Anyone have a condo?

[Kaido]

I'm interested in buying a condo. I've been living in a fairly crappy apartment for the past year and I hate it. No noise proofing at all, crazy neighbors...I'm sick of it. Since I live near Hartford, it's pretty pricey. I live on the edge of the ghetto and it's over $800 a month. I played with some calculators online and it looks like I can get away with a monthly payment of about $1100 a month for a condo using my first-time home buyer's mortgage. I'm not really up to speed on the procedures for buying/owning a condo or home since I have only lived in apartments in the past. It's more expensive than I'd like since I'm still in college, but I'm willing to sacrifice in other areas financially to get a quiet place to live and work. Not to mention added space. I've been doing some googling but was wondering if you ATOTers had any good advice on condos.

 

[Scarpozzi]

Just watch out. I've seen condos depreciate over time as far as the building quality, etc... I chose a house over a condo a couple of years ago. The downside is I have to mow and do yardwork, but I actually enjoy that stuff now. Afterall, it's better than paying stupid Condo maintenance fees....most places are over $200 a month around here (some $300+)....it sucks having to shell out the cash if you haven't paid off the condo yet.

Condos are just another synonym for apartment....same for townhouses.

 

[K1052]

Newer buildings are usually better so you can avoid special assessments for major issues.

Check the quality of the sound insulation between units, it an easy way for a the builder to cheap out is not putting anything in.

More ameneties are always good. Gym, pool, internet, etc..

 

[Chewy]

You won't escape noises by moving into a condo...probably lessen it, but not eliminate. HOA fees are ridiculously retarded, but "understandable". Mine has practically doubled since moving in 3 years ago, but still below the area avg. Just waiting for it to be the same price as my mortgage 😉

If you can, look for newly developed condos or even converted/reconstructed ones. Those are the ones that are sold directly by the developer, and you dont' have to worry about being outbid or using an agent or anything. They have a set price - sometimes you can find a steal, but that's prob few and far between these days

PM me if you have specific q's

 

[Descartes]

I'm in a condo in midtown/downtown Atlanta. Condos around this area sell out before they're even finished. I have a home in another state, and while I'm enjoying my time here I'd still much rather have my home. Some pictures...

View from my bedroom
My work area


Benefits:

1) If you're young, it's great. A lot of younger professionals live in condos.
2) Good condos are usually in desirable areas.
3) Amenities. My building has a pool, club house with bar, pool table, weight rooms, theater, etc. etc. It also has a concierge that can help you in a lot of different ways.

Disadvantages:

1) A lot of younger progressionals live in condos as I said, so if you don't like yuppies you probably won't be comfortable. I don't consider myself a yuppie, but I don't have a problem with anyone. Everyone is very fashion conscious, etc.
2) Privacy/noise. More people, more noise, less privacy. No yard, etc.
3) Dues. The dues can often be substantial, and even though you're getting something for that money it's not always worth it.

 

[Scarpozzi]

Originally posted by: Chewy
You won't escape noises by moving into a condo...probably lessen it, but not eliminate. HOA fees are ridiculously retarded, but "understandable". Mine has practically doubled since moving in 3 years ago, but still below the area avg. Just waiting for it to be the same price as my mortgage 😉

If you can, look for newly developed condos or even converted/reconstructed ones. Those are the ones that are sold directly by the developer, and you dont' have to worry about being outbid or using an agent or anything. They have a set price - sometimes you can find a steal, but that's prob few and far between these days

PM me if you have specific q's

Good point...look for new developments. There has been a trend in the last 5 years for rich folks to go out and buy aging apartment complexes....they then do some minor repairs and divide up the property into condos. There are upsides and downsides to this...the building it probably more structurally sound if it was built in the 70s....but may look dated. Sound insulation will be better because of the thicker walls and wood studs. (most are steel/aluminum nowadays)

Interest rates are set to rise soon. We're expecting them to rise by August. Lock in a fixed rate mortgage ASAP....it will save you thousands....or hold out until next year. The rise in interest rates is going to cause less people to want to buy, which will make demand for apartments to increase. This will cause rent to go up most-likely, but may contribute to making the real esate market in the next couple of years to become a buyer's market. So you may be in better shape to buy even though interest rates will be a notch or two higher. Just some things to consider. Try to drop 20% down if you can swing it. You'll save on hazard insurance and other BS that the banks tack on to line their greedy pockets.

 

[Abel007]

I will be trying to go this avenue in a year or so myself. I live in the Atlanta area and that view of downtown is awesome. 🙂 I doubt I could afford anything like that though. Will probably be a bit north of Atlanta...it seems prices for condos around here keep going up and up so depreciation shouldn't be much of an issue dontcha think?

 

[Kaido]

Originally posted by: Chewy
You won't escape noises by moving into a condo...probably lessen it, but not eliminate. HOA fees are ridiculously retarded, but "understandable". Mine has practically doubled since moving in 3 years ago, but still below the area avg. Just waiting for it to be the same price as my mortgage 😉

If you can, look for newly developed condos or even converted/reconstructed ones. Those are the ones that are sold directly by the developer, and you dont' have to worry about being outbid or using an agent or anything. They have a set price - sometimes you can find a steal, but that's prob few and far between these days

PM me if you have specific q's

I've only had experience with one condo, the one my parents live in. Absolutely no noise from the neighbors whatsoever. I don't think they can hear us, either, since we blast the speakers on movie night. No amenities aside from a small park. I like the area though.

I don't want a house because I'm still in school plus I'm working and I wouldn't have the time to devote to maintaining a house (fixing things, mowing the lawn, etc.). I've looked at a lot of apartments and I'm not very happy with any of them, even the ones that run $1200+. I'm not rich by any means, but I do have a steady job and I don't have kids yet, so if I plan carefully I can get into a condo or other place within a year. Are there any good websites around for learning financing and all that? My only experience with living places is an apartment, which is basically the deposit + monthly rent. That's about as complex as I understand right now, lol.

 

[Fritzo]

Wish I did. I didn't wear a condo and now I have two kids 🙁

 

[Chewy]

All condos are different - some are luxury where your neighbors are far apart, but some are just apartment buildings turned condos where the walls are thin and worn down as the condo Fritzo used 😉

I dont' know of any website tho www.bizrate.com is a good source. But really, the only thing that's different (but huge) between owning a place and renting is the beginning (agent, title, down payment, inspection, etc.)...but that can be taken care of with good research and talking on ATOT 😛

Once you GET the place, you "only" have to worry about mortgage (just like your monthly rent), HOA fees, and most likely property tax (but this is usually built into yer mortgage anyway).

 

[TheAudit]

Originally posted by: Fritzo
Wish I did. I didn't wear a condo and now I have two kids 🙁

Gazo: How's about investing in condominiums? It's safe.
Rocky Balboa: Condominiums?
Gazo: Yeah, condominiums.
Rocky Balboa: I never use 'em.

 

[toolfan]

My wife and I own a townhose and overall like it quite a bit. Like others said, every condo is different. The one we are in is a 4 unit building, we are one of the inner units. We don't have a problem with noise at all, we have our volume up pretty high when watching movies and have never had any complaints. The unit was just renovated last year before we bought it, so it had all new carpet, woodwork, appliances, mechanicals, etc. We looked around at houses during our search, but all the stuff in our price range was really old and not in the greatest shape. So we decided to go with something a bit smaller but in new condition. It's much better than apartment living, as you have more freedom with the property and are actually building some equity. We have painted all the rooms to our liking and just had our basement finished which made a lot of extra room. We'll move into a real house some day, but until then this sure beats throwing the money away towards an apartment.