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Buying a condo vs. a house....
Hubby and I have been re thinking what we want to do. We are not 100% sure if we are ready for a house. I know it's a buyer's market, but we may want to have a baby next year and want to make sure we have extra money and no pressue to a house payments.
I guess what I'm asking....are condo's good for resale.....and how much cheaper are they than houses?
Message edited 10/21/2008 11:01:16 AM.
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Posted 10/21/08 10:58 AM  |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Buying a condo vs. a house....
Condos are good for resale.
Prices would depend on the size and area..some can be just as expensive as houses. The thing to remember is that you wil still have a mortgage payment as well as monthly common charges.
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| Posted 10/21/08 11:16 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Buying a condo vs. a house....
If you're going to buy a condo, make sure it's at LEAST a 2 bedroom, otherwise it's going to be very hard to sell .........
I have friends in NYC who can't see their 1 bedroom (if you can believe that) and friends in Long Beach, 1 BLOCK from the beach, who can't sell their place either ........
Both are in ideal locations, both are very well kept and updated, priced well etc - they just can't sell ........
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| Posted 10/21/08 11:18 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Buying a condo vs. a house....
spinoff...what's the difference between a condo and a co-op?
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| Posted 10/21/08 11:27 AM |
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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Re: Buying a condo vs. a house....
Posted by Sandy55
spinoff...what's the difference between a condo and a co-op?
We are in a co-op in Queens. Basically, we own shares in the co-op. In a condo, you own the actual apt. The overall purchase price is usually higher with a condo but the monthly maintenance fees are less than a co-op's. With a co-op you have to be approved by the board before you can move in. With a condo, the owners can sell to whomever they like.
If we could have afforded a condo in the area we live in now, we would have preffered a condo. I have been in a co-op a year now & I love it.
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| Posted 10/21/08 11:37 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Buying a condo vs. a house....
Condo: you actually own the apartment..you can do renovations and suc without approval. you pay a smaller common charge fee monthly so that the management co will keep up with the maintenance around the building/grounds. also, usually there is no board approval required.
co-op: you atually own shares in the coporation which are represented by the apartment you live in. you have to be approved by the co-op board. you pay more in monthly maintenance charges and they do some maintenance in your apartment if required. there are a lot more rules you must comply with.
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| Posted 10/21/08 11:42 AM |
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LuvMy2Girls
@>---------
Member since 5/05 11165 total posts
Name:
Mommy
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Re: Buying a condo vs. a house....
After selling our 2 bed condo within 30 days, def has resale value, BUT coming from a condo, if i had to do it all over, DH and i would have bought a house for sure!!! We had the same dilemna.
We have realized we are not condo people AT ALL. First we got picked on cause my dog barked during the DAY, then i got picked on cause of my guests with NY plates, then here staying with my dad, i have issues with my neighbors cause my girls ages 2 and 1 are too noisy. HUH?
OMG i can't wait to buy a house!
Just something to think about But Dh and I pre baby LOVED our condo, not having to mow, shovel, do yardwork, our utility bills were minimal and taxes were low.
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| Posted 10/21/08 12:57 PM |
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fabrichick
LIF Adult
Member since 5/05 2479 total posts
Name:
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Re: Buying a condo vs. a house....
We're in a co-op & have been in the same building for 5 years. The main stress is the $$ requirements to get in and going in front of the board. Some co-ops now want to see 2 years of maintenence in your bank account.
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| Posted 10/21/08 2:18 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Buying a condo vs. a house....
Condos can be an excellent investment. I’d buy one that’s at least a two-bedroom and make sure its in a decent school district. JMO.
Condos can cost as much or more than some houses. (Weird, I know. But that’s what DH and I found when we were looking in Nassau County). But the “extras” that come with home ownership – heating oil, landscaping, snow removal – are usually incorporated into the condo’s maintenance fees.
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| Posted 10/21/08 2:24 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Buying a condo vs. a house....
We're in a condo, and the 1-bedrooms in my complex have no problem selling. The 2-bedrooms are similar enough in price to houses that they actually don't sell as quickly as the 1-bedrooms, and many young couples/retirees selling their homes want a 1-bedroom.
It is relatively close quarters. As a non-pet owner, I do get very upset when the dog upstairs wakes me up at 5AM, or when the smoke from our neighbors next door who smoke like chimneys wafts through our vents. We are much more conscious of making noise, etc., since we are so close to our neighbors. We love not having to do outside maintenance, and having a gym and pool in the complex.
The price depends on the area and complex. Many are just as expensive as houses, and some are more expensive.
One bedroom condos in my complex are going for around $250,000, and 2-bedrooms are close to $300,000.
Message edited 10/21/2008 3:33:33 PM.
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| Posted 10/21/08 3:03 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Buying a condo vs. a house....
Most of the Condo's in Nassau County have taxes ranging from 6k to 10k for a 2 bedroom condo. Plus maintence fees as well which can be 200-400 a month.
IMHO condo's are great, but expensive, they come with less "house" type maintenance, but they can be very costly with your mortgage payment, taxes, and maintence.
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| Posted 10/21/08 4:01 PM |
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MrsBunnyBear
LIF Infant
Member since 9/08 143 total posts
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Re: Buying a condo vs. a house....
does the maintenance fees in condos usually cover the cost of repairs that are needed like with plumbing ..
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| Posted 10/23/08 4:55 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Buying a condo vs. a house....
Posted by MrsBunnyBear
does the maintenance fees in condos usually cover the cost of repairs that are needed like with plumbing ..
In our complex it covers the shared plumbing in the walls, but everything else you are responsible for. Our shower broke, and we were responsible for it. Our upstair's neighbor's bath leaked and ruined our ceiling, and she was responsible for repairing her own, then paying for our ceiling to be redone (our ceiling leaked, then the condo co. came and cut it open to find the origin of the leak). Had the leak been from a shared pipe, the condo would have been responsible for our ceiling.
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| Posted 10/23/08 7:48 PM |
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