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Old 10-11-2013, 04:53 AM
 
45 posts, read 79,288 times
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Can someone tell me why this would be a bad idea to buy a cheap condo as opposed to renting something in the Uptown area? I have notice some condos on Sage road selling for high 90's and low 100's. I have also noticed that renting around the Uptown area is generally in the 1300 dollar range. I am new to all of this, so excuse my ignorance when it comes to these matters, but it seems like it would be a better idea to buy as opposed to renting. The maintenance fee for these condos are only in the 300-400 dollar range for the lower priced units.
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Old 10-11-2013, 08:06 AM
 
Location: The Greater Houston Metro Area
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I would suggest a townhome instead. The maintenance is lower - and the value holds better. Less apt to take a dive if bad management creates a adverse situation.
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Old 10-11-2013, 08:24 AM
 
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Maintenance fees gives you no return...you are throwing money away. And if it is a bad management company, well yeah.
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Old 10-11-2013, 08:57 AM
 
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Yea, also remember that maintenance is for outside public areas only. You'll still have to pay for repairs and updates inside your condo. Also, remember that if you wanted to sell the condo later on, it will cost money as well as time and stress. If you are up for it, then go for it
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Old 10-11-2013, 09:29 AM
 
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It depends how long you want to stay there. I have a friend who bout a condo at the age of 25. 10 years later he owns it and doesn't have a mortgage. He now has a wife and kid and rents the place out for $1300 a month.

Insurance is cheap for a condo (much like renters insurance), so that takes some of the sting out of the maintenance fees.

Last edited by Mr. Krinkle; 10-11-2013 at 09:54 AM..
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Old 10-11-2013, 09:47 AM
 
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We bought a condo for a daughter who was a student at UT. Just be careful about management fees. Pay attention to the HOA. On a condo, the taxes part can be deducted. That daughter took her Austin condo money and bought in Manhattan 10 years later.
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Old 10-11-2013, 10:29 AM
 
23 posts, read 32,645 times
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It is always better to buy, than rent. Building equity will help you much more in the long run. I would say check out the management/hoa carefully, and seriously look at a townhouse.
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Old 10-11-2013, 05:23 PM
 
Location: Houston, TX
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I agree with Chery...townhome is a better avenue especially in Houston where there are many.
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Old 10-12-2013, 09:34 AM
 
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If you plan to stay-put for at least five years. Buying makes you much less mobile, and transaction fees can add-up.
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Old 10-12-2013, 12:55 PM
 
Location: San Antonio, TX
1,294 posts, read 2,862,243 times
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I recently bought a condo (at 27) and I feel it's much better than renting. I feel it won't appreciate quickly but to rent in the future, it's to me a good investment. It was a fixer and to me, the key was to not overspend.

There are fees, mine come to $300 but all outside work is done my management. I bought my place two months ago and they've since fixed the garage, pillars outside out in my porch, the foundation prior and other touch ups. Those that own a house or town home won't have these monthly fees but any exterior work is something they may need to worry about.

In addition to the monthly fees, I have covered parking, a pool, water and cable tv included. I feel somewhat satisfied with the value I get from what I pay a month.

Water, cable tv, monthly fees and mortgage runs me no more than 900 whereas my previous apt now charges about $1200- nothing included. I remember getting those random $30-50 water bills and with utilities you'll prob be looking at $1300 a month.

Every place around me rents are $1200 that will only go up.Hopefully I pay off my place in 10-15 years, can rent or sell and use it for something else.

So Yeah, I don't agree w those that are against condos. I also would rather have a place like this in a nice area instead of buying a 150k house out in burbs that I feel may never appreciate. I also agree with oil dog and others that suggest a townhouse. That may have been my first choice if I had a bigger budget, but this is something to start...
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