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Post Reply Would You Buy A Condominium ?
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M
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Posted 8/3/17 , edited 8/4/17
Oh shit that typo was a FATALITY. My bad.
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27 / M
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Posted 8/4/17 , edited 8/4/17


No one ever talks about this particular benefit for renting, but I think it's very important.

And a major benefit for renting is freedom of movement. When you buy a house, you are a fixed. Yes, you can rent out your house or sell it. However, those are not guaranteed.

Your ability to move is highly essential especially for people climbing career ladders. Since I was 21, I moved four times in order to get a better job and higher salary. If I owned a home, it would've made my life very difficult.

Second, the best reason why you should rent is flexibility to downsize. You are never guaranteed to keep your job in our cyclic economy. Meanwhile, if you lose your job you still have a set mortgage to pay. Furthermore, if you are renting, you can get a cheaper place to alleviate financial burdens.

Having 30-year mortgage loan is no joke.

My biggest personal reason for renting is... I know how huge debt feels like.

I'm still paying off my expensive student loans. Which I could've easily bought a house with that money. But, I guess that's the price I pay for going to a prestigious university. I wish I just went to a state university. Sigh

When you have huge debt, you feel a heavy burden.

Hopefully, I persuaded you that renting is better. Especially for young peeps like you and I. Even in the long run.
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106 / M
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Posted 8/4/17 , edited 8/4/17
save and buy a house and your car and live debt free save and invest.
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Posted 8/4/17 , edited 8/5/17
Hm... the pros and cons do not describe the condos here in NJ. Things like 'small spaces',... there's condos that are full houses.

And 'high density'. Here in my area it's the suburbs and it's quiet

In fact you would have to combine both groups in order to get an accurate perspective of condos here in NJ.

Also if you pay off your house, the only thing you owe are association fees monthly - notwithstanding personal bills.
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43 / M / the Netherlands
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Posted 8/5/17 , edited 8/5/17
I would, but i think it's to expensive for me.
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Posted 8/20/17 , edited 8/20/17
... I actually live in a condo unit right now. But only until i graduate from university lol. In the long run, renting or buying a house is better since the value of condo units depreciate
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Posted 8/25/17 , edited 8/26/17
You can sell a house within 5-7 days if you are willing to set it at the right price around here. You can put it up for rent as well if you like.

Honestly, If you are single-- you don't need a house - unless you have roommates. I would rather rent a house with other people rather than an apartment-- You will get more house for the price at way.
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101 / O / bendover
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Posted 8/25/17 , edited 8/26/17
Would I buy a Condo? No. A House? Yes. As long as there is no HOA.
Posted 8/25/17 , edited 8/26/17
Nah.
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Posted 8/26/17 , edited 8/26/17
don't find myself in one of these, nor an apartment. I enjoy the outdoors too much, the horrors of not having a yard to maintain would slowly drive me insane. I'd have to create a lawn care service just to get my yard maintenance fun in. so I believe I'll pass on this, not to mention the horrors of strangers coming and going as they please, they can leave a message for checks, but once they have a key and you don't place up some cameras, you will regret that. rent to own a home, that's a more logical stance for me.
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Posted 1/21/18 , edited 1/21/18
if I have extra money, probably yes.
Posted 1/21/18 , edited 1/21/18
One should strive to own at least one house. You can let others rent from you. You can survive this way.
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34 / F / Maryland
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Posted 1/22/18 , edited 1/23/18
A lot of people are mentioning this about HOA. Most if not all new housing neighborhoods have a homeowner's association. What about places where the houses are 40 or more years old? Do they have HOAs? My area is being built up but we still have a lot of old neighborhoods that are still standing with cheaper houses. Some in town and others way out in the country.

Also a happy medium between Condo and house, you can get a Townhouse and get the best (and worst) of both worlds!

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34 / F / Maryland
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Posted 1/22/18 , edited 1/22/18


No one ever talks about this particular benefit for renting, but I think it's very important.

And a major benefit for renting is freedom of movement. When you buy a house, you are a fixed. Yes, you can rent out your house or sell it. However, those are not guaranteed.

Your ability to move is highly essential especially for people climbing career ladders. Since I was 21, I moved four times in order to get a better job and higher salary. If I owned a home, it would've made my life very difficult.

Second, the best reason why you should rent is flexibility to downsize. You are never guaranteed to keep your job in our cyclic economy. Meanwhile, if you lose your job you still have a set mortgage to pay. Furthermore, if you are renting, you can get a cheaper place to alleviate financial burdens.

Having 30-year mortgage loan is no joke.

My biggest personal reason for renting is... I know how huge debt feels like.

I'm still paying off my expensive student loans. Which I could've easily bought a house with that money. But, I guess that's the price I pay for going to a prestigious university. I wish I just went to a state university. Sigh

When you have huge debt, you feel a heavy burden.

Hopefully, I persuaded you that renting is better. Especially for young peeps like you and I. Even in the long run.


Sorry I cut off the quote code from the Riverjustice's post

I'm in the same boat. And these days with the job market and many young people coming out with debt from college, I'm surprised that many would want a house. I work for a mortgage company so the points that this poster made are very valid. When you hit hard times and cant make the mortgage payments, You are in trouble. There are few options that can help you but they will sink you into further debt and ruin your credit as a result. And if you cant make 90 to 120 days of payments, there will be foreclosure proceedings. And then there are natural disasters to consider with a house. Homeowners insurance is no joke. Replacing few pieces of furniture if an apartment catches fire is possible, getting a new house or paying for repairs can be brutal when the insurance doesn't cover it.

Having a goal to buy is a nice idea, but you just don't know what the future will bring.
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25 / M / USA
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Posted 1/22/18 , edited 1/22/18
Yeah. I bought a condo and I love it. Newly built. Little to no maintenance. It's a great investment.

Granted I make good $$.



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