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Old 03-08-2009, 01:41 PM
 
901 posts, read 1,826,838 times
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Quote:
Originally Posted by desertsun41 View Post
First off condos always have and probably always will be a poor investment. What makes your first choice so bad is the only thing worse then condo resales are one bedroom condo resales unless it's a condo on the ocean front where there will always be demand for a weekend getaway for those with spare change. And the only thing worse then condo resales are co-op resales. Even during good times you cold not give them away.

Your second choice is no good either but would have been during better times. If you feel you will struggle with your payments as you said then think what the lender will think. So say goodby to that idea too.

Do you really want to buy a home now when you know it will continue to lose value? Today we are not buying investments, we are buying a depreciating roof over our heads just like we are buying a depreaciating vehicle to get us to work. And that ain't changing for a long time. Dont judge past history on the future economy now. This is a whole new game.
I appreciate your help. I hope it doesn't come off as I'm not listening to everyone, because I am. Like I said, where I live condos are the norm. There actually aren't that many single family homes available. It's like get a condo/apartment or nothing.

All of the comments have helped me really think. I'm not going to rush into anything.
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Old 03-08-2009, 10:25 PM
 
Location: Houston, Texas
10,427 posts, read 29,739,460 times
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Quote:
Originally Posted by Sam82 View Post
I appreciate your help. I hope it doesn't come off as I'm not listening to everyone, because I am. Like I said, where I live condos are the norm. There actually aren't that many single family homes available. It's like get a condo/apartment or nothing.

All of the comments have helped me really think. I'm not going to rush into anything.
Where are you? I looked at your pasts posts and you never visit your home town threads. Where is condos the norm?
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Old 03-08-2009, 11:56 PM
 
412 posts, read 590,896 times
Reputation: 209
Condos are the norm in many urban, walkable areas.

Of course there are condo horror stores, and there are single-family home horror stories. You just have to do your best to research what you're going to buy.

Anyway, to answer the OPs question, I think that in today's market, it's not a good idea to buy a home that you can't "grow" in. It's hard to sell right now, and it probably will be for a while.

However, there are always exceptions. Maybe it's actually cheaper to own a 1 bedroom condo than to rent a 1 bedroom apartment in your area, and you don't think real estate prices and demand will continue to fall in your area. Then, buying a 1 bedroom condo might be a good idea.
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Old 03-09-2009, 12:04 AM
 
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My advice would be to not buy a home with your boyfriend. Either it is your house or his house.
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Old 03-09-2009, 02:15 PM
 
400 posts, read 1,031,779 times
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I say save for a big emergency fund (8 months of expenses in case you lose your job, which is very likely in this economy), then save for a 10-20% downpayment and closing costs.

When are you getting married? Everybody believes the real estate market is no where near the bottom, so you might be in luck by then to be able to buy a single-family home, maybe a little further than where you want to be.

As far as buying a condo goes, there are still people out there who do not want to do their own maintenance and who can afford a condo better. It might not appreciate as much as a house, but it should be viewed as a place to live in, not a place to make a buck on.
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Old 03-09-2009, 04:29 PM
 
901 posts, read 1,826,838 times
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Quote:
Originally Posted by NYSinger View Post
I say save for a big emergency fund (8 months of expenses in case you lose your job, which is very likely in this economy), then save for a 10-20% downpayment and closing costs.

When are you getting married? Everybody believes the real estate market is no where near the bottom, so you might be in luck by then to be able to buy a single-family home, maybe a little further than where you want to be.

As far as buying a condo goes, there are still people out there who do not want to do their own maintenance and who can afford a condo better. It might not appreciate as much as a house, but it should be viewed as a place to live in, not a place to make a buck on.
Thanks for the advice. I've thought about it some more and decided that I'm not going to rush anything. BF and I will wait to get married and then look to buy. We will buy something big enough to stay in at least 10 years, so the 1 bedroom is out. I also agree that a home is a place to live. I'm just looking for a place of my own
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Old 03-09-2009, 04:30 PM
 
901 posts, read 1,826,838 times
Reputation: 536
Quote:
Originally Posted by skchi View Post
Condos are the norm in many urban, walkable areas.

Of course there are condo horror stores, and there are single-family home horror stories. You just have to do your best to research what you're going to buy.
You are 100% right. I'm in a big city where houses even in the worst areas start at $400,000.
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Old 03-10-2009, 12:12 AM
 
10,097 posts, read 14,264,698 times
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My concern with condos is the business aspect- having bought property with strangers, in effect. If other owners walk away, or don't make their fees, those remaining have to pay more. You just have less financial control than a house. I personally can live with rules about yards or colors or flags or whatever, but I did have a disaster with my first property, a condo where everything possible that could go wrong did. In tough economic times, I suspect the business aspects of condo ownership could become a problem.
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