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Thread: condo vs house

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    SitePoint Wizard dethfire's Avatar
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    condo vs house

    hey all,

    I'm gonna graduate in may and yes I'm single. I usually live a fairly simple life. I'm not sure whether to get a house or a condo. I don't need anything big or fancy. Not sure the benefits and negatives about each. Any tips to help me decide? Is there a survey to fill out that will show which is best for me?
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    chown linux:users\ /world Hartmann's Avatar
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    When you say condo do you mean apartment? I am all for the apartment. I say live cheap, save up for later (when you'll need the money) and enjoy yourself. The downside to the apartment is neighbors, if you decide to have a party or XBox bash then you are going to probably make someone angry.

    A house is great but expensive. My dad was in real estate for 20 yrs. and if you can find a decent house for a reasonable price then go for it. Fix it up, live in it for a while, keep making improvements and eventually you'll be able to sell it for a profit.

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    I bought a condo. For what I wanted to pay it was either a really nice condo or an old dumpy house. I suppose each has its pro's and con's. If you can get a decent house for the same price then I'd do that.
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    ☆★☆★ silver trophy vgarcia's Avatar
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    It really depends on the condo.

    I live in a condo right now and you have to remember that not only do you pay a mortgage, you also pay condo fees, which can vary depending on the condo you buy into. Not only that, but they can usually set up special assessments to fix parts of the building. For example, I'm paying an extra $85/month for the next few years, along with every other condo owner in the building, to get the roof repaired, on top of my existing condo fees. My fees right now are about half the cost of what I send to the mortgage company every month. If you do buy a condo, make sure you are okay with that financially, and consider spending less money on it than you would on a house.

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    SitePoint Wizard Defender1's Avatar
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    So I guess as far as costs it'd go:
    Apartment > Condo > House
    as far as overall cost of living?
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    SitePoint Wizard LiquidReflex's Avatar
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    If you can afford it I would say go with the Condo. Getting an apartment is necessary for a lot of people but yet you are not gaining much from it (besides a roof over your head). Depending on where you live, the cost to get a 2BR apartment will be about the same as the mortgage on a Condo/Townhome.

    The benefit of a Condo is that you are building equity, which means all the money that you are putting in each month is actually going toward something. When you decide to move and sell the place, you will have gained equity which will allow you to get an even better place after that.

    If you are wanting a house (again, depends on your location), there are not as many "lower valued" houses around anymore. The market has jumped up quite a bit, so for your budget, you would need to get a much older house for your money ... potentially having problems down the road. When I was looking for a place 3 years ago, I wanted a house but all I could afford were older houses from the late 70's. However, I was able to get a 3 level Townhome with 1800 square feet that was built in 1997 within my price range. Like Vinnie said, there are Association fees which are in addition to the monthly costs, so you need to be aware of that when figuring out your budget.

    If you can afford a house and can find a decent one, go for it. Otherwise a Condo/Townhome is the next best thing. Any time you can put your monthly rent into property, it's a good thing. I haven't regretted it one minute since I closed on my place!
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