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Why is everyone so against a condo vs a house?
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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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!!!! 
This isn't always true. We aren't in the 15% average tax bracket, but when we did the math, we will be paying nearly the same amount for rent and for our mortgage+interest when you deduct the amount we are saving in taxes... and we are building equity.
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Posted 10/28/08 2:53 PM  |
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jellybean78
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Member since 8/06 13103 total posts
Name:
Mommy
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Re: Why is everyone so against a condo vs a house?
Thats an excellent article.
Personally the only place I would buy a condo is in Manhattan....because Manhattan is Manhattan and there will always be some what of a demand for housing...there are not alot of places to build on Manhattan left.
I think condos are good if that is the lifestyle you are planning to keep but if you are just doing it to get your foot in the door than I wouldn't buy. I would rather rent (nothing wrong with renting) and keep saving until you are ready to buy a house.
Don't get me wrong I think condos are good for certain people (i.e. don't like the maintenance of a house, etc) but if your ultimate goal is a house I would wait and save.
Unfortunately I think the days of people buying condos and making huge profits from them in a few years are over for the foreseeable future. IMO you are much better off saving and waiting and once you find a house you can just up and move without the hassle of having to wait to sell your condo, closing on it, etc.
ETA: I have a different view on homeownership...I don't see building equity as a major factor of buying a home. A home to me is somewhere to lay my head and raise my children (whether it's an apt, house or whatever) If you build equity thats a bonus but I would never buy anything thinking oh OK i'm buying to build equity and then I'm out of here in 3 years KWIM.
Message edited 10/28/2008 3:03:17 PM.
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| Posted 10/28/08 3:00 PM |
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SuzyQ
Mama to 3!?!?!?
Member since 7/06 8069 total posts
Name:
Susan
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Re: Why is everyone so against a condo vs a house?
Posted by OStewarts
Posted by lbride
To be honest - there's nothing wrong with renting either... either you're "throwing" your money away to rent or to pay interest on a mortgage. If you really want a house and not a condo, I would wait for the house and rent until then. DH and I rented for 2 yrs and saved a ton of money. When we bought our house we just picked up and left without the hassle of selling....
I think this is fantastic advice.
ITA. DH & I rented for a very long time (at least it felt that way) and we were sick of "throwing our $$$ away" but we saved so much $$$. However, I do think a condo is a smart inventment IF you can find a good deal and it's in a good area. I would never buy one that's less than 2 bedrooms. I just feel that even single people what 2 bedrooms so they have an office/guest room. If resale isn't great when you're ready to sell, maybe you can afford to keep it as an inventment and rent it out to cover the mortgage. Good luck with your decision. Only YOU & DH know what's best for your family. 
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| Posted 10/28/08 3:10 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 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.
That's b/c 90% of them bought what they couldn't truly afford...but that's all the mortgage companies' fault for allowing it to get out of control.
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| Posted 10/28/08 7:47 PM |
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| Pages: 1 2 [3] |
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