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Old 07-11-2008, 03:20 PM
 
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If it is, whats the difference from owning an apartment and owning a house? Also, are condos and apartments quite the same?
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Old 07-11-2008, 04:00 PM
 
Location: Houston, Texas
10,425 posts, read 43,537,956 times
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The American Dream of homeownership right now is in shambles. Who knows....with the prices off 50% from 2 years ago and even more in some seriously depressed areas like Las Vegas, Pheonix, Miami and Detroit it could be a good thing.

More young people will now realize the dream but at what expense? The highest foreclosure rate in Americas history? Yes even more then 1928 when you factor in population comparisons.

It still beats apartment living which is a little like living under your parents rules or communist rules in some strict apartment complexes. Plus its throwing your money away.

Condos are just glorified apartments. Human filing cabinets if you will. You get the tax benifit but are still stuck in a communist HOA or living by some one elses rules, parking in a big parking lot where everyone bangs their car door into yours. And with the depression we are in today with all these foreclosures, condos fare the worst. Condos have the highest foreclosure rate of all home ownership. The condo concept was a good idea many years ago when they were cheaper then single family detached but before the housing crash they almost caught up in price with single detached.

If you have a condo today for sale, you will likely have it for a long long long time. The only successfull condos are the ones that are exceptionally located and a bit on the newer side.
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Old 07-11-2008, 05:44 PM
 
Location: Knoxville
4,136 posts, read 19,745,430 times
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Condo's are not the doom and gloom all over, maybe just in Desertsun's locale. In Knoxville, condos, do very well. We own a couple we rent out, and could probably sell ours just about any time. When we put a for rent sign out, most of the calls we get are from people that want to buy them.

To try to answer your questions: First of all, I'm not sure what you mean by owning an apartment. In my experience, apartments are RENTED. Anyway....
Condo living. The plus side is: you don't have to worry about lawn care or maintenance. In many condos, you don't even have to worry about exterior upkeep and repairs. They are also usually priced less than a single family home.
The down side is: you will likely share a wall or two with adjoining properties, so you can get noise issue just like an apartment. The Associations do have rules, and I guess they could be considered heavy handed in some cases. Having structured rules is not necessarily a bad thing. It does tend to keep things under control.

IN a condo you are not likely to have a neighbor putting his car on blocks in the front yard for weeks at a time, or store used appliances on the front porch. While you have the freedom to do what you like in a HOUSE, you don't have any control over your neighbors, and that can be a problem. The difference is, with a condo association, there is someone that can do something about it.

I think the people that yell loudest about having someone telling them how to live, usually want to do something that will tick of their neighbors.

The downside of home ownership is the continual maintenance and repairs. While we all accept it as home owners, it is a drag sometimes, and it really never ends.

There are a lot of factors that come into play. These are all general assumptions.

Initial cost is one. A condo will be less expensive.
The rate of return is probably higher with a house (with this market who knows about any of this).
If you have pets, especially if they need a yard, a condo is not the best choice.
If you travel a lot, or don't like yard work, a house is probably not the best choice.
If you want SPACE, a house is better.
If you want privacy, a house is probably better.
If you want access to a pool or facilities, a condo can provide them without the initial cost or upkeep.

Hope this helps
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Old 07-11-2008, 05:59 PM
 
1,875 posts, read 2,215,363 times
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Quote:
Originally Posted by Barking Spider View Post
Condo's are not the doom and gloom all over, maybe just in Desertsun's locale. In Knoxville, condos, do very well. We own a couple we rent out, and could probably sell ours just about any time. When we put a for rent sign out, most of the calls we get are from people that want to buy them.

To try to answer your questions: First of all, I'm not sure what you mean by owning an apartment. In my experience, apartments are RENTED. Anyway....
Condo living. The plus side is: you don't have to worry about lawn care or maintenance. In many condos, you don't even have to worry about exterior upkeep and repairs. They are also usually priced less than a single family home.
The down side is: you will likely share a wall or two with adjoining properties, so you can get noise issue just like an apartment. The Associations do have rules, and I guess they could be considered heavy handed in some cases. Having structured rules is not necessarily a bad thing. It does tend to keep things under control.

IN a condo you are not likely to have a neighbor putting his car on blocks in the front yard for weeks at a time, or store used appliances on the front porch. While you have the freedom to do what you like in a HOUSE, you don't have any control over your neighbors, and that can be a problem. The difference is, with a condo association, there is someone that can do something about it.

I think the people that yell loudest about having someone telling them how to live, usually want to do something that will tick of their neighbors.

The downside of home ownership is the continual maintenance and repairs. While we all accept it as home owners, it is a drag sometimes, and it really never ends.

There are a lot of factors that come into play. These are all general assumptions.

Initial cost is one. A condo will be less expensive.
The rate of return is probably higher with a house (with this market who knows about any of this).
If you have pets, especially if they need a yard, a condo is not the best choice.
If you travel a lot, or don't like yard work, a house is probably not the best choice.
If you want SPACE, a house is better.
If you want privacy, a house is probably better.
If you want access to a pool or facilities, a condo can provide them without the initial cost or upkeep.

Hope this helps
Seems like condos are a relaxing worldview. So I guess its more quiet living in a condo than an apartment?
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Old 07-11-2008, 06:05 PM
 
Location: Southeast
625 posts, read 3,982,886 times
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Get a single family home...then you don't have to worry about having crappy neighbors making noise, etc...my friend has a condo and it turns out to be just like living in an apt complex because a lot of the other units are rented out...so you get riff raff in there...he always has stories about his neighbors making noise, etc...I like having my house-much better in my opinion than the potential headaches with close-quarter living such as in a condo/townhome.
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Old 07-11-2008, 06:11 PM
 
1,875 posts, read 2,215,363 times
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Quote:
Originally Posted by scottv View Post
Get a single family home...then you don't have to worry about having crappy neighbors making noise, etc...my friend has a condo and it turns out to be just like living in an apt complex because a lot of the other units are rented out...so you get riff raff in there...he always has stories about his neighbors making noise, etc...I like having my house-much better in my opinion than the potential headaches with close-quarter living such as in a condo/townhome.
And he's living in the suburbs. I always thought homes and condos in the "burbs" were more quiet compared to the urban environment or in the inner city.

I'm thinking a one-bedroom home would be suitible for me.
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Old 07-11-2008, 08:53 PM
f_m
 
2,289 posts, read 7,366,702 times
Reputation: 868
Quote:
Originally Posted by LAFan View Post
Seems like condos are a relaxing worldview. So I guess its more quiet living in a condo than an apartment?
Not necessarily. Since the construction quality may be the same, you will have the same issues if you have loud neighbors.

Supposedly some may be built to a better quality, but there are also condo conversions, where they take an existing apartment and then just remodel and sell them as condos.
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Old 07-11-2008, 10:35 PM
 
Location: Knoxville
4,136 posts, read 19,745,430 times
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I can't say I have seen very many (if ever) one bedroom homes. A lot really depends on how the condos are set up. In Knoxville, we have Hotels that were built for the Worlds Fair, converted to condos. They are multi story units set up like a hotel. Probably pretty noisy.

Others are two story buildings set up like apartments with some up, and some down.

Then there are the ones that are two story, but each unit is two story, so they only share a side wall with one or two other units.

The condos I own are set up 3 or four units per building, single level. One is the end unit, so it only shares one wall. The other one is a middle unit that has shared walls on two sides. My Mother used to live in one of them, and I have to say they must have pretty good sound walls, because I never really heard the neighbors ion the next unit.

With a house, remember you have the expense of yard maintenance in time and purchasing the equipment. With a condo, you have the association fees.
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Old 07-12-2008, 05:26 AM
 
Location: Pinal County, Arizona
25,107 posts, read 34,374,882 times
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You don't "own" an apartment.

You rent an apartment

You can own a Condo
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Old 07-12-2008, 05:29 AM
 
Location: Pinal County, Arizona
25,107 posts, read 34,374,882 times
Reputation: 4893
Quote:
Originally Posted by LAFan View Post
I'm thinking a one-bedroom home would be suitible for me.
A one bedroom, single family home, may be impossible to find. I know of no such type of properties -
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