House or Condo?

[Edith A. Giles]

Which is better to own? :conf06:

[DaveR]

Neither ... true players roll double-wide

[larry rauson]

Which is better to own? :conf06:
House, because of two words...
back yard

lpr

[Edith A. Giles]

The reason I brought this up is because I'm still thinking of buying property when I get out of the military. I've always wanted a place that was mine; but on the same note, I don't have the knowledge to fix certain things if they break (i.e.:leaky faucet, flooding toilet) and I know that I would have to come up withthe funds to get things fixed, utilities, property taxes, landscape maintainance, all the things that come with home ownership.

I'm trying to weigh my options here.

[Edith A. Giles]

House, because of two words...
back yard

lpr

That's ONE of the things that I keep thinking about...

A place to have a garden where I can grow my own collard greens,tomatoes, and flowers.

[larry rauson]

The reason I brought this up is because I'm still thinking of buying property when I get out of the military. I've always wanted a place that was mine; but on the same note, I don't have the knowledge to fix certain things if they break (i.e.:leaky faucet, flooding toilet) and I know that I would have to come up withthe funds to get things fixed, utilities, property taxes, landscape maintainance, all the things that come with home ownership.

I'm trying to weigh my options here.
All that stuff comes with condo ownership also, on top of association fees.

lpr

[Leslie]

The reason I brought this up is because I'm still thinking of buying property when I get out of the military. I've always wanted a place that was mine; but on the same note, I don't have the knowledge to fix certain things if they break (i.e.:leaky faucet, flooding toilet) and I know that I would have to come up withthe funds to get things fixed, utilities, property taxes, landscape maintainance, all the things that come with home ownership.

I'm trying to weigh my options here.

As a single woman, I own a condo. I have a friend or two who do own houses and trust me as single women they regret the decision due to the level of upkeep that is necessary. That's not to say things don't go wrong in a condo - they do, but in my personal opinion it's a bit easier to handle.
Good luck!

[Edith A. Giles]

Hmmm....

On ONE hand, if I buy a home I'll have my own backyard; I can convert the basement into my own rec room up front/laundry room in back; I can have a guest room; my own little office/design studio and invite all my peeps without the drama...

Whereas with a condo, I have make sure I don't wake my neighbors because the walls aren't soundproof; I'll have own little balcony, if that; I'll have to wait for the other residents to approve me into the association; and it would almost be like living in an apartment building, except I own it.

[Fletch]

How much do you have in your budget?
How much responsibility(ies) are you willing to handle?
What type of things are you looking for in a home?
What type of community are you seeking?

All these questions you have to ask yourself.

[Fletch]

Hmmm....

On ONE hand, if I buy a home I'll have my own backyard; I can convert the basement into my own rec room up front/laundry room in back; I can have a guest room; my own little office/design studio and invite all my peeps without the drama...

Whereas with a condo, I have make sure I don't wake my neighbors because the walls aren't soundproof; I'll have own little balcony, if that; I'll have to wait for the other residents to approve me into the association; and it would almost be like living in an apartment building, except I own it.

Beware of your lofty home dreams!

Not every condo has it's 'own little balcony'! Also, normally, you don't need condo approval to get in, but right of first refusal; the condo would buy the unit as opposed to approve you for entry. However, some condos are now requiring that they approve the buyer!

[Edith A. Giles]

Beware of your lofty home dreams!

Not every condo has it's 'own little balcony'! Also, normally, you don't need condo approval to get in, but right of first refusal; the condo would buy the unit as opposed to approve you for entry. However, some condos are now requiring that they approve the buyer!

Interesting...:conf06:

[AMc]

If you're living alone, go for a condo. I'm making a ton off mine. Find a great community to live in and it'll work out!

[DeesKo]

Obviously these are dependant on the condo you buy but here's what you typically get (at least in the DC area) with a condo...

Roof repairs are on the association
Trash pickup, snow removal, landscaping and fumigation for termites etc are on the association
Pool, tennis courts etc are available
Driveway/parking lot maintenance are on the association
Assigned parking so you always have a spot

with some you get:

Cable or some sort of CCTV system
Water
Gas (if you use gas heat/stove/etc)

Now, with all of those, you pay for them with your monthly condo fee, so it's not like they're free so don't forget that. ALWAYS pay attention to the condo fee and how much it can go up each year etc.

Compare what you get for that money with what it costs you and with what you would have to pay on your own for the recurring things like trash etc.

Now, I don't know about in Chicago, but in the DC area you have a lot of places that are physically townhouses, but they are condo's which means you can get a multi-level place w/ all the physical benefits of an ordinary townhouse (backyard/patio/deck etc) without being forced to live in a high-rise or garden style condo.

My first place was a townhouse condo and I loved it because I didn't have the time or interest in dealing with landscaping/yard maintenance, the only utility bills I had were electric and cable, the price was right when I bought it, it was relatively close to the city, I had a pretty good sized backyard patio, and I didn't have to incur some of the routine maintenance costs I may have incurred had I bought a single family home or non-condo townhouse.

Ultimately, what I would suggest is you find your price-range and look and see what's available in areas you would be willing to live in. If all you can really find in that range is high-rise style condos, then why fight it or be miserable because you couldn't get something else?

Find the one that fits what you want/need and take the plunge.

Realtor.com is your friend.

Peace

[Edith A. Giles]

Obviously these are dependant on the condo you buy but here's what you typically get (at least in the DC area) with a condo...

Roof repairs are on the association
Trash pickup, snow removal, landscaping and fumigation for termites etc are on the association
Pool, tennis courts etc are available
Driveway/parking lot maintenance are on the association
Assigned parking so you always have a spot

with some you get:

Cable or some sort of CCTV system
Water
Gas (if you use gas heat/stove/etc)

Now, with all of those, you pay for them with your monthly condo fee, so it's not like they're free so don't forget that. ALWAYS pay attention to the condo fee and how much it can go up each year etc.

Compare what you get for that money with what it costs you and with what you would have to pay on your own for the recurring things like trash etc.

Now, I don't know about in Chicago, but in the DC area you have a lot of places that are physically townhouses, but they are condo's which means you can get a multi-level place w/ all the physical benefits of an ordinary townhouse (backyard/patio/deck etc) without being forced to live in a high-rise or garden style condo.

My first place was a townhouse condo and I loved it because I didn't have the time or interest in dealing with landscaping/yard maintenance, the only utility bills I had were electric and cable, the price was right when I bought it, it was relatively close to the city, I had a pretty good sized backyard patio, and I didn't have to incur some of the routine maintenance costs I may have incurred had I bought a single family home or non-condo townhouse.

Ultimately, what I would suggest is you find your price-range and look and see what's available in areas you would be willing to live in. If all you can really find in that range is high-rise style condos, then why fight it or be miserable because you couldn't get something else?

Find the one that fits what you want/need and take the plunge.

Realtor.com is your friend.

Peace

Realtor.com...I just might look into that :thumbsup:Thanks.

[Armento]

first do some analysis after you get out and get that next job. Listen to Fletch. First question is what you can afford. If you're making 5000 clean in a month and 2000 goes into the property expense, then you cannot afford it. The hardest thing to do is to ask yourself the tough questions in the beginning. I wish u lots of luck and hope to see that post one day so I can say congrats on your own place. Where are you going to live?

[The Real Dragonfly Jones]

Condo.

[Edith A. Giles]

first do some analysis after you get out and get that next job. Listen to Fletch. First question is what you can afford. If you're making 5000 clean in a month and 2000 goes into the property expense, then you cannot afford it. The hardest thing to do is to ask yourself the tough questions in the beginning. I wish u lots of luck and hope to see that post one day so I can say congrats on your own place. Where are you going to live?

I'm leaning toward Chicago because I have family there and I'm familiar with the city.

[mhd]

I'm leaning toward Chicago because I have family there and I'm familiar with the city.

you should contact rom on the board

[Vinyl Deficit]

Do the association fees connected to some condos pay for repairs?

[Curt Clay]

house...

nobody buys used condos... especially when the price of a new one is comparable and you can have it constructed with the finishes you want.

unless there is a specific location that you want to be in, i would suggest a house if you have the budget and are willing to do the upkeep and maintenance required..

[DeesKo]

house...

nobody buys used condos... especially when the price of a new one is comparable and you can have it constructed with the finishes you want.

unless there is a specific location that you want to be in, i would suggest a house if you have the budget and are willing to do the upkeep and maintenance required..

Mmmmmmmmm.... that's not entirely accurate.

I sold mine IN THE HOUSING SLUMP (Feb 2007) for only 30g's off it's highest appraised price ever (which was done in late 2005 while the boom was still on) which was still triple what I paid for it in Nov. 1999.

As a matter of fact, I accepted the very first offer made AND offered the concessions I offered to keep me under the limits for capital gains taxes on real estate, so don't believe that hype about people not buying used condos.

Just like with any real estate purchase, it's ALL about location. You get a spot in a good location and there are always entry-level buyers looking.

Just my opinion. Whenever you have a topic like this, you're always going to have a lot of opposing viewpoints.

[mhd]

Mmmmmmmmm.... that's not entirely accurate.

I sold mine IN THE HOUSING SLUMP (Feb 2007) for only 30g's off it's highest appraised price ever (which was done in late 2005 while the boom was still on) which was still triple what I paid for it in Nov. 1999.

As a matter of fact, I accepted the very first offer made AND offered the concessions I offered to keep me under the limits for capital gains taxes on real estate, so don't believe that hype about people not buying used condos.

Just like with any real estate purchase, it's ALL about location. You get a spot in a good location and there are always entry-level buyers looking.

Just my opinion. Whenever you have a topic like this, you're always going to have a lot of opposing viewpoints.


defintitely all about location, all things equal, house over condo every time

[dj c-los]

Which is better to own? :conf06:


i have a townhome. i have a big enough patio to grill and chill.
i like it

[Reggie McKeever]

Edith,

I am a Chicago native, but I own and live in a condo in downtown Minneapolis. After growing up in houses (w/yards and etc.) and maintaining my mothers home for about the last 15 years, I was convinced condominium life was for me....Three years ago, it was, and now it's not.

I made my decision based on my desired location, my desired floorplan (flat because Mom's in a wheelchair), and my desire to leave maintanance and external chores to others. My experience is this:

Condo life is an extension of the college dormitory and with that comes pros and cons. For example, the only way to break in is to knock down the front door or to scale the side of the building. Me and my records feel secure. But, we have quiet hours and thus, I can't make a mix cd in the middle of the night. I have heated indoor parking, but I can't change my oil or do any work on my car. I have to have permission to lay hardwood floors. I can't run a home theater system full strength. The association is responsible for all external maintenance and repairs, but I still have to fix everything on the inside as if it were a house. We have a 24 hour office which is great for collecting my ebay packages and that same office monitors security cameras. But, our dues are higher as a result.

There are other things, for example: Our association has identified improper construction practices by the developer. Through the association, consultants have been hired, attourneys have been hired, and litigation for financial renumeration and repairs is in process. That would have been a tall order for me to accomplish on my own. But, my resale value is directly tied to the previous sale of a similar unit and the floor it resides on. Out of well over a hundred units, 30 maybe for sale at any one time. And this speaks to something else: Condos are historically for empty nesters. Either pre children or post children. Nobody stays that way forever. Thus, it makes for a transient lifestyle. You never really have that neighborhood feeling because no one really stays long enough to get to know them. And then there is the issue of renters.

Condominium living is very communal. You are living above, below, and next door to people just like in the projects. No difference. Everyone has to follow rules and also everyone must be patient in order to co-exist. This may not be an issue for you coming from a military environment. Or maybe your sick of that type of structure and it is an issue. But, either way, it's something to consider.

Personally, I now want a basement to do some minor woodworking. I need a garage to store and work on my cars. And I need about four bedrooms (master, guest, office, dj). I want a real home theater. So, I'm ready to cut some grass and shovel some snow now. But, you couldn't have told me that three years ago.

Your issues and priorities are probably different than mine were/are. Nevertheless, I hope my input helps.


Reg

[Edith A. Giles]

I appreciate everybody's input on this topic...
I'm learning so much here.

I like the freedom and privacy of owning a house, but I'm concerned about the time and money that it would take to maintain the house along with landscaping, repairs, taxes, utilities, etc....

I've also considered a condo since I don't have any kids (and don't plan on having any), but I don't want other people getting into my business (along with my concern about the time and money to maintain it and get things fixed, if needed)...

Hopefully by the summer of 2009, I'll have made my decision and a down payment ready...

[TAC]

but I'm concerned about the time and money that it would take to maintain the house along with landscaping, repairs,
Pay some one to do these things...


taxes, utilities
These you'll have in a condo anyway. So this is a wash.

[Reggie McKeever]

I appreciate everybody's input on this topic...
I'm learning so much here.

I like the freedom and privacy of owning a house, but I'm concerned about the time and money that it would take to maintain the house along with landscaping, repairs, taxes, utilities, etc....

I've also considered a condo since I don't have any kids (and don't plan on having any), but I don't want other people getting into my business (along with my concern about the time and money to maintain it and get things fixed, if needed)...

Hopefully by the summer of 2009, I'll have made my decision and a down payment ready...

If I can make one recomendation, it would be to buy as new as possible....brand new if you can......no matter if you chose a condo or a house. That way your maintenance will be minimized and you can just live in it. Things will still eventually require maintanance, but not out the gate. And, you'll have warranties covering stuff and the place can be configured the way you want from the begining.

Taxes are as sure as death no matter what you buy. Utilities as well.

Your landscape design can be rolled into the purchase of the house. Maintaining that will require your labor or someone elses. I've found that even paying people to cut grass and fix things requires mental energy to find someone and to double check their work. Between that and shopping for prices, sometimes I find it easier to just do shit myself. In fact, your going to want to learn just so you know the person you paying is doing it right.

One other thing. Surprisingly, I've found privacy a non issue. Maybe it's just Minneapolis, but everyone keeps to themselves. No nosey neighbors or peeping Tom's so far. But, that's just my experience.

More food for thought: Some housing divisions have associations that charge dues and maintain a governing body. They'll fine you if you exterior is not well kept or if you leave cars outside overnight.....stuff like that. In fact, the X-Files did an episode about a housing association that had a monster come out the ground and kill you if your house didn't perfectly conform to the rules!

[mhd]

great comments reggie, btw, minnie real estate is in a great position to buy right now,

i'll add a coupla points, for chicago, in general, condos should be cheaper to buy since there has been a huge influx of condo conversions over the past few years, and since for a big city real estate prices tend to be pretty cheap compared to other big cities, moreover, there is a huge variety to choose from, new high-rise, old high-rise, and my favorite, new grey-stone conversions.

I will slightly disagree with reggie's comments about new versus old construction, i prefer old construction because, generally, materials and skills and workmanship was just far superior to what you get today, a fair compromise could be an older grey-stone that has been renovated with updated plumbing, electrical, windows, etc., (with warranties) those tend to be 2, 3 or 4 units, so you could possibly occupy one or two levels have one or two other neighbors, access to a yard, off-street parking and maybe the best of both worlds

[Fletch]

i prefer old construction because, generally, materials and skills and workmanship was just far superior to what you get today
An pre-war building v. what we in New York call a "Fedders Home".........It ain't even close! (and NYC peeps KNOW what I'm talkin' about!).

[mhd]

An pre-war building v. what we in New York call a "Fedders Home".........It ain't even close! (and NYC peeps KNOW what I'm talkin' about!).

how so?

[Fletch]

how so?Man, them Fedders homes look so cheap.....("Fedders Homes" are 2 to 3 family houses with the Fedders air conditioners sticking out!). I've seen one of them where there were no windows on the side. Or how 'bout ones with the tiniest balcony (if you want to call it a balcony).

Seems like the developers of those are trying to get around the construction costs (NYC's the highest in the nation!). Oh, and we didn't talk developments where Mexican and Nigerians are being paid below union wages.

JMHO!

[Reggie McKeever]

great comments reggie, btw, minnie real estate is in a great position to buy right now,...or a bad time to sell....



I will slightly disagree with reggie's comments about new versus old construction, i prefer old construction because, generally, materials and skills and workmanship was just far superior to what you get today, a fair compromise could be an older grey-stone that has been renovated with updated plumbing, electrical, windows, etc., (with warranties) those tend to be 2, 3 or 4 units, so you could possibly occupy one or two levels have one or two other neighbors, access to a yard, off-street parking and maybe the best of both worlds

We're not really in disagreement. I consider a recently renovated (by professionals) grey-stone or the like to be new construction.

I will add that larger condo developments are more resillient to home owners that get behind or default on association dues. For example, if one unit falls behind in a four unit development, that's a quarter of the total association income (assuming all the same square footage) that the other homeowners will eventually have to pick up depending on the financial standing of the association and the final outcome of the situation. One, two, or even five households late or defaulting in a 30 unit development will not impact their other residents as severely or as quickly.

And great comments, likewise, mhd.

[BEATMAKER2000]

Which is better to own? :conf06:

check out my deehouse pic, give u a better choice

[12th house]

An pre-war building v. what we in New York call a "Fedders Home".........It ain't even close! (and NYC peeps KNOW what I'm talkin' about!).

Also known as "Feddertecture." There are even blogs dedicated to it (http://www.newyorkshitty.com/?cat=45).

Not to thread hijack...

[Fletch]

Also known as "Feddertecture." There are even blogs dedicated to it (http://www.newyorkshitty.com/?cat=45).

Not to thread hijack...Not jacking at all. I bet if a mayoral candidate put quality housing on his/her platform, "Fedders" would take it a looooooooooong way!

[Edith A. Giles]

I'm seriously considering a two-flat or a three-flat building so I could live in one unit and rent out the other(s), but the real estate market has been so unstable lately that I may just have to wait a bit longer to buy the dream property that I want.

I also want to buy in a neighborhood where myself and my future tenant(s) can safely walk the streets, especially if they work at night.

Thanks for all the input, everybody!!!
Keep them coming!! I need all the knowledge on this that I can get
before I make my decision.

[beemoe44]

Get the small building. When you own a building it`s generally an asset whereas a house is a liability. A building that you own but your tenants pay for. It`s an inflation hedge (meaning your paying your mortage with cheaper inflation-ridden dollars) plus depreciation and the ability to refinance and pull hundreds of thousands / millions of tax-free cash that your tenants pay for.

If you use overflow depreciation you can carry-back four years or carry-ahead 15 years. Etc, etc. etc.

[maryannsms]

I would choose a house. Owning a home can put all of fears to rest. Just like no more hoping that the home owner you are renting from is able to afford their mortgage. You'll be able to stop worrying about a new property management team coming in and raising rent or even evicting you for various reasons. You will be in a home that you control and you will know that the mortgage is being paid on time each month.