GoCommiesGo Posted October 25, 2006 Share Posted October 25, 2006 I'm looking into buying my first home. Living in Annapolis and Arnold my entire life I'm trying to stay local. The ridiculous cost of housing even as it drops is basically pushing me towards a condo. My question is to anyone who has ever lived in that type of community, what did you think of it? The good the bad and the ugly. I would appreciate any input that I can get on the subject. I know they don't appreciate quickly but other than that thoughts? Thanks ahead of time. Link to comment Share on other sites More sharing options...
@DCGoldPants Posted October 25, 2006 Share Posted October 25, 2006 I own a condo. Its alright. Nothing crazy. I though condo fees sucked until I had a fire 2 summers ago, and the condo master policy replaced all the carpets, flooring and paint, while my homeowners policy took care of the rest. I wish I had a yard, but I got this place for the 5 min commute to work. No more roadrage. A condo is a nice 1st step, I'm thinking townhouse already though, and its only been 4 years. Link to comment Share on other sites More sharing options...
GoCommiesGo Posted October 25, 2006 Author Share Posted October 25, 2006 I own a condo. Its alright. Nothing crazy.I though condo fees sucked until I had a fire 2 summers ago, and the condo master policy replaced all the carpets, flooring and paint, while my homeowners policy took care of the rest. I wish I had a yard, but I got this place for the 5 min commute to work. No more roadrage. A condo is a nice 1st step, I'm thinking townhouse already though, and its only been 4 years. Appreciate the input. Is that kind of master policy a normal thing or is it nonstandard. Would you happen to know? Link to comment Share on other sites More sharing options...
BigDaddyShoo Posted October 25, 2006 Share Posted October 25, 2006 That's a normal policy or a condo association. Generally, they cover anything that's considered 'communal.' This includes walls, roofs, floors, exterior stuff, etc. Condos are great for first-time buyers since you don't want to get in over your head with the major problems that can arise with owning a townhouse or single family. MAKE SURE THAT WHEN YOU BUY A NEW HOME THAT THE SELLER BUYS YOU A HOME WARRANTY THAT COVERS EVERYTHING MECHANICAL IN THE PLACE. This usually only runs around $300 - $500 for the year and is one of the best investments for any condo that's more than 5 years old. Condos are great, but I'll guarantee that you'll feel like you need something bigger, like Bufford said, within a few years. Even if you do move in 2 years, you really lose nothing since you're paying down a mortgage and getting equity for your next move. Other than location, the other major factor to consider in condos is the parking situation (if you don't have an attached garage)....trust me. Make sure you have plenty of guest parking nearby for when you have people over. There's nothing worse than having to park a block or two away from your condo if there's a lack of non-reserved spaces. Link to comment Share on other sites More sharing options...
GoCommiesGo Posted October 25, 2006 Author Share Posted October 25, 2006 Excellent, thanks for the info Big. Link to comment Share on other sites More sharing options...
.Guy. Posted October 25, 2006 Share Posted October 25, 2006 I would appreciate any input that I can get on the subject. I know they don't appreciate quickly but other than that thoughts? I used to live in a condo. Whats good about them is that you dont have have to worry about keeping your lawn nice and pretty. I loved the fact that there was a gym and a pool & spa. Its very convenient. And if you dont need much room its nice. Very easy to keep clean. But there are quite a few draw backs that would keep me from going back. Noise. You cant make much. Make sure you dont have thin walls. Also getting grocieries becomes a hassle. Our condo was at the end of the hall on 10th floor. It was such a ***** getting that stuff up there. Also the garbage shoot was across the building, so it took a good 4 minute walk. Just make sure when you get one, its close to the elevator/garbage shoot. One more thing, you never know what of neighbors you are going to get. There isnt much space so you are going to run into them quite often. You might have drug dealers living across the hall, or people with children who make alot of noise and there is not much you can about that. Seriously, I would reccomend getting a single family home. To many drawbacks to the whole condo idea. And the appreciation on the condo I used to live in (my dads) was huge. Bought it in 99 for 164k and we can sell easily for 500k. This is in McLean tho, so thats an extreme example. Link to comment Share on other sites More sharing options...
edgun88 Posted October 25, 2006 Share Posted October 25, 2006 I lived in one for a year, some hot lady lived below us : ) You either have someone living above or below you. Its pretty cool. Oh yea we had free water too. It all depends where you live. Link to comment Share on other sites More sharing options...
DeanCollins Posted October 25, 2006 Share Posted October 25, 2006 I haven't lived in one, but as a contractor I've worked on three dozen, and have written quote/attended POA meetings of another 7 dozen. before you buy into an older building, look the property over completely. How well maintaned is it? the roof, windows, common areas, pool, lobby....Inquire about recent special assessments for maintanence, this would be a good indication that the POA is not setting aside enough reserve cash to take care of repairs and could cost you more assessments in the future. Some condos have more progressive owners who are interested in taking care of the condo, while others are plagued with older tight wads that are not willing to take care of the property because they know that they aren't going to be around much longer and or on fixed incomes....you are stuck with the majority vote on these issues so visit the property often (evenings, weekends) and try to get a good idea with who you'll be living with and how well the property is maintaned. with that said, slightly higher condo fees may not be a bad thing as long as the POA is setting aside funds for major expenditures like roofs, pools, hvac... better to pay a little more now than alot later. understand the difference between a "fee simple" and a "co-op". IMO you should avoid co-ops. I would also avoid wood construction. Many condos here are suffering from water damage, wood rott and termites. One development near my house had $30,000 assessments per unit to replace all of the sheathing, which required the removal/replacement of all windows, doors and sidding, causing more than half of the units to go into foreclosure (I wish I'd bought a few :laugh: ). Link to comment Share on other sites More sharing options...
GoCommiesGo Posted October 25, 2006 Author Share Posted October 25, 2006 Thanks everyone for all the advice, I really appreciate it. Link to comment Share on other sites More sharing options...
PCS Posted October 25, 2006 Share Posted October 25, 2006 I live in one right now. Bought it a little over 2 years ago. The opportunity arose, the price was right, ( compared to homes in the area and that includes HOA), and after some haggling, (not over price. Let's just say I needed a little nudge by someone to use some common sense. Not over extend), it was mine. HOA's are a bit pricey but they include water, sewer, basic cable, some insurance, and some great snow removal, (which will happen today as a matter of fact). Have seen a dramatic appreciation here, and I'll get into that later today. I'm still suffering the effects of the Nyquil I took at 8 last night, (wimp), and running late this am. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted October 25, 2006 Share Posted October 25, 2006 If you've lived in an apartment complex, then you've lived in a condo complex. Its the same deal, except you own the space you live in. BLANTENT SELF PROMOTION ALERT: If you are looking to buy and want info on obtaining a mortgage, drop me a PM and I'll set you straight. Link to comment Share on other sites More sharing options...
codeorama Posted October 25, 2006 Share Posted October 25, 2006 My wife and I purchased a condo after we got married. The condo was nice, its a good thing we did it (we made about 6k over 3 years) but it sucked because of the fact that you live so close to other people. Community associations are really bothersome and can be a huge drain on the quality of life if the wrong people are running them. Link to comment Share on other sites More sharing options...
hockeyguy1721 Posted October 25, 2006 Share Posted October 25, 2006 The condo market in this area seems to be flopping (or at very least slowing down). Ask your realtor if there are any townhouses or SFH's that are close to your price range. In Bethesda condo's are listing for around the same price as houses in rockville- and not selling. Im going to be moving out of Bethesda into Rockville- to me the 10 min extra commute is worth what i get for having a house. Link to comment Share on other sites More sharing options...
Leonard Washington Posted October 25, 2006 Share Posted October 25, 2006 If you've lived in an apartment complex, then you've lived in a condo complex. Its the same deal, except you own the space you live in. that's what i thought. Link to comment Share on other sites More sharing options...
jbooma Posted October 25, 2006 Share Posted October 25, 2006 that's what i thought. I know a couple of years ago they were turning all the apartments in NOVA to condos because how much they were selling for. Getting any type of property is a good thing just depending on location, resale value etc... If you buy a condo DO NOT get a 1 bedroom, at least get a 1 bedroom den, but never a 1 BR. They are very hard to resale in a normal market, in a hot market anything sells. Condos are great investments, they are easy to maintain and I would even hold onto them and rent them out before selling, unless of course you can make a lot of money. You just have to watch out for who you live near. My mom is in condo right now and it is old and she is having many issues. Link to comment Share on other sites More sharing options...
cpsmstrm Posted October 25, 2006 Share Posted October 25, 2006 Last year I lived at my folk's beach condo while I attending east carolina university. I found it to be cozy for but at the same time I was alone and it was on the beach. I wouldnt mind if i had to live in another condo, i'd rather live in a condo than a townhouse. I guess it all depends on the size that is moving in. Link to comment Share on other sites More sharing options...
Destino Posted October 25, 2006 Share Posted October 25, 2006 I'm going to be buying a condo myself and can tell you one thing I learned quickly. Garden condo's are the way to go - avoid anything in a large building or anything that has an elevator. Those two things jack up condo fees like crazy. Compare them for yourself and you'll see what I mean. The condo's I've seen have 230-280 a month fee (that includes all but electric) while anything in a high rise or with an elevator is north of 380 often times around 450 (which is insane). Link to comment Share on other sites More sharing options...
GoCommiesGo Posted October 25, 2006 Author Share Posted October 25, 2006 My wife and I purchased a condo after we got married. The condo was nice, its a good thing we did it (we made about 6k over 3 years) but it sucked because of the fact that you live so close to other people.Community associations are really bothersome and can be a huge drain on the quality of life if the wrong people are running them. That's what I"ve heard about the HOA. I guess its just a matter of doing the research. The condo market in this area seems to be flopping (or at very least slowing down). Ask your realtor if there are any townhouses or SFH's that are close to your price range. In Bethesda condo's are listing for around the same price as houses in rockville- and not selling. Im going to be moving out of Bethesda into Rockville- to me the 10 min extra commute is worth what i get for having a house. The area in where I want to live does not allow me to really purchase a townhouse or a house. I want to own but I also don't want to be "house poor". Annapolis and basically the Broadneck pennisula is ridiculous but on the bonus side even with the market slowing down the value is still rising steadly which is why I want to stay in the area. I know a couple of years ago they were turning all the apartments in NOVA to condos because how much they were selling for.Getting any type of property is a good thing just depending on location, resale value etc... If you buy a condo DO NOT get a 1 bedroom, at least get a 1 bedroom den, but never a 1 BR. They are very hard to resale in a normal market, in a hot market anything sells. Condos are great investments, they are easy to maintain and I would even hold onto them and rent them out before selling, unless of course you can make a lot of money. You just have to watch out for who you live near. My mom is in condo right now and it is old and she is having many issues. I'm going to get a 2br 2bath at mininium. I live in a 1br 1bath apartment rocking 470 square feet. Paying 915 a month. Thats cheap. The stuff i'm looking at is 900-1200 square feet. Thanks to everyone whos responded the info is really helpful. Link to comment Share on other sites More sharing options...
RonJeremy Posted October 25, 2006 Share Posted October 25, 2006 BLANTENT SELF PROMOTION ALERT: If you are looking to buy and want info on obtaining a mortgage, drop me a PM and I'll set you straight. Damn it...beat me to it. I do a lot of condo financing in Ocean City, MD (and other parts of MD too). I have seen the good, bad, and ugly. Just make sure you ask about any upcoming special assesments (i.e. major renovations to the building that would be assesed to you through condo dues) and make sure their is no pending litigation against the condo association. Any more specifics let me know! Link to comment Share on other sites More sharing options...
Destino Posted October 25, 2006 Share Posted October 25, 2006 I'm going to get a 2br 2bath at mininium. I live in a 1br 1bath apartment rocking 470 square feet. Paying 915 a month. Thats cheap. The stuff i'm looking at is 900-1200 square feet. Thanks to everyone whos responded the info is really helpful. 2 bath condos seem to be rare. I haven't found many with even 1.5bath in the NoVA area. Most are 2Br 1bth. Maybe Maryland is different. Link to comment Share on other sites More sharing options...
Beaudry Posted October 25, 2006 Share Posted October 25, 2006 I recommend against buying anything unless you plan on staying there for a while. Their are a lot of fees/expenses when buying a house/condo. Link to comment Share on other sites More sharing options...
Chief skin Posted October 25, 2006 Share Posted October 25, 2006 I did and was not a fan of the association fee every month Link to comment Share on other sites More sharing options...
jbooma Posted October 25, 2006 Share Posted October 25, 2006 I recommend against buying anything unless you plan on staying there for a while. Their are a lot of fees/expenses when buying a house/condo. what do you consider a while?? If you ever have the ability to buy you take advantage of it, instead of throwing away money towards rents. Link to comment Share on other sites More sharing options...
GoCommiesGo Posted October 25, 2006 Author Share Posted October 25, 2006 2 bath condos seem to be rare. I haven't found many with even 1.5bath in the NoVA area. Most are 2Br 1bth. Maybe Maryland is different. The 2br 2bth seems to pretty common in the area that I'm looking. Where going to look at a few on Friday. Thanks for all the good information guys. Very helpful. Link to comment Share on other sites More sharing options...
Beaudry Posted October 25, 2006 Share Posted October 25, 2006 what do you consider a while??If you ever have the ability to buy you take advantage of it, instead of throwing away money towards rents. I bought my house one year ago. If I were to sell today, I would lose money. You have to consider the closing costs, mortgage fees, processing fees, the 6% you will lose to real estate agents, etc. that goes with buying your house. Link to comment Share on other sites More sharing options...
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