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Thread: Anyone here own a Condo?
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02-26-2009, 11:38 AM #1
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Black- 1999 Camaro Z28
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.
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02-26-2009, 11:59 AM #2
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- Sep 2008
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- Kennesaw, GA
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Silver- 2005 Toyota Corolla (DD)
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.
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02-26-2009, 12:10 PM #3
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- Feb 2007
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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.....
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02-26-2009, 12:17 PM #4
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- Dec 2006
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Black- 1999 Camaro Z28
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.
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02-26-2009, 12:22 PM #5
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- Feb 2007
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- San Diego, CA
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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.
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02-26-2009, 12:41 PM #6
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- Dec 2006
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- Winter Garden, FL
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Black- 1999 Camaro Z28
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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02-26-2009, 01:06 PM #7
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- Kennesaw, GA
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Silver- 2005 Toyota Corolla (DD)
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.
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02-26-2009, 01:28 PM #8
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02-26-2009, 01:53 PM #9
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- Orange County, NY
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always dirty- 2013 Ram 2014 Caddy ATS
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.
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02-26-2009, 03:03 PM #10
49,900 for a condo?????
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02-26-2009, 03:46 PM #11
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- Aug 2005
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- Columbus Ohio
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- 46
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Silver- At least its paid for.
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.
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02-26-2009, 03:53 PM #12
Apartments/condos suck...you're better off buying a shack for a house and slowly fixing it up over the years.
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02-26-2009, 03:55 PM #13
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.
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02-26-2009, 04:00 PM #14
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- San Diego, CA
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2002 Z28 A4 NBM- Sadly now demodded :(
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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02-26-2009, 04:26 PM #15
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- Oct 2005
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- Orlando, FL
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Black- '98 Trans Am
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02-26-2009, 05:39 PM #16
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!
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02-26-2009, 06:55 PM #17
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
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02-26-2009, 08:09 PM #18
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- Dec 2006
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- Winter Garden, FL
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Black- 1999 Camaro Z28
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.
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02-26-2009, 09:32 PM #19
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- San Diego CA
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Black- 2002 Formula Firehawk
i bought 10 condoms yesterday
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02-26-2009, 09:41 PM #20
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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