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  1. #1
    Team Skeet Captain JHayesLS1's Avatar
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    Anyone here own a Condo?

    I'm considering buying a condo I've been approved for. Its a 2 bedroom 2 bath. It is 49,900. I'd be looking at about 420 a month for just the payment. I'd have a roommate who would pay 300 a month to me. So in essence I'd be paying $120 plus utilities for the condo. Anyone here ever own one? I don't want to buy it if the value is never going to go up.

  2. #2
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    Quote Originally Posted by JHayesLS1 View Post
    I'd have a roommate who would pay 300 a month to me. So in essence I'd be paying $120 plus utilities for the condo.
    You have forgotten maintenance, building fees (if they are assessed), taxes, homeowners insurance, and PMI if you don't have $9,800 as a down payment (20%). Plus, if something breaks you're stuck fixing it or paying someone else.

    I own a house and would never go back to renting unless I had to. To speculate on it's value, where no one knows a thing about the area, condition, comps, etc. is completely ludicrous.

  3. #3
    Exalted Cyclops 67CamaroRSSS's Avatar
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    2002 Z28 A4 NBM
    Sadly now demodded :(

    I maybe should have bought a condo (because I could've afforded it and it was Los Angeles back in the early 80's) but I didn't because I couldn't stand living in an apartment and I damn sure wasn't going to buy one.....

    OTOH, I wasn't able to afford a house til I moved to the Phoenix burbs.....

  4. #4
    Team Skeet Captain JHayesLS1's Avatar
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    Yeah see I'm in a pickle because my lease is up in June. My family is moving out of state and I'm not quitting my job so rather then rent again I wanted to buy something that I could possibly make money on in the future.

  5. #5
    Exalted Cyclops 67CamaroRSSS's Avatar
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    2002 Z28 A4 NBM
    Sadly now demodded :(

    Can you do 20% down so as to afford to not have to pay PMI? (Private Mortgage Insurance, which is not deductable).

    Also, as has been said, don't forget association fees, taxes and insurance (these last 2 and maybe all 3 will be part of the payment that goes into escrow. In my case, my payment is $1300+/month of which only $1100 is the house/interest payment. The rest is for taxes and insurance). Don't forget: It breaks you gotta fix it or pay some one who can.

  6. #6
    Team Skeet Captain JHayesLS1's Avatar
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    I would only be able to put 10% down as of now. I just really don't want to rent again. I feel like I threw all that money away.

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    Quote Originally Posted by 67CamaroRSSS View Post
    Can you do 20% down so as to afford to not have to pay PMI? (Private Mortgage Insurance, which is not deductable).


    PMI is tax deductable if you meet certain income restrictions and it's your first home purchase.

    I'd have to research what this bill was slipped in in 2007/2008 timeframe. I don't think it was repealed. It was a tagalong to another bill. My bank hadn't even heard about it until i pointed it out. They looked into it and confirmed i was right. Been claiming it as a deduction the last 2 tax seasons.

  8. #8
    Senior Member Nhra Firebird's Avatar
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    Quote Originally Posted by JHayesLS1 View Post
    Yeah see I'm in a pickle because my lease is up in June. My family is moving out of state and I'm not quitting my job so rather then rent again I wanted to buy something that I could possibly make money on in the future.
    can you go month to month with the rent, so you don't have to rush into anything?

  9. #9
    Senior Member bigrondownhiller's Avatar
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    Find out what the condo fees are first. It might be about the same to have your own home. Then you don't have to worry about crappy whining neighbors and you have a driveway that you can work on and clean your car in. Also most fees go up every year or two. Plus with a 3 bedroom house you could always get a 2nd roomate.

  10. #10
    Senior Member TransAm11973's Avatar
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    49,900 for a condo?????

  11. #11
    What's the matter? Johny Utah's Avatar
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    My condo fees are 73.00 a month. I bought it about 1 1/2 years ago. I am pretty happy with it. I will buy a house in the near future though.

  12. #12
    Senior Member SeVeReDiStOrTiOn's Avatar
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    Apartments/condos suck...you're better off buying a shack for a house and slowly fixing it up over the years.

  13. #13
    Member whoa guy's Avatar
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    i own a condo.. my fees are $161/mo.. the only crappy thing about condo life is its similar to appt life, and i have one dickhead neighbor. Other than that, its ok. I hate the HOA fee tho.... our grass/landscaping sucks.. our pools and other anemntities are decent tho...

    edit: i get absolutely ENGRAGEDDDDDDDD when i come home and someone else is in my parking spot... most annoying thing in the history of anything...
    Last edited by whoa guy; 02-26-2009 at 03:58 PM.

  14. #14
    Exalted Cyclops 67CamaroRSSS's Avatar
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    Quote Originally Posted by Detroit Power View Post
    PMI is tax deductable if you meet certain income restrictions and it's your first home purchase.

    I'd have to research what this bill was slipped in in 2007/2008 timeframe. I don't think it was repealed. It was a tagalong to another bill. My bank hadn't even heard about it until i pointed it out. They looked into it and confirmed i was right. Been claiming it as a deduction the last 2 tax seasons.
    Good for you that you found that out. In my case they just looked at me funny when I asked about it.... I eventually refied into an 80/20 when my house accrued enough value. Even though the price has contracted I'm still to the good by $20K, even though that is far less than 20% now.

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    Quote Originally Posted by TransAm11973 View Post
    49,900 for a condo?????
    Yeap, a lot of those in Central Florida. The market here was hit hard. Most homes are now valued at half the value that it was valued back in 2005 - 2006. Some areas the values have plummeted even more.

  16. #16
    Junior Member BKDZ28's Avatar
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    where do you live a third world country. I live near Boston and bought mine for 275000 my condo fee is 255. wish i lived where u live. i could of paid cash with my 20%lol buy now its a great time market is only going to go up if you plan on keeping it for 5 years or so. good luck!

  17. #17
    Millennium Falcon mpfranks's Avatar
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    fuck yeah get it! thats dirt cheap no matter where you are, especially in florida. and if you dont like it you could always rent it out. turn around am make some money

  18. #18
    Team Skeet Captain JHayesLS1's Avatar
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    Yeah I want to get it and hold it for about 4-5 years and sell it. We'll see I still have plenty of time to think about it.

  19. #19
    2002 Formula Firehawk 96z28's Avatar
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    i bought 10 condoms yesterday

  20. #20
    10 year lurker DrMilhouse's Avatar
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    had one. I don't plan on ever doing it again. HOA Fees are bullshit.

    My HOAs were up to almost $500 a month... it was a 720 sq ft 1 bedroom condo with a garage I wouldn't think of parking my car in.

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