or hire someone to do it.

[Sabby]

Around here, condos don't appreciate in value like regular homes do.

It's probably like that everywhere, but I may be mistaken. Personally I would never buy a condo for this reason. For most people, their home is their best investment. I don't see a condo as an investment.

I owned a townhouse style condo in Edmonton for 10 years before I bought my house... When I sold it it had increased in value about 50%.

Dont forget you are still going to be paying condo fees also (which is alot like throwing money away to rent) and they vary alot depending on the complex.


Sabby:)

[Sabby]

My condo fees were rather low though. And durring the time I lived there they had replaced all the windows, re-sided it, and re-shingled the roof.

And they removed a big spruce tree for us. And they got a huge wasp nest out of my ornamental apple tree for me also.

Oh yeah, and they painted the fence!


Sabby:)

[MissEve]

I bought a 2200 SF townhouse in 99 and it has definitely appreciated the same as single family homes in the area. I was living alone when I bought it and didnt want to deal with maintenance. My mortgage is about $1500 and my condo fees are $215/month. Taxes and insurance are included in my mortgage. My complex is a Planned Unit Development and only a small number of units are allowed to be rental units.

The only downsides are having immediate neighbors and dealing with condo meetings where a bunch of people argue about really stupid shit for hours.

[Sabby]

My condo fees were $75/month. CDN.


Sabby:)

[Sabby]

And I kinda wish I would have kept it now and rented it out. The mortgage was paid off.


Sabby:)

[Winetalk.com]

The Roanoke Virginia area...I have no idea what the rest of your post means. This shit is all new to me.

Thanx for the input from everyone. People have been on me for awhile to buy a house but I just don't like them. I looked at some awhile back here (central indy) and I could get a mini mansion for 400K. Real estate here is dirt cheap but I had to remind myself before jumping in that pond. I'm single and intend on staying that way so I simply don't need a house. Condo's are much easier.

if you are single and don't plan on changing it -
condo is a way to go, house requires too much work, you need wife to keep up with it
:)

[Sabby]

Also it is very important that you make sure and find out how much money the condo association for your complex has in reserve. (ie... can they actually afford to do any exterior maintenance).


Sabby:)

[Nickatilynx]

if you are single and don't plan on changing it -
condo is a way to go, house requires too much work, you need wife to keep up with it
:)

ahahahahahahhahahahaha

I just bought a 7 bedroom house.

That will keep the wife busy. :)

[Anthony]

I'm in the process of buying a condo. Make sure that you have your financing done before signing, as you only have 15 day window to get it.

A 269k loan is costing me 1500.00 a month before taxes, Assoc fees, etc. While it is true Condo's as a general rule are slower than a single family house in appreciation, it still does. My girlfriend's condo in buttfuck egypt Abbotsford BC has appreciated considerably in the past 10 years.

[Newton]

Congratulations mate ;)

Interesting information on buying in the US and Canada .. Good luck aeon

[*KK*]

Property is really dependant on location. A condo here in LA will appreciate just as quickly as a stand alone single family home. But the appreciation is totally dependant on where the property is and how the prices of comparable homes rise.

I'd suggest you find a good realtor for starters, and have him/her get you the recent sale reports on comparable properties and the length of ownership on the properties so you can see what's really going on.