30th
May
2006
remain in neverland
posted in Uncategorized |
Buying a house is hard.
I really recommend never growing up. Certainly never getting a job and moving half-way across the country. Because that was the easy, cushy, wonderful life.
Am quite stressed out, because there are a million different variables that don’t compare to each other. I don’t know if I’ve found a place yet that I want to buy–there are a few that are tempting, but then I just get overwhelmed trying to decide.
Anybody out there have any perspective on the whole condo vs. traditional house argument?
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Oh…you changed your layout. LJ has been weird lately!! 🙁
(I wonder, is there any reason you’re against renting? You could rent, stay a while, then watch the city and make up your mind carefully about where to go?) Just wondering. Or renting a house?
Our housekeeper has a condo. I wasn’t aware, previously, of the differences between a house and a condo, either. But there are definite differences.
House You own it, it’s yours. You might have a yard, which is positive or negative, depending on your viewpoint. You don’t share walls. You don’t have to worry about any association fees. It is yours, privacy and all. You choose to call for help in maintenance whenever you wish; it’s up to you.
Condo You own it, it’s yours. And you might have a yard, you might not (which they might take care of). You may or may not share walls. There are association fees, which can rise later on. If the condo assoc. says that people have to come in to check on something, you have to be ready. You may or may not have decorative freedom, or it can vary.
I watch a lot of house shows and the recommendation is to get an inspector to inspect anything you might buy.
I hope I helped a bit.
LJ changed my layout for me again. Stupid morons.
I’m not against renting, per se, I’ve been renting forever and I like it very much. My problem is once I start work here, I’m going to be very very busy… With an 80 hour work week, and one day off a week, it doesn’t lend to much time to look around… much less move again. We’ll see. I may end up doing some frantic apartment looking Thursday morning!
The reason that I’m buying is because of the tax savings. I can deduct interest and property taxes from my income taxes, and since I’m a SWF (lol), my income taxes are going to be a lot–getting some of that money back would be a boon. Plus, I’ll build equity, which I can’t do renting.
Yep, those were basically the arguments for and against that I’ve come across. Not an easy decision.
Thanks!
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Ugh. You’re going through what Brian and I are going through. We started seriously saving for a house a year an a half ago, and we thought we were finally getting somewhere. But it seems house prices around here are stupid. Every step we take closer, the prices go up. There’s nothing in our area that we can afford or will be able to afford for 3 more years.
Except condos.
And Brian really doesn’t want to buy a condo if we can somehow afford a house. He has lots of reservations, the main one being that he’s worried the neighbors will complain if our dog barks too much (we’ve never had any problems in our apartment though) and we’ll be forced to move.
I agree with that, and that condos have more restrictions than houses. But at the same time I feel like, if we can afford a condo we should consider it, because it would be better to be paying a mortgage than paying rent every month, because we’re not putting money into something that will be ours.
It’s all so stressful and complicated. 🙁
I guess, if you can afford a house then I see no reason to buy a condo. You have more freedom when you own your own home.
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Obviously there are some big factors in South Africa that influence our decisions here. In general, though, you have more freedom with a house (less restriction of what you may or may not do), but condos can be cheaper to maintain and easier to manage. In South Africa, security is far better in condos, generally.
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I’m not keen on buying a house or apartment. I really prefer the freedom of rented apartments. If I don’t like it anymore, it’s easier to pack my stuff and move on.
However, I do love the playfulness of American architecture, with porches and decks and towers. And I would need a big garden!
Here in Germany houses are a bit more expensive than where you are, I don’t think we’ll ever have a house, as that’s not at all our priority.
I wish you good luck for the house-hunting. Trust your instinct and your nose. Don’t buy anything that smells awful. Buy something where you can imagine yourself laughing and crying.
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In my opinion, it all depends on where you live. I look at resale value. Out here (in Washington, DC), you can pretty much by anything (condo, townhouse, or traditional house) and you are most likely going to be able to sell it again when you are ready to move. However, in other areas of the country a condo isn’t going to resell as well as a house. If you can, try to get a feel for the market.
Personally, if I could afford a free-standing house, I’d get it. BUT, like you said, you are going to be working a LOT so maybe a condo would be better for you because you won’t have to worry about yard work and stuff.
I don’t think I helped… LOL!
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It all depends on your market. In some places houses increase in value quicker than condos. I know where I love, condos are the prime real estate for single women. They’re convenient, safe and easy. And all condos are different. I would suggest if you’re conflicted looking around for some townhouses, which are often a mix of the condo/house lifestyle. The most important thing when buying property is to take your time. And if you don’t have time I’d suggest renting for awhile still. You don’t want to rush when it comes to your home. The place has to be perfect.
The condo that I’ve been considering is a townhouse style place. 🙂
I’m down to two places, two really great places that I could be happy at. I don’t know if they are perfect, but then I don’t think they make the perfect place here in my price range, but I don’t feel like I’m settling at all, which helps.
Thanks for the advice!
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When did you decide to go to Minneapolis and house hunt? I thought you mentioned earlier that you’d decided to wait and rent and learn the areas and then buy. Did I misunderstand how much time “waiting” implied? I figured you’d start residency and then pick. I must have pregnancy-induced forgetfulness. In any case, I’d go with condo, simply for the sake of less outdoor upkeep. Busy residents don’t want to be dealing with lawn care and painting and what not. Let the condo people handle that stuff!
Well… never, since I’m in Milwaukee, not Minnesapolis. 🙂 (sorry, just some friendly ribbing there!)
No, I had decided that, mostly because I was concerned that I couldn’t find a house and close before I had to move (which is still a bit of a concern), but my realtor was confident and my dad and I planned this trip out here to spend a couple of days looking at the real estate market and if I didn’t find anything, to look for a place to rent. We’ve now spent three days looking at properties, and no time for rentals and we leave tomorrow afternoon…
However, renting posed a whole ‘nother set of problems… as I said above, mostly that I have time now to house hunt, and I won’t when I start working. One day off a week does not lend to much time to get to explore real estate, especially when you often don’t know which day off you have until the day before.
Thanks for the advice on the condo. I’m checking out one of the places again–it’s between a cute Cape Cod style house or a townhouse style condo. 🙂
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Don’t I feel sheepish. 😉 Sorry about that. A friend from here is moving to Minneapolis next month and it was on my brain. Again, I plead pregnancy. (Gotta take full advantage of that for the next three weeks.) I promise I knew you were in Milwaukee – you wrote it in my blog too. Good luck with everything, no matter what you decide!
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I own a townhouse (well, the bank owns most of it, but you know what I mean), and for me it’s an ideal situation. Although it’s a bit annoying to have to pay monthly association fees, and I had to submit a form before I could put up a satellite dish, the reality is that I have neither the time nor the inclination to deal with the outdoor maintenance that comes with owning a house. I don’t want to mow the lawn, or shovel snow, or make sure that I apply fertilizer and weedkiller at appropriate times. Were I married with children, I’m sure I’d want a yard for them to run and play in, but as that isn’t the case, it’s simply not necessary.
I prefer the townhome style to condos, which often feel like apartments that you own instead of rent. I like having my own front door. I like being able to paint the walls any color that I want.
Given your situation, I would definitely go in the direction of a townhouse/condo. But that’s just my opinion. 🙂