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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Why is everyone so against a condo vs a house?
Sandy,
sorry that people keep telling you negative things... it's the worst!
My mom is a real estate lawyer and she HATES co-op sales. i would steer clear of Co-Ops.
I don't know why people would disapprove of Condos, though. I had a best friend as a kid that lived in one. (Although, i thought it was weird that there was no backyard and that the parents didn't mind that) it was cool b/c they had a pool and a "club room"
The only thing that i can think of is that your mom is hoping that the house you buy will be your "forever home" and a Condo won't be. Maybe she wants you to have a long term investment. Does she think that what you buy now will be yours forever?????
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Posted 10/28/08 9:19 AM  |
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Elizabeth
Mom of Three
Member since 9/05 7900 total posts
Name:
"MOMMY!!!"
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Re: Why is everyone so against a condo vs a house?
Posted by jgl
idk much about this,so i could be wrong. but i heard the resale on condos is not that great
I think you're thinking of co-ops. Condos sell OK but IMO many are the price of a house - at least some near me are - so it's not like they are super cheap and then you have a mortgage and monthly fee as well so it's expensive. You have a lot of amenities but you are sharing it with everyone. I like privacy so it would never be my thing for that reason alone.
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| Posted 10/28/08 9:55 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Why is everyone so against a condo vs a house?
I really appreciate all of your great advice.
My husband is about to kill me because I am so indecisive. :o)
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| Posted 10/28/08 9:56 AM |
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suvenR
designer mutt
Member since 5/05 4239 total posts
Name:
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Re: Why is everyone so against a condo vs a house?
We just sold our condo. We bought it in 2004 and made a 15% profit. Back then, we couldn't afford a house.
DH and I debated between renting an apartment or buying the condo. The best thing we did was buy that condo- we made a profit, even in this awful market.
Location and condition are very important, though!
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| Posted 10/28/08 10:26 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Why is everyone so against a condo vs a house?
Posted by nov04libride
I think you are getting a lot of opinions from people who aren't as familiar with condos.
We are quiet, work regular jobs, so I am glad they enforce no laundry after 10PM or before 9AM (we each have our own washer/dryer, and you do hear it in surrounding units), and general quiet hours.
It's just about consideration for others when you live in relative close quarters.
I think this is exactly what people are saying why they are not as popular for resale.
You can hear your neighboor's washer/dryer. It is close quarters.
So it may not be THAT different than renting an apartment. The difference is that the owner "usually" care for their condo since it's theirs.
A condo is not for everyone. In general it rules out a lot of family. Those with children on planning on a family on a short term.
There are GREAT for single and couples who work and like low maintenance living.
But that mean that your target buyer is narrowed down vs a house.
ETA: people like houses because it's the "dream". You can envisonne you and your DH growing a family, etc. With the price of condos about the same as houses, it's a tough call. Most buyers will go for the house. The private yard, no joint walls, etc...
Message edited 10/28/2008 10:46:15 AM.
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| Posted 10/28/08 10:42 AM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Why is everyone so against a condo vs a house?
Posted by smdl
You can hear your neighboor's washer/dryer. It is close quarters.
Honestly, that is not always true. In 8 years the only noise we would hear would be when someone was vacumming right up against the wall. I never, ever heard someone doing their laundry.
You guys do bring up a good point about layouts though. Our laundry was in the dead middle of our unit, kinda under the staircase. I would try and check that stuff like that is not up against a common wall. That could get annoying quick.
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| Posted 10/28/08 10:49 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Why is everyone so against a condo vs a house?
Posted by Karen
Posted by smdl
You can hear your neighboor's washer/dryer. It is close quarters.
Honestly, that is not always true. In 8 years the only noise we would hear would be when someone was vacumming right up against the wall. I never, ever heard someone doing their laundry.
You guys do bring up a good point about layouts though. Our laundry was in the dead middle of our unit, kinda under the staircase. I would try and check that stuff like that is not up against a common wall. That could get annoying quick.
I was the one who said we could hear the washer/dryer, and we can. I think there are lots of more pricey complexes that are better insulated, but mine is not crazy $$$$, and was built during the 70s. Just something to think about.
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| Posted 10/28/08 10:59 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Why is everyone so against a condo vs a house?
Posted by smdl
Posted by nov04libride
I think you are getting a lot of opinions from people who aren't as familiar with condos.
We are quiet, work regular jobs, so I am glad they enforce no laundry after 10PM or before 9AM (we each have our own washer/dryer, and you do hear it in surrounding units), and general quiet hours.
It's just about consideration for others when you live in relative close quarters.
I think this is exactly what people are saying why they are not as popular for resale.
You can hear your neighboor's washer/dryer. It is close quarters.
So it may not be THAT different than renting an apartment. The difference is that the owner "usually" care for their condo since it's theirs.
A condo is not for everyone. In general it rules out a lot of family. Those with children on planning on a family on a short term.
There are GREAT for single and couples who work and like low maintenance living.
But that mean that your target buyer is narrowed down vs a house.
I know some people think it is a minus that you can't run your washer/dryer after hours, etc., but I have read more complaints on here from home owners who complain about neighbors mowing in the early morning, playing music in their yards all night, etc. There is no perfectly isolated place (unless you live in the woods), but to me, condo living is fine so long as you respect the people around you. And there seem to be enough people who feel the same to fuel the market for condos, as least in my complex.
That said, it was our starter home, and we are moving soon to a house to raise a family. But as a starter home, it was a good way to transition to home ownership for us, with a cost no greater than that of renting.
Message edited 10/28/2008 11:03:11 AM.
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| Posted 10/28/08 11:02 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Why is everyone so against a condo vs a house?
Posted by nov04libride
I think you are getting a lot of opinions from people who aren't as familiar with condos. For example, the taxes on the condos/townhomes you are looking at will NOT run you $600 a month. Our condo taxes are $4000, with star $3200. .
If you are referring to where I said $600 a mth, I was referring to if they owned a house, that this is likely what they would be paying in taxes.
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| Posted 10/28/08 11:20 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: Why is everyone so against a condo vs a house?
ok so I have owned and lived in both. My honest outlook on it is this, if I couldn't afford to buy a house (and did not want to rent) I would definitly buy a condo. But if I could afford the house - just haven't found one yet- I would wait and keep looking for the house. We bought our condo for $150,000 - we could not afford anymore at the time so the condo was the best opition. We ended up having to sell our condo and move back into my parents house for 8 months until we found a house bc we had buyers but did not found a house yet anyway. oh and when we did find a house the sellers had two offers. The other offer was for MORE money then ours but they choose us bc we had nothing to sell and the other people did. Also, I would never pay a lot for a condo when ideally you could get a house for about the same price, but thats just me. Also our common charges were pretty high and I always thought that we could've had a higher mortgage bc we were paying another $400 a month for the c.c. Which in my opinion - was NOT worth it! Good luck in whatever you decide!!
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| Posted 10/28/08 11:33 AM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Why is everyone so against a condo vs a house?
Posted by Karen
I bought a condo in 2000 when I was still single. Without a doubt, it was the greatest financial decision I ever made! For about $200+ a month then I was paying for a studio apartment I got a 2 bedroom, 1.5 bath condo. When DH and I got engaged he moved right in so we didn't start our marriage with a huge mortgage and were able to save.
Fast forward 8 years - we sold it for more than double what I paid. I would do it again in a heartbeat!
I think unless people have lived in a condo, they are very quick to dismiss it.
ITA. The same thing happened to me.. Bought a coop actually..then 4 years later.. almost doubled my money.
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| Posted 10/28/08 11:43 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Why is everyone so against a condo vs a house?
Posted by Goobster
Posted by nov04libride
I think you are getting a lot of opinions from people who aren't as familiar with condos. For example, the taxes on the condos/townhomes you are looking at will NOT run you $600 a month. Our condo taxes are $4000, with star $3200. .
If you are referring to where I said $600 a mth, I was referring to if they owned a house, that this is likely what they would be paying in taxes.
Ahh gotcha! I thought you meant condo. Some condos are that $$$ in taxes, but I know the ones Sandy is considering, and those are not that much $$$$ taxes.
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| Posted 10/28/08 1:15 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Why is everyone so against a condo vs a house?
Posted by Sandy55
um....how about I've seen some for $100K less than a house and it's better than renting and throwing my money away since it's an investment?
See that's the problem. Renting is not "throwing money away". You are paying for a place to live.
If you think renting is throwing money away, buying a house is throwing WAY more money away.
You will be paying way more in mortgage interest and property taxes than you would paying rent. So theoretically you throw more money away buying.
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| Posted 10/28/08 1:22 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Why is everyone so against a condo vs a house?
If you are absolutely sure you dont want to save for a house then go for it. But it is different to pay rent and have no privacy (shared spaces etc) and pay a mortgage and still have no privacy. I lived in one and the rules drove me up the wall and I am a really laid back person but as a working person having deliveries etc between 8-4pm was not feasible...things like that. And have wall to wall carpeting so the neighbor below me would not complain..then when I went to sell it, it was such a PITA. They are NOT easy to sell even if you have 2 beds.
I am so grateful to be in a house now its a different world...something to consider.
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| Posted 10/28/08 1:38 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Why is everyone so against a condo vs a house?
Posted by ave1024
Posted by Sandy55
um....how about I've seen some for $100K less than a house and it's better than renting and throwing my money away since it's an investment?
See that's the problem. Renting is not "throwing money away". You are paying for a place to live.
If you think renting is throwing money away, buying a house is throwing WAY more money away.
You will be paying way more in mortgage interest and property taxes than you would paying rent. So theoretically you throw more money away buying.
i disagree..either way with buying a condo, co-op, house, etc....you're building equity
ETA: with renting you don't see ANY money back....not a penny
Message edited 10/28/2008 1:40:16 PM.
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| Posted 10/28/08 1:39 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Why is everyone so against a condo vs a house?
Posted by ave1024
Posted by Sandy55
um....how about I've seen some for $100K less than a house and it's better than renting and throwing my money away since it's an investment?
See that's the problem. Renting is not "throwing money away". You are paying for a place to live.
If you think renting is throwing money away, buying a house is throwing WAY more money away.
You will be paying way more in mortgage interest and property taxes than you would paying rent. So theoretically you throw more money away buying.
I agree, but what about tax returns from the mortgage interest and property taxes? You don't get that with rent.
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| Posted 10/28/08 1:39 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Why is everyone so against a condo vs a house?
Posted by Sandy55
Posted by ave1024
Posted by Sandy55
um....how about I've seen some for $100K less than a house and it's better than renting and throwing my money away since it's an investment?
See that's the problem. Renting is not "throwing money away". You are paying for a place to live.
If you think renting is throwing money away, buying a house is throwing WAY more money away.
You will be paying way more in mortgage interest and property taxes than you would paying rent. So theoretically you throw more money away buying.
I agree, but what about tax returns from the mortgage interest and property taxes? You don't get that with rent.
yes this too....and taxes!!
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| Posted 10/28/08 1:40 PM |
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classylayd
LIF Infant
Member since 7/07 288 total posts
Name:
Jennifer
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Re: Why is everyone so against a condo vs a house?
I think it's all personal preference. We have lived in our condo/townhome for 2 years now and love it. I always wanted a colonial style home and at the time we were looking it would of cost us 450K or more for something decent. Something we were not able to afford. We now have a beautiful 3 bedroom, possibly 4, 1.5 bath. It's exactly what we wanted in a house but in a townhome instead and 200K less. Of course I would have liked a bigger backyard and a basement but we are happy with what we have.
Do what you think is best for you and yours. Good Luck! 
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| Posted 10/28/08 1:44 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Why is everyone so against a condo vs a house?
Posted by Sandy55
I agree, but what about tax returns from the mortgage interest and property taxes? You don't get that with rent.
This is another bad way of looking at it.
People say "I need the tax deduction". That's silly talk.
You just added 20k a year in mortgage interest you now have to pay by buying a house.
So you get a tax deduction. If you are in a 15% average bracket you just saved yourself $3000 for the year.
You still paid 17k more!!!! 
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| Posted 10/28/08 2:04 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Why is everyone so against a condo vs a house?
Posted by ave1024
Posted by Sandy55
I agree, but what about tax returns from the mortgage interest and property taxes? You don't get that with rent.
This is another bad way of looking at it.
People say "I need the tax deduction". That's silly talk.
You just added 20k a year in mortgage interest you now have to pay by buying a house.
So you get a tax deduction. If you are in a 15% average bracket you just saved yourself $3000 for the year.
You still paid 17k more!!!!
Not saying I "need" the deduction. Just balancing positives and negatives vs. renting and buying and investing. No silly talk here....be a little less insulting with your posts please.
Message edited 10/28/2008 2:10:06 PM.
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| Posted 10/28/08 2:08 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Why is everyone so against a condo vs a house?
Posted by Sandy55
Not saying I "need" the deduction. Just balancing positives and negatives vs. renting and buying and investing. No silly talk here.
"I need the deduction" and "renting is throwing money away" should not be considered positives for buying.
There are other positives, but those two shouldn't be one of them.
Look what reason #2 and #3 is - I didn't even go into the idea of appreciation since nobody can predict that
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| Posted 10/28/08 2:12 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Why is everyone so against a condo vs a house?
Thank you for your advice.
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| Posted 10/28/08 2:15 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Why is everyone so against a condo vs a house?
Posted by Sandy55
Thank you for your advice.
No problem and I don't mean my posts to be insulting.
It just makes me when I hear people talk about reasons #2 and #3 for buying.
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| Posted 10/28/08 2:23 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Why is everyone so against a condo vs a house?
Posted by cindy104
i disagree..either way with buying a condo, co-op, house, etc....you're building equity
Try telling that to all the people living in California and Florida that bought during the boom and are now upside down on their mortgage.
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| Posted 10/28/08 2:28 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Why is everyone so against a condo vs a house?
Believe me....everyone is frustrated with the current housing craziness.
Take me for instance..i can't make up my fricken mind!
Message edited 10/28/2008 2:45:51 PM.
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| Posted 10/28/08 2:45 PM |
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