Buying a Condo
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- tenpointtwo
How many of you guys have bought a condo out there? Any advice on how to look? How much to spend?
I don't know if I can afford one yet- but I hate pissing away cash on rent. Any advice?
- arthur0
I've bought a condo, as well as two houses.
How to look? Check the real estate sites like realtor.com or visit a local realtor or two and ask a bunch of questions. How much to spend? How much can you afford? Use a mortgage calculator.
Rent is a waste of money, buy something if you can afford it.
- k0na_an0k0
location location location.
i own a condo/townhome and that' the number one thing to look for. location also = taxes so pay special attention to the taxes in that area.
the higher the taxes the more you'll pay per month as you'll wan to escrow that money into your monthly payment. the higher the taxes, the higher the escrow, the higher your monthly payment.
look for something you can afford (obviously) but also something that you think you'll be able to do some minor upgrades to and sell for a profit a few years from now.
the kitchen and bathroom are the most important things too look for as they'll get you the most return on investment.
also. an agent will help you out lots. chances are you or someone you know is one or knows one. use them. they'll save your ass knowing all the little things you'll never think of.
good luck.
- Gucci0
budget your monthly income against monthly condo fees + your mortgage. if you can't afford them, or will just scrape by... don't bother.
- ********0
i bought 3. got one for free. actionpack!
- ********0
oh wait, condo. i thought you meant condom.
carry on.
- Soler0
my homie just bought one for 465 this year... although here in socal the housing market is slipping so prices will be going down, seems to be the national trend as well.
- hiatus0
word of advice as a former RE agent....its time to buy in a year or morewait for the bubble to finish disinflating a bit. In the mean time start looking(as practice for now>>>>>maybe you'll just happen to bump into a diamond in the rough) and do look at taxes in the area. Find something that needs minor repair.
have fun!
- Oneburn0
pay close attention to association fees - in two years mine have gone from 225 to 275.. maybe its my psyche that feels that it's now closer to 300 than 200, but it becomes a nuisance.
- tkmeister0
i think you should wait for a bit. the price has been dropping and will continue to drop for a while. i think 1-2yrs should be good. you don't wanna put your money down on losing market.
- taragee0
i have been trying to buy one for months now i puit an offer in in sept! grrrr