Is it worth it to get a condo?

[purbeast0]

while i'm here at work waiting for my project to compile i was browsing around the net. my goal is to move out of the house by next spring. i should be able to have $20K saved up (or close to that) by next spring sometime.

i was wondering if getting a condo is even worth it. the reason i ask is that it seems their values don't go up as much as a house. however they are cheaper and could mean for a much more comfortable living area as far as having extra $$$ every month. i also plan to rent atleast 1 room out to someone when i get either a house or a condo.

in the DC metro area and its surrounding areas, you can't really get a house for less than $200K, and at $200K you are looking at just a decent house, nothing special by any means. i have seen some condos for the price of around $130K - $150K, but those usually only have like 1 bedroom so it wouldn't really be a place to rent out a room to someone.

so my general question is, would getting a condo in my situation probably not be a good idea when compared to a house? again this won't be for over a year, but i really want to start doing research asap in my area, and learn about this whole property owning in general, because i really don't know much about it.

 

[Juno]

Go for a townhouse and throw parties!

 

[MikeyIs4Dcats]

house...

 

[purbeast0]

Originally posted by: jewno
Go for a townhouse and throw parties!

i was trying to price some townhouses as of now, and there aren't really any cheaper than $250K, aside from a few that I saw that seemed to not be in a great area to live. but i know i can't be TOO picky for my first purchase.

 

[Darkstar757]

dude where are you looking at cause in Silver spring I cant even find a two bedroom condo under 250K

 

[rsd]

I'm in very much the same situation but near the Boston area, where house prices are beyond my reach (300k would get you a fixer upper in the western 'burbs). I figure a condo is a good enough way to start building equity with a low mortgage rate. 2 bedroom condos around here are 150k-350k depending on location. Sucks to be our age, we got screwed in the housing market.

 

[purbeast0]

i just searched this entire area around moco and wheaton, and also around columbia as well since i'm working here. also in college park stuff isn't as much as other areas.

 

[ragazzo]

2-bdrm condos are nice starters, but the return in investment is minimal. Townhomes are better for investing. You could also go for an much older house and fix it up nice and pretty.

 

[Al Neri]

Originally posted by: rsd
I'm in very much the same situation but near the Boston area, where house prices are beyond my reach (300k would get you a fixer upper in the western 'burbs). I figure a condo is a good enough way to start building equity with a low mortgage rate. 2 bedroom condos around here are 150k-350k depending on location. Sucks to be our age, we got screwed in the housing market.

wait it out 16-24 months. im 22, i figure i can buy a nice first house in a NYC suburb for 250-400k... the bubble will burst, soon. new home buying was down 9% in janurary this year...

 

[nakedfrog]

Ugh... I can't bear the thought of ever again sharing a wall with a neighbor.

 

[rsd]

Originally posted by: matstars

Originally posted by: rsd
I'm in very much the same situation but near the Boston area, where house prices are beyond my reach (300k would get you a fixer upper in the western 'burbs). I figure a condo is a good enough way to start building equity with a low mortgage rate. 2 bedroom condos around here are 150k-350k depending on location. Sucks to be our age, we got screwed in the housing market.

wait it out 16-24 months. im 22, i figure i can buy a nice first house in a NYC suburb for 250-400k... the bubble will burst, soon. new home buying was down 9% in janurary this year...

I really don't think the bubble will burst. Prices might level out but they are not going to decrease. That and I refuse to live at home any longer lol I'm too old and sick of doing that. In mass, you need 500k min to buy an ok to decent house, and even then it varies greatly depending on the town.

 

[RaDragon]

House.

 

[Argo]

I think it totally makes sense to buy a condo. I'd go one step further - I don't think it makes sense to buy a house if you're single. The maintanance will kill you. I have trouble keeping up with my town house.

 

[kreactor]

"a nice first house in a NYC suburb for 250-400k"

now where would that be

1 bedroom condos costs that much already

 

[dabuddha]

Which part of the DC metro area?? The places I've seen, the prices for a decent house starts at 300k. And I use the term decent loosely.

 

[Al Neri]

staten island, somewhere in new brunswick or central/north jersey... i bet in 2 years u can get a nice 2 br townhouse for 400k in one of those locations

 

[purbeast0]

Originally posted by: Argo
I think it totally makes sense to buy a condo. I'd go one step further - I don't think it makes sense to buy a house if you're single. The maintanance will kill you. I have trouble keeping up with my town house.

well the thing is, i already have someone who's going to move into my house and rent a room if i get a place with 2 bedrooms. he pays $1000/mo right now for an apartment and he DEFINITELy wants to get out of there asap, and he told me already he would live with me. also, my gf is probably going to move in soon after i get the house as well, and she will be helping out with payments. so the $$$ should be coming pretty good to me as far as having enough to pay for it ..

Originally posted by: dabuddha
Which part of the DC metro area?? The places I've seen, the prices for a decent house starts at 300k. And I use the term decent loosely.

i found a couple places in wheaton as well as some places in PG county, and also in college park. i also saw a condo in columbia for around $150K or so.

 

[rahvin]

Originally posted by: matstarswait it out 16-24 months. im 22, i figure i can buy a nice first house in a NYC suburb for 250-400k... the bubble will burst, soon. new home buying was down 9% in janurary this year...

Yes because god created 5 million more acres last night where you want to live!

 

[dabuddha]

Originally posted by: purbeast0

Originally posted by: Argo
I think it totally makes sense to buy a condo. I'd go one step further - I don't think it makes sense to buy a house if you're single. The maintanance will kill you. I have trouble keeping up with my town house.

well the thing is, i already have someone who's going to move into my house and rent a room if i get a place with 2 bedrooms. he pays $1000/mo right now for an apartment and he DEFINITELy wants to get out of there asap, and he told me already he would live with me. also, my gf is probably going to move in soon after i get the house as well, and she will be helping out with payments. so the $$$ should be coming pretty good to me as far as having enough to pay for it ..

Originally posted by: dabuddha
Which part of the DC metro area?? The places I've seen, the prices for a decent house starts at 300k. And I use the term decent loosely.

i found a couple places in wheaton as well as some places in PG county, and also in college park. i also saw a condo in columbia for around $150K or so.

Well PG county...

 

[purbeast0]

Originally posted by: dabuddha

Originally posted by: purbeast0

Originally posted by: Argo
I think it totally makes sense to buy a condo. I'd go one step further - I don't think it makes sense to buy a house if you're single. The maintanance will kill you. I have trouble keeping up with my town house.

well the thing is, i already have someone who's going to move into my house and rent a room if i get a place with 2 bedrooms. he pays $1000/mo right now for an apartment and he DEFINITELy wants to get out of there asap, and he told me already he would live with me. also, my gf is probably going to move in soon after i get the house as well, and she will be helping out with payments. so the $$$ should be coming pretty good to me as far as having enough to pay for it ..

Originally posted by: dabuddha
Which part of the DC metro area?? The places I've seen, the prices for a decent house starts at 300k. And I use the term decent loosely.

i found a couple places in wheaton as well as some places in PG county, and also in college park. i also saw a condo in columbia for around $150K or so.

Well PG county...

... is pretty close to where I work.

but yea, it's not quite as good an area as moco, thats for sure (i currently live in moco). but i did see some stuff in wheaton for around $200K. I saw a condo for like $125K on university blvd right near sligo creek.

 

[Al Neri]

Originally posted by: rahvin

Originally posted by: matstarswait it out 16-24 months. im 22, i figure i can buy a nice first house in a NYC suburb for 250-400k... the bubble will burst, soon. new home buying was down 9% in janurary this year...

Yes because god created 5 million more acres last night where you want to live!

eventually people will not want to keep moving.

this happens in cycles, its just bad that people have an eye for the future all too much instead of realizing that things move in cycles... i recall hearing people on CNBC circa 1998-1999 "The internet has nowhere to go but up, up, up, up!" theres no such thing as an excption from the rule