Looking to buy a condo -- but . . .

Discussion in 'The Barber Shop' started by Benzadmiral, Feb 6, 2019.

  1. Doc4

    Doc4 Moderator Emeritus

    Oh, score!

    ... hmm, I wonder if there's a reason for that low price?

    Ahh. Now it makes sense.
     
  2. Jim

    Jim Moderator

    One item that can be a hidden cost in a condo is any underlying debt the association and or HOA may have.
    This should be easily determined in the condo documents that most states require to be provided. You may want to direct your lawyer to seek this info out. When you purchase a condo you are also taking on this debt.
    Your monthy " maintenance" payment to the management company can be much higher if there is a lot of debt attached.
    Good luck on your search.
     
  3. And i didn't see mention of the monthly condo fess. That can be deal breaker. I looked at an office condo that was ok needed work nice office park monthly fee was almost $800. Realtor said he didn't know what the fee was when we were looking at it yet he bragged about selling three other units there. He had to know the ballpark fee range but probably gets the person hooked after looking at it. I hate that bs no sale
    As for op....add up a new ac etc and deduct it from what you would have offered.
     
  4. I wouldn't have any interest in buying a condo instead of a house, but that's a personal decision. For me, a condo has few benefits of ownership. They usually don't appreciate as fast as a house, you are still stuck with your neighbors and all the other inconveniences of living in an apartment and you have the same maintenance hassles. You just have to pay an association fee every month and if an expense is "extraordinary" you still have to pay that as well and you don't have the same control over when to fix it and how to fix it.

    As far as painting is concerned. Paint it yourself. How hard can that be in a condo? I wouldn't pay for an a/c warranty. It's not going to break down until it gets old. When it's old you would have paid more for the warranty than the repair costs (the warranty people aren't stupid).

    I've been in condos located in the downtown areas that cost more than a house in a decent neighborhood within a short drive of the downtown area. If you live downtown, don't have or want a car and work downtown maybe a condo makes more sense. Again, it's a personal choice of course.

    I like having some space, quiet, more control of when and how I do house repairs. You can always be remodeling a house if you want to. You don't have to do a lot however. Get the shingles replaced every 20 years or so and paint the house occasionally, cut the grass or don't water it and that's about it.
     

  5. Sounds like to me you got it figured out.

    If it were me, and they won’t budge on the price to help compensate the flooring or walls, I’d definitely go for AC, then on my own time, paint the walls. It’s an easy task and a condo won’t take more than a week going slow as molasses. After you drip all the paint on the floor, then replace your flooring when the right price, right sale, right installer, right product aligns.
     
  6. Double check the covenants. Many condos only allow 'hard' floors on the ground level. See how well they screen the tenants as many condos are rental investments for many of us. If they don't keep the trash out, your value will never increase.
     
  7. I just sold our 4 bedroom house that we raised our kids in for 220K about 4 months ago. We have been renting a 1 bedroom apartment on a 6 month lease. We are now signing the initial contract on a 2 bedroom 2 story townhouse for 130K. Offering 120K, thinking they will counter for 125K. Deal!

    It has front side curb parking and also rear side entry and driveway with a large 2 car garage and additional parking for an RV. Very quiet enclosed community of like townhouses with mostly older clientele and retired neighbors. Will likely take the extra left over 90K from the previous sale of our house and start looking for an RV once we are moved in and settled.
     

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