Nice location or convenience?

[iGas]

I'm thinking of purchasing a condo because my current rent is about the same as 250K at 30 year mortgage.

Would you pay 250K to get a nice condo by a lake that is 20 min drive from work.?
Or, 250K for a not so good location and not anywhere as nice as the above condo, but it is only 5 min from work?
Or, 335K for a condo that is comparable to the first condo at 10 min drive from work?

 

[iGas]

Strata fee would be around $260-$350 mo. Taxes would be around $1300 a year.

 

[yinan]

20 minutes to work is the LONG version? I would kill someone in a heartbeat for that....

 

[nickbits]

Remember you will have to add taxes, insurance, utilities and condo fees to make a fair comparison.

But I'd go with option #1.

 

[Aharami]

the 20 min drive condo. is this a waterfront property?

 

[Fritzo]

We went with location. Haven't regreted it at all. I have a 25 minute drive to work, but it's all countryside. Hard to get stressed when trees are blowing, deer are running, and rabbits are hopping all over the place.

 

[iGas]

Originally posted by: Aharami
the 20 min drive condo. is this a waterfront property?

Not waterfront, but it is within a stone thrown away. The lake is a public park with beautiful trails and is great for rainbow trout fishing.

Rush hour it can take up to 30 min to work, but normally it should take 15-20 min to work/downtown.

 

[iGas]

Originally posted by: nickbits
Remember you will have to add taxes, insurance, utilities and condo fees to make a fair comparison.

But I'd go with option #1.

Currently I save just over 1K per month after all expenses.

I'm currently in a 1 bed 1 bath apartment, it is not as nice as the first condo, and it cost $80 mo for parking. The first condo is a 2 bed 2 baths, in suite laundry, it is a bright unit with sky lights, and parking is included in strata fee.

 

[iGas]

.

 

[krunchykrome]

I'd pick the nicest location possible that you can afford. Some people move to an area because of the convenience factor or just because they're city people.

Personally, I like to be as secluded as possible, and I dont mind a commute if it means that I dont have many neighbors.

 

[SonnyDaze]

location, location, location

 

[lxskllr]

30 minute drive is cake. I'd go for the nicer condo without thinking.

 

[joesmoke]

id definitely go for the first one. being by some water is worth the drive.

just curious, what city/state are we talking about here?

 

[Billb2]

Originally posted by: SonnyDaze
location, location, location

:thumbsup: