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Old 05-11-2008, 08:29 AM
 
Location: Crab Key
179 posts, read 1,098,256 times
Reputation: 60

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If you have the money, do you buy a small house, a condo, or stick with an apartment? Assume that you live alone without any family or pets, and could easily live in a 1br apartment if space were the only consideration.

When my Mom talks about it, she acts like buying a house is the only option, and that anybody with the money for a down payment would be an idiot not to do so. So, then, why do so many people live in apartments?

Other people tell me why bother with the space if you don't need it? You have to spend time keeping it clean and have a lot of taxes.

Some people say Condos because they are smaller but you own them and are an investment. My Mom says that these do not resell well.

What is the right answer? Is it financially best to buy a house? Or is it better financially to live in an apartment for your whole life?

Please help....I am clueless
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Old 05-11-2008, 10:17 AM
 
Location: Aurora, Colorado
62 posts, read 283,292 times
Reputation: 44
I think there are lots of factors. Whats good for everyone else may not be whats good for you. just be cause you can financially afford to buy doesnt mean you should. And you should never buy just to please some one else.
A few factors that might prevent people from buying are;
1. They dont want the extra responsibility that comes with owning
2. In certian hogh end neighborhoods its easier to rent then buy
3: they are planning to move in less then 5 years
4. their job situation isnt stable
5. they have other things they want to spend their money on
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Old 05-11-2008, 11:55 AM
 
Location: Sunny Florida
7,136 posts, read 10,650,166 times
Reputation: 9448
Dear HoneyRyder, I think it all depends on where you are in life. When I was young and single and just starting out in my career I lived in an apartment because it was easy. I didn't want any maintenance and I wanted a swimming pool to hang out at in the summer. I wanted to come and go as I pleased and an apartment allowed me to do that. Also it allowed me to save money for a house. I knew I didn't want a condo because condo living is very much like apartment living - you can hear your neighbors and they can hear you, you don't have a lot of personal space, and you have a monthly maintenance fee.

When I bought my house I was secure in my career and wanted a place of my own. I also wanted pets which was something my complex frowned upon. When I got my house I also bought a second car, a cute little convertible, so I could get to work even if my main car broke down - that's my story and I'm sticking to it. Boy did I love that car! My house was in a small town and I could walk to almost everything, which I really liked. What you should know though is that owning a house is always more expensive than you anticipate.
You suddenly need a lawn mower, tools, hoses, etc. and every time you get a bit ahead financially something breaks or needs attention. If you are not good at managing money, saving for a rainy day, and doing yard work, don't buy a house. If you're like me and you're good with money you'll be fine. The nice thing about owning a house is that it's all yours, you can do what you want with it, and it's a good investment.

When I sold my home a few years later because I had met Mr. Right. I made a $10,000. profit on it - not bad for a few years time. That profit, and the profit he made on his house, allowed us to purchase a much larger and nicer house to begin our married life in. I really think owning a home is one of the best investments you can make, but it is a lot more work than living in an apartment and if you have to pay people to cut your grass, rake your leaves, and fix things it can be quite expensive. Best wishes and I'm sure after you evaluate your situation you'll make a good choice!
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Old 05-11-2008, 03:05 PM
 
Location: Long Beach, CA
72 posts, read 172,415 times
Reputation: 28
Default Advice I hope will help

I agree with your mother and advise buying a house so your not paying for someone else's investment.

1) Location, location, location Buy in the best area you can afford.
2) Buy the land not the improvement. They are not making any more land, and price is determined by supply and demand.
3) Tax advantages. The government subsidizes your living expense, and unless you refinance, which I advise you not to unless it's for a lower interest rate.
4) I don't know how old you are, but it's never too soon to plan for retirement.
5) Always listen to your mother and father, they're the only two people you can be sure have your best interest at heart.

Best of luck with your decision,
Richard
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Old 05-11-2008, 03:07 PM
 
Location: Long Beach, CA
72 posts, read 172,415 times
Reputation: 28
I think it was very smart of you asking for advice before making such a big decision
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Old 05-11-2008, 03:58 PM
 
Location: Crab Key
179 posts, read 1,098,256 times
Reputation: 60
Hey...thanks for the replies.... *takes notes*
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Old 05-12-2008, 12:55 AM
 
Location: Crab Key
179 posts, read 1,098,256 times
Reputation: 60
Another question...how long do you have to live in a home for it to be a worthwhile investment? Is it like 5 yrs or 20 yrs?
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Old 05-12-2008, 05:24 AM
 
19 posts, read 65,910 times
Reputation: 20
HoneyRyder, will you have a mortgage or pay outright? If buying a smaller place means you'll be mortgage free, DEFINITELY go that way ...

Being in a house has a huge advantage - little risk of noise from neighbours ...

First priority is to choose the area you wish to live in. If you can't afford a house there, then buy a good apartment.

One thing to keep in mind is that with your own house, if you have tight financial times, you can delay upkeep like painting. In a condo, you'll have to pay up for any extra maintenance - or things like fire upgrades.
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