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Is it crazy to buy a condo if you do not plan living there long term? I can get a newer condo for half the amount of rent in some cases. Is it to big of a risk to but a condo and sell it in say two years? I am getting tired of renting but I am not ready to commit long term and buy my forever home. I would not be able to rent it out as far as I know because I would be using VA loan.
If it's a place where tons of condos are being built, then your value probably won't rise too much, and resale could be affected when you try to sell compared to brand-new construction.
If you have lots of families who want to move in the area, they may not be as likely to choose a condo over a SFH.
To me, this decision is more about the market than the home itself.
Location: Sarasota/ Bradenton - University Pkwy area
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Before purchasing a condo, be sure to check out the current budget and especially the reserves for repairs to see if they are being fully funded. Otherwise you could end up with a surprise special assessment sometime in the future.
And I agree with other posters, you really need to study your local condo market to decide if it's worth making a short term investment like this when you factor in closing costs for both buying and later selling, property taxes, insurance, etc.
Location: Danbury CT covering all of Fairfield County
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Depends on the deal and you could find something under-market that needs a little work in an area of higher values. Due your diligence on the market and neighborhood.
The OP wrote about new condos not fixers with repairs on the near horizon. I would say add up the cost of payment, insurance, taxes, possibly mortgage insurance (PMI if needed), plus HOA costs, and if it is less than rent you pay now then go for it.
Of course you may need to pay movers. And when you sell in two years you will need to pay a realtor and closing costs, so perhaps factor that in too. That all adds up and is the reason that sometimes it’s not worth buying if you don’t stay very long.
But if the property appreciates it offsets some costs (if). And it’s wonderful being able to decorate according to your whims and to have complete indoor privacy.
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