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Post Reply Would You Buy A Condominium ?
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Posted 8/1/17 , edited 8/1/17
Imagine your home, paid in full, legally taken away
https://www.youtube.com/watch?v=Ij9od530jQw

It's a good thing i didn't go with a condo when my cousin suggested it. Condos are like apartments to me

It's funny looking at the cons of house in this picture. They exaggerated it too much.


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Posted 8/1/17
It's better to rent even in the long term.
lawdog 
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Posted 8/1/17 , edited 8/1/17
I don't want none of them. We plan to have kids.
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Posted 8/1/17 , edited 8/1/17
I first read this as "would you buy a condom"

But if I were to buy I'd buy a house. Currently renting a nice little apartment and I'm happy. But it is getting a bit cramped. I could use an extra room.
Posted 8/1/17
I'd rather buy a house.
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Posted 8/1/17
I think a condominium combines all the worst things about buying and owning a house with all the worst things about living in an apartment.
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Posted 8/1/17 , edited 8/2/17

riverjustice wrote:

It's better to rent even in the long term.


Terrible advice in the United States.
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Posted 8/1/17 , edited 8/5/17
BIGGEST "CON":

The condominium association charges monthly dues for things like maintenance etc. and they can raise those dues pretty much as they choose. HERE is the problem (I live in Cocoa Beach and have seen this happen with my own eyes):

Let's say the condo association has determined that new stairways have to be installed throughout. At that point they might assess every owner for a portion of the renovation - which could be as ten thousand dollars (depending on the renovation) or more. Don't have the money? Even if you OWN the unit, they can foreclose on you.

Buy a house. Yes, more effort on your part for maintenance etc. Not having to walk your groceries from the parking lot to the elevator (or stairs), being able to play your music as loud as you want, having friends over whenever you feel like it, not having to wait for a security guard if you've forgotten your gate key, being able to wrench on your own car in your own driveway.... Priceless.

...and if you've got a privacy fence around your house, I'd highly recommend making love in the rain on the grass in the back yard.

CAVEAT: Do your homework first - figure out what works best for YOU. Do the nerd thing and crunch the numbers and make up your OWN "Pros and Cons" list.
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Posted 8/1/17 , edited 8/5/17
Property ownership doesn't fetch you much if you'll never sell. Home ownership will pay off for your kids when they sell your home an belongings once you pass away.

A Condo can fine, as they are far cheaper. For instance when the Furnace blows in your house you're looking at the cost of a new car to get a new one.

But this chart is misleading, not all Condos have 'pools' and pools in the first place are seasonal. The Condo Association fees likely cover maintenance. This is a luxury.

As for the house part of the chart...Gardening? As a mailman I see many homes that look like warzones. very few homeowners are even aware they have a yard, nevermind maintain it. Also the House is somehow quieter? Tell that to people living within 5km of the Fish and Game when they bring in automatic weapons. Which is always. So the highways and neighbors suddenly go silent?

In my apartment I can hear a Hawk proudly signaling he is nesting on the building, and sometimes a dog or two barking.


This whole chart is misleading, if you want a house there's a primary cause. Family. If you aren't going to raise a family, you probably have no need for a House, other than a signal to others of your wealth. But if you have no family you'll never see that money again. Your kids would/could once you kick the bucket. They'll sell your property and finally get back that investment.

Also it depends where. Some states/towns have completely different philosophies on property taxes. Buying a House and paying property tax, and in some cases a Neighborhood Association tax will be more than any Condo Association Fee.

Until you're ready to settle down and pop out a few clones, a Condo will be fine.If you're doing the 'I hope this one survives' millennial tactic and are just having one child you hope will support both parents in their later years, then stick with the Condo or rent. At that point that couple is probably doomed anyways.
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Posted 8/1/17

Magical-Soul wrote:


riverjustice wrote:

It's better to rent even in the long term.


Terrible advice in the United States.


Care to explain?
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Posted 8/1/17 , edited 8/1/17
It is good to have your own piece of land, that you could, later, even convert your house into a condominium. I learned it the hard way, my dad bought a condominium in China recently
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21 / F / Seoul, South Korea
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Posted 8/1/17

riverjustice wrote:


Magical-Soul wrote:


riverjustice wrote:

It's better to rent even in the long term.


Terrible advice in the United States.


Care to explain?


Here in Korea(and some other countries) is viable because you can pay a large lump sum up front and at the end of the contract, get that money back.

In the United States(Where I grew up, but wasn't born there), the value of money depreciates rapidly, and unlike other countries, there are very few renting options that return any money to the tenant.

Single people don't stay put for very long, but families stay in houses many years, and I am replying to the long term implication your comment had.

Using my home as an example (Texas), the average rent for a house was $1100-$1670.

Not any cheaper than the monthly cost for buying one, on average of course.

If you rent over a long period of time, you are getting short term value but you aren't investing into anything for your or your children's futures. Buying a house/car is one the fundamental building blocks of wealth in the states.

Once the house is paid off, you could go down to only taxes, and you'd have property you could sell or trade, or perhaps your children could.

If money sits in your account/pocket, it quickly depreciates over time. Money invested into a car or a house loses significantly less value over time if they are maintained.

I could do the math over a 30 year span, but in the United States, you want to own property and not live on something volatile like renting. In other places, it's certainly different, but I wouldn't suggest long term renting in the USA.
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26 / M / Leanbox, Gameindu...
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Posted 8/1/17 , edited 8/1/17
Hell no, near impossible to sell and stupid association fees. If I am going to be stuck paying an arm and a leg for housing then I might as well go for an actual house. Better yet one as far as way as possible from stupid home owners associations so that I am not forced to live under strict rules and later taken for a sucker with fee hikes.

EDIT: Maybe it varies greatly by market but in the North East things are ass-backwards here. For example, a condo will run you the same price as a 3 bedroom house, literally makes no sense.

I'm buying a single family house as a single guy in the next 3 years. Why? Rent is basically the same price, I can get the down payment money and I don't want to put up with a landlord.
lawdog 
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Posted 8/1/17
A point worth mentioning: For subdivisions/gated communities, there's often a Homeowner's Association, which has its own set of rules. For example, my sis-in-law lives in one where no one is allowed to park on the street.

The rules for such places can reach the absurdity of any Condom Owners Association.
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26 / M / Leanbox, Gameindu...
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Posted 8/1/17

lawdog wrote:

A point worth mentioning: For subdivisions/gated communities, there's often a Homeowner's Association, which has its own set of rules. For example, my sis-in-law lives in one where no one is allowed to park on the street.

The rules for such places can reach the absurdity of any Condom Owners Association.


My thought is if you are going to have what you can do with your house that micromanaged by your neighbors might as well rent at that point. If things don't work out with your landlord its much easier to leave and its probably cheaper anyway.
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