Who would BUY a bachelor condo?

[Phokus]

Originally posted by: joshsquall
My brother bought his condo for $52k and sold it 2 years later for about $250k. He put $10k of improvements into it. Reason enough?

That is quite a return on investment:Q

He shoulda stayed there for 3 more years and sold it tax free.

 

[ppdes]

Would work for me. I'm too selfish to ever be willing to support a family.

 

[CKent]

There some kind of law saying we must marry and procreate?

 

[Whoozyerdaddy]

Originally posted by: rivan

Originally posted by: Alphathree33
I'm renting a bachelor condo right now and it's great.

And it will continue to be great for several more years.

But who in their right mind would BUY a bachelor condo in a big city for like $250,000?

Surely long before you ever paid off your 25-year mortgage, you would want to start a family... which you most certainly cannot do in a bachelor condo.

And if you were so rich that you could just pay cash up front, why would you be buying a bachelor condo to begin with?

Because condos don't ever appreciate. And rent is an excellent investment.

You forgot the total lack of tax benefits for owning a condo.

 

[mugs]

Originally posted by: waggy
IF you stay 3-5 years odds are you are going to make a profit on it.

:thumbsup:

 

[Gunslinger08]

Originally posted by: Alphathree33

Originally posted by: joshsquall
My brother bought his condo for $52k and sold it 2 years later for about $250k. He put $10k of improvements into it. Reason enough?

So because of a single instance of a high rate of return I read on the internet, everyone should go buy a condo.

Have you taken any critical thinking courses?

You can't rely on appreciation, especially not 500% appreciate in 2 years.

If anyone KNEW that a condo worth X would be worth 5X 2 years from now, it would actually sell for just under 5X right now.

Do a Google search for "efficient market hypothesis" for details.

Sorry, I will never relate a personal life experience again.

 

[puffff]

no, silly. i dont plan on paying all that mortgage myself. in 3-5 years, when i move on to a bigger place, i plan on having renters like yourself pay it off for me.

 

[T9D]

Originally posted by: Phokus

Originally posted by: joshsquall
My brother bought his condo for $52k and sold it 2 years later for about $250k. He put $10k of improvements into it. Reason enough?

That is quite a return on investment:Q

He shoulda stayed there for 3 more years and sold it tax free.

You only have to live in it for 2 years to not pay capitol gains.

 

[miniMUNCH]

Mortgage interest is a tax deduction if you itemize...I know when I bought a house my taxes dropped quite a bit.

 

[DaveSimmons]

Originally posted by: miniMUNCH
Mortgage interest is a tax deduction if you itemize...I know when I bought a house my taxes dropped quite a bit.

key point, and remember you lose the standard deduction when you do this.

Some people do well with their condo ownership, some people do well with their stock index mutual fund shares. If you have the self-discipline to invest the difference between rent and mortgage, both are valid choices.

Where many people get the idea that buying is better than renting is from comparing buying to renting and blowing most or all of the difference on toys instead of investing it.

 

[richardycc]

Originally posted by: Phokus

Originally posted by: joshsquall
My brother bought his condo for $52k and sold it 2 years later for about $250k. He put $10k of improvements into it. Reason enough?

That is quite a return on investment:Q

He shoulda stayed there for 3 more years and sold it tax free.

its tax free if he lived there 2 out of the last 5yrs, so his profit should be tax free already.

 

[sygyzy]

What is a bachelor condo?