Is buying a condo a smart move instead of purchasing a house?


Suppose a 2 bedroom 2 bath condo/townhome could be purchased for 130K

but a home is going to be 200k-250k

is a condo worth the time/money?

if u plan to live in it max 3-7 years?

any condo owners at AA.org?

Homeowners?

A condo is just another investment - just like a bond or a stock or whatever. You just have to be clear about your objectives for it and its value and the projected increase, etc.

Also, it really all depends upon the location. A $130K condo in a growing market full of other similar condos sounds great. A $250K house in that same community is probably not going to increase quite as much as the condos. On the other hand if that house in a neighborhood of $250 - $300K+ homes - then you'll probably make more there. It depends on lots of factors (of course you'll have to consider taxes and upkeep etc. as well).

A good realtor would be able to walk you through all of those dynamics.

I have never owned a condo, but I would imagine that they are much easier to amintain... Virtually no outside work... no grass cutting, no shoveling of snow and in some cases interrior maintenance is taken care as well (depending on the type of condo)... Of course, there is a fee for the convenience... There are many times restrictions on the type of things that you can do as far as remodeling is concerned... To me, condos are just high priced apartments...

Home ownership, on the other hand, has thus far been a tremendous experience... I don't mind shouldering all the responsibilty that comes along with it... but then again, I'm a bit of a handyman... I don't feel I should have to pay someone to do what I can... It's a little more work, but well worth it...

As far as economics are concerned, it really depends on where you live (location, location, location) Some markets have gone through the roof whereas others have remained relatively stable... As a consumer, it is difficult to see trends before they happen... Realtors, on the other hand, can see them... So as MBM said, I would talk to a realtor... or if you are really feeling ambitious, you can get you real estate license...

quote:

Originally posted by negrospiritual:
Is buying a condo a smart move instead of purchasing a house?


Suppose a 2 bedroom 2 bath condo/townhome could be purchased for 130K

but a home is going to be 200k-250k

is a condo worth the time/money?

if u plan to live in it max 3-7 years?

any condo owners at AA.org?

Homeowners?

It's all about location and it depends on what your plan is. If you're thinking about short term living (3-7 years) and you want to basically flip the house, then I suggest doing some real estate research of the area you plan on living in before you drop your money in the home. Are the houses selling relatively quickly in that area or is the market slow? That's what you should be looking for in the housing market.

Condos are a little different. Condos have a tendency to be be harder to sell than homes especially if it's in an area where there are affordable houses in the viscinity. Inner city condos are a little easier to sell. Condos range from your run of the mill glorified apartment units to a detached garden home type floorplan. I've always lived in a garden home type floorplan but I'm thinking about the inner city apartment building style for my next home. It just depends on what kind of lifestyle you have. Seems that as of late the housing market has been in a slump anyways. I'll be buying a condo when I move to Florida next month.

Just an observation about the area that I live in:

When interest rates were higher, the condo (apt style) market was really hot... When the interest rates fell, the housing (single fam, townhouse) market took off...

Food for thought...

The north florida area - - which due to colleges and florida state gov't is overpriced


but the market is saturated with townhouses, apts, and condos, that i think that would be in my favor...

the whole economy is based on people who aren't in town all year round: students and legislators

quote:

Originally posted by negrospiritual:
The north florida area - - which due to colleges and florida state gov't is overpriced


but the market is saturated with townhouses, apts, and condos, that i think that would be in my favor...

the whole economy is based on people who aren't in town all year round: students and legislators

All of Florida is overpriced. This isn't a personal choice to move to Florida - I'm following my job. You can't really rely on national reports - even though they say the market is slumping for home buyers you really have to just research areas on your own because the market is different everywhere.

quote:

Originally posted by Romulus Burnett:
All of Florida is overpriced.

That's true, but North Florida ie Gainesville, Tallahassee, Panama City are less populated and somewhat less touristy. The price of housing is astronomical and the subject of political discussions. My work frequently has me in N. FL and that's where I'm looking to make a purchase. Thanks for the suggestions though.

quote:

Originally posted by negrospiritual:

quote:

Originally posted by Romulus Burnett:
All of Florida is overpriced.

That's true, but North Florida ie Gainesville, Tallahassee, Panama City are less populated and somewhat less touristy. The price of housing is astronomical and the subject of political discussions. My work frequently has me in N. FL and that's where I'm looking to make a purchase. Thanks for the suggestions though.

Actually, last time I checked Jacksonville is supposed to be a pretty cheap area to live and that's suppose to be sort of a chocolate city area too.