Posse81 Posted October 25, 2006 Share Posted October 25, 2006 Dean Collins had really good advice. I have lived in my condo for a little over a year. I love it but the Board decided to make a lot of repairs and my condo fee will DOUBLE for the next 1-3 years which will be really tough on the owners. Link to comment Share on other sites More sharing options...
jbooma Posted October 25, 2006 Share Posted October 25, 2006 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. It is different depending the type of investment, a SFH you would want to stay at least 2 to 4 years to see a return on your investment similar with a TH. A condo even if you live in it a year you can still rent it out. This of course all depends on the market, if you bought your place at inflated prices then yes you are going to have to live there before you see return. Right now with prices dropping as much as they are it is a buyers market, and if I could I would buy in a heartbeat right now in certain areas. Link to comment Share on other sites More sharing options...
PleaseBlitz 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. There are also a lot of financial advantages that Beaudry is not including. When you own a home, 100% of the interest is tax deductable. So lets just say you buy a $350,000 condo at 6.5%, that means you are going to be able to deduct somewhere in the neighborhood of $22,000 off of your taxes, which, depending on your tax bracket, means a few thousand dollars back in your pocket in April. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted October 25, 2006 Share Posted October 25, 2006 Right now with prices dropping as much as they are it is a buyers market, and if I could I would buy in a heartbeat right now in certain areas. JBooma is absolutely right about this. Right now is a HUGE buyers market. Homes are staying on the market for months and sellers are desperate. I havent done a mortgage in MONTHS for a first time homebuyer where they didnt get AT LEAST half of their closing costs paid for by the seller. Link to comment Share on other sites More sharing options...
hockeyguy1721 Posted October 25, 2006 Share Posted October 25, 2006 i was wondering about that. We we going to ask the seller to pay about half of the closing costs but im thinking now we should push for more. JBooma is absolutely right about this. Right now is a HUGE buyers market. Homes are staying on the market for months and sellers are desperate.I havent done a mortgage in MONTHS for a first time homebuyer where they didnt get AT LEAST half of their closing costs paid for by the seller. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted October 25, 2006 Share Posted October 25, 2006 i was wondering about that. We we going to ask the seller to pay about half of the closing costs but im thinking now we should push for more. If the property has been on the market longer that 60 days then ask for 3% of the sales price. Link to comment Share on other sites More sharing options...
hockeyguy1721 Posted October 25, 2006 Share Posted October 25, 2006 that would basically be the full cost then? We were going to offer 3.5% below list with half closing paid by the seller. House has been on since July with 2 price drops. If the property has been on the market longer that 60 days then ask for 3% of the sales price. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted October 25, 2006 Share Posted October 25, 2006 that would basically be the full cost then? Yep. We were going to offer 3.5% below list with half closing paid by the seller. House has been on since July with 2 price drops. I am not a realtor, so i dont do the negotiating, but if the house has been on the market for 4 months and they've dropped the price twice, that tells me they are eager to sell. Hell, they may have already bought a new place and are now paying 2 mortgages and wanting to get out of the one ASAP. Might want to lowball them just a tad. As a starting point. Link to comment Share on other sites More sharing options...
Bostic Hog Posted October 25, 2006 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. My wife and I own a 2 bedroom, 2 bath with a loft. Of course, we live in the Philly burbs, but we like it here, alot. The ONLY problem we've had is: The stupid association rules. Nothing hanging on the balcony (planters even), nothing but white curtains, no ornaments in our little plot of lawn, etc. And now we're in litigation over fencing: the association is trying say that each owner is equally responsible for fencing that needs to be replaced. But the fencing is only on the lower levels owners property, I HAVE NO FENCE, but they want me to pay for it !! BULL**** ! Anyway, for the most part, we love it. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted October 25, 2006 Share Posted October 25, 2006 My wife and I own a 2 bedroom, 2 bath with a loft. Of course, we live in the Philly burbs, but we like it here, alot. The ONLY problem we've had is:The stupid association rules. Nothing hanging on the balcony (planters even), nothing but white curtains, no ornaments in our little plot of lawn, etc. And now we're in litigation over fencing: the association is trying say that each owner is equally responsible for fencing that needs to be replaced. But the fencing is only on the lower levels owners property, I HAVE NO FENCE, but they want me to pay for it !! BULL**** ! Anyway, for the most part, we love it. The way condo ownership is set up legally, you dont actually own ANY of the property on your own. You own the space in between your walls. The actual STRUCTURE and PROPERTY is owned collectively by the tennants, so unfortunately, you are equally responsible for the fence. Sorry. Link to comment Share on other sites More sharing options...
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