1bedroom condos good or bad idea? (Jacksonville, Tampa: rental, HOA, insurance)

[Michaelsaurus Rex]

I am looking into getting a condo and something I have noticed is you can get nice small condos for $49-$60k. For example there are 1 bedrooms that are 740sq ft going for 50k in nice gated communities. While speaking to a friend she was telling me I should stick to 2 bedrooms instead of 1 bedrooms because it would be easier in the end to sell.

Anyone have any thoughts on this. I am a single guy in his mid twenties and don't need much space and thought if I find someone and want to start a family we could always just rent it out or by the time that happens most of it would be paid off so it wouldn't be a burden.

I did a calculation and payments without taxes or insurance or hoa or condo fees would be about $250/month for a 15 year mortgage. How much should I expect to be tacked on a month with tax, insurance...etc...listed above thanks.

[tjax1000]

Prior to getting married, my wife had a 1 bedroom in Jacksonville, FL. Probably a similar situation as to yours in Tampa. She was single and really couldn't afford a whole lot more (hers was around 90K vs. 115K or so for a 2 bedroom.)

Everyone told her it was a mistake to buy a 1 bedroom, but after we got married in late 2005 she was able to sell it without too much trouble. The only thing I had told her when buying one was to get a ground floor unit. I could see a lot of elderly folks wanting a small condo and at the same time NOT wanting to climb stairs.

I dunno, seems people always have an idea of what to tell you is best... buy the smallest house in your neighborhood, or a 2 bedroom condo, etc. In reality, there will always be buyers looking for places at every price point. Sure, some price points may have more buyers than others.

On the other hand, given the current market, I imagine condos are tough to sell and I imagine there are plenty that people are trying to rent. I've put my family on a 10 year plan... basically the next move & purchase we make is where we intend to be for 10 years. I'm not sure I'd buy something right now if I wasn't sure I'd still want to be living there in a couple years.

Good luck

[lavender]

I just would advise to be careful if you buy a condo conversion unit. Many of them are ex rental units and not best construction, not a lot of storage and you may grow out of it.
Make sure you dont have paper thin walls it will drive you crazy and so will pipework and ducting that runs down your unit walls (inside), the sounds of other folks bathtub emptying late at night is not funny either.