[downtherabbithole]

In towns like Manchester, Newington, Cromwell and Middletown is it possible to buy a decent condo in the $80-$100k range. Obviously the condo wouldn't be brand new but hopefully wouldn't need a complete renovation either. Are complexes in that price range worth buying into or are you better of renting? What would the average monthly condo fee be?

How do you find out the fee and if the board is running things properly and any other possible issues?

[jaydez]

For that price you are looking in places like New Britain and East Hartford. Condo fees vary based on amenities and what needs to be fixed in the complex. Remember, the older the place is, the more likely the complex is preparing for major work and thus an assessment to cover it.

When you say condo, are you talking about a flat or a townhouse?

If you want to find out if the board is running things right, you need to ask the people who live there.

[T Pinto]

I think it is very possible to find a 'decent' place in that price range in the towns you have mentioned. Most will need some updating but you may find a few that are already there. I recently saw a unit at Cromwell Gardens which was well updated and another short sale in Newington that was in good shape. Monthly fees run between 200-350.

In terms of the association, I agree with the previous poster that it always helps to ask the neighbors. If you do end up making an offer on a condo, you will be given the chance to review the associations financial statements as well as activities before committing to a sale.

The general opinion is that owning is a better option at this point in time. I think I agree as interest rates and prices are low but rents are still enjoying a good market. Of course it all depends on your individual situation, how much you are putting down, your loan terms etc. If you are considering an FHA loan, the condo complex needs to be FHA approved. Speak with a good lender and run some numbers as to what your outgoing/month would be for renting vs owning. I think you will get a clear answer. Good luck!

[retiree2011]

Originally Posted by downtherabbithole

In towns like Manchester, Newington, Cromwell and Middletown is it possible to buy a decent condo in the $80-$100k range. Obviously the condo wouldn't be brand new but hopefully wouldn't need a complete renovation either. Are complexes in that price range worth buying into or are you better of renting? What would the average monthly condo fee be?

How do you find out the fee and if the board is running things properly and any other possible issues?

I don't live in that area, but I can give some advice that, hopefully, might help. I own a condo that I bought about 20 years ago and it was a good place at that time. I still like the neighborhood, but not the way the place is going. We are supposed to be no more than 20% rentals, but it is now about half rentals. With the influx of renters, the place is going downhill fast. Everyone gets one parking space, numbered, and there are about 25 extra visitor spaces. People move in with 2 or 3 cars and park just anywhere. After the recent storm, several of us spent several hours digging out our spaces and if you went out, there would be a car in it when you returned. Renters are not supposed to have dogs, but most of them do. Dogs are supposed to be no more than 20 pounds - we have pit bulls, boxers, Labradors, etc. here. The property manager makes a side income by advertising units in our complex for rent on Craigs List, getting a month's rent for getting someone to sign a one-year lease. I have heard from owners who rent their places out that she calls them and offers her services as a renting agent. No wonder we are becoming a rental complex. The lawn areas are covered in dog droppings, because no one cleans up after their dog. Banks will not give mortgages for our complex, because of high proportion of renters and shaky finances of the association.

So I would suggest - first, walk around the complex you are considering. Is it well-kept up? Are there dogs barking out of all the windows? Talk to some residents you see outside. See if they seem happy to be there. And most importantly, if a bank will not finance a place in a particular complex, that is a sure sign to stay away. We lost our FHA eligibility a couple of years ago, then the banks stopped lending for units in our place, so now it is cash sales only and the only units selling are foreclosures and short sales. Steer clear of anyplace with these sorts of problems.

Good Luck!!

[willow wind]

There are a handful in that price range in Middletown that are in a decent area-.Two in Carriage Crossing complex, two in the Trolly Crossing complex. Most seem to be bank owned which is why they're cheap. .
But the complexes will go conventional, VA & FHA for financing.

It's a nice area to live, convenient to everything with lots of young people. I don't know how the condo fees run, Carriage Crossing has more amenities than the other so may be higher.

Agree with the previous poster on how well they're run. Hard to find out and property managers usually won't say much unless you're actually buying and they have to provide resale documents to you.

Go to any real estate website, such as realtor.com, homes,com, trulia.com, etc. and input the city, condominium for type and price range. You'll be able to find the listings.

No idea whether it's cheaper to buy or to rent. Depends on what amount of mortgage you expect to carry, the monthly condo fee, etc. as compared to what you want to pay for rent.

[mikelizard860]

Originally Posted by downtherabbithole

In towns like Manchester, Newington, Cromwell and Middletown is it possible to buy a decent condo in the $80-$100k range. Obviously the condo wouldn't be brand new but hopefully wouldn't need a complete renovation either. Are complexes in that price range worth buying into or are you better of renting? What would the average monthly condo fee be?

How do you find out the fee and if the board is running things properly and any other possible issues?

Honestly. Just save up if you can and get a house. Noise is an issue. ESPECIALLY if it's a condo with someone on top of you or below you. These apts/condo's around here are made like garbage and you can hear people cough. Then you have people that bring in dogs that can bark all the time or their up all night watching tv or walk overhead waking you up. There should be laws that mandate certain level of soundproofing in multi dwelling apt buildings/condo's. Ear plugs don't work well and why should have to sit in your own place with earplugs on anyway! Then you have monthly fee's on top of that, which you have no control over how high they get. Quality of life is much better in a house. And it makes more sense financially if you have enough money to afford a house. You might as well just rent an apt rather than buying a condo.

Just my 2 cents.

[downtherabbithole]

I would not live in New Britain or East Hartford or Hartford.

My thought process behind a condo vs. a house would be that I don't want to do yardwork or shovel snow.

What is the difference between a flat and a townhouse?

Condo fees are really that high? I was thinking $150 - $200. What does that pay for?

[mikelizard860]

Originally Posted by downtherabbithole

I would not live in New Britain or East Hartford or Hartford.

My thought process behind a condo vs. a house would be that I don't want to do yardwork or shovel snow.

It's called a contractor. Buy a house and hire one. You'll pay for it anyway with condo fee's.

[T Pinto]

I agree that it will cost you less to hire someone to do your yard and perhaps snow than the condo fees. The condo fees, however, do cover roof, siding, the common areas and amenities, trash removal, private roads etc. Although, when you look at some complexes you couldn't tell! Sometimes it also includes heat. So you have to check for each complex. When they do get around to fixing major things they may levy an extra, special assessment.

Purchasing a house may sound like a good option but I don't think there would be anything suitable in that price range. You would have to get to at least 100-150 to find something.

The words condo, townhome, flat etc are used interchangeably. When someone says flat, they usually mean an apartment with someone above or below you. Townhomes are usually units that share at least one wall with another unit, side to side. There are some complexes that are "condos" in that they have an association, by laws etc. But each unit is free standing. This may be the best of both worlds for you. I know of Wetherell Village in Manchester. Very nice. Not FHA approved and you are looking at the mid 100s.

[cdhpotter]

I would look in Cromwell. There really aren't any unsafe or bad areas, and there are a good number to choose from for that price.

Fees really have a huge range depending on what's included. When we looked 2 years ago, they ranged from $80-$550, but most were $150-$250.