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Old 12-21-2010, 07:20 PM
 
7 posts, read 7,364 times
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I am currently renting an apartment for 1250 per month and wanted to buy a property to save rent. I can put a down payment of 120K. I am commuting for work at university/texas Ave.

Please help in deciding whether to buy a condo or a home in college station.( Looked at few condos in forest drive and spring loop. But, I fear for the sewage plant near to these condos and lot of sign boards for sale in this community). I am yet to look at Dominicks, Krenek tap, Barracks and few other condos.

Realtors are confusing me to go for a single family home as the price appreciation might be better than condos. But i feel renting out a condo with nearby A&M stop is more easier than renting a single family home in south college station.

I am not planning to sell in near future as i want to invest my 100K savings for buying a property and rent it out if i move out of college station. Appreciate your advise.
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Old 12-21-2010, 08:40 PM
 
Location: Houston area, for now
948 posts, read 1,202,455 times
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I've been in the housing rental business a long time and my advice to you is if you are looking to buy a live in stay away from Condos. Basically your buying an apartment and all the troubles that go with it pluss the issues that you come across as a home owner including HOA's.
Construction is questionable at best just like an apartment building, you can't fix your car in the driveway, you have people all around you.
$120 k is a good DP on a place and your not looking for your dream home right now. Find a small house in a good neighborhood that is all 100% yours. Then put your lawn chair where ever you dam well please
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Old 12-21-2010, 09:59 PM
 
Location: The Greater Houston Metro Area
8,951 posts, read 14,093,599 times
Reputation: 14772
Quote:
Originally Posted by Dewmik View Post
I've been in the housing rental business a long time and my advice to you is if you are looking to buy a live in stay away from Condos. Basically your buying an apartment and all the troubles that go with it pluss the issues that you come across as a home owner including HOA's.
Construction is questionable at best just like an apartment building, you can't fix your car in the driveway, you have people all around you.
$120 k is a good DP on a place and your not looking for your dream home right now. Find a small house in a good neighborhood that is all 100% yours. Then put your lawn chair where ever you dam well please
Very good advice.

Those realtors were steering you right. Condos are the first to feel a downturn - the longest to stay in the slump - and the last to appreciate. Renting it later, you have to remember in a college town, you will have some vacant months - but that condo fee keeps coming at you, whether vacant ot not.
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Old 12-21-2010, 10:22 PM
 
Location: Houston area
1,408 posts, read 3,478,268 times
Reputation: 635
I'd definitely go for a single family or even a duplex over a condo. Unless you are in condo type of city or resort town, I wouldn't consider it the best investment.

Also, if you have $100-$125k to invest, I would consider maybe getting more than 1 property instead of putting it all into 1 home. If you qualify, you could get several mortgages by putting down 20%-25% on the home. The rent would more than cover the mortgage and you would be able to accumulate more properties than by just spending all your money on 1 property. Just something to think about, I'm not sure about your long term goals.
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Old 12-23-2010, 09:17 AM
 
7 posts, read 7,364 times
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Thank you all for your advice.
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Old 12-23-2010, 01:56 PM
 
12,671 posts, read 20,496,910 times
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Is it better to pay cash for a home or finance?
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Old 12-23-2010, 03:12 PM
 
Location: The Greater Houston Metro Area
8,951 posts, read 14,093,599 times
Reputation: 14772
Quote:
Originally Posted by Texas User View Post
Is it better to pay cash for a home or finance?
Don't start with that again - you wore that thread out.
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Old 12-23-2010, 05:40 PM
 
12,671 posts, read 20,496,910 times
Reputation: 2618
Quote:
Originally Posted by cheryjohns View Post
Don't start with that again - you wore that thread out.
This is a different topic.
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