What are the Pro's and Con's to buying a Condo, as opposed to a House?
451183
A condo is great if you are a busy and do not have time for maintaining a home. You are buying Air Space. There are common areas and monthly Home Owner Association Dues. Usually your water,garbage, and sewer are included. The Association usually takes care of building insurance you only need renters insurance. It might even have a pool or tennis courts and a club house. Town homes are a little different you have your own entrance and usually there is still a HOA but it is yours. Some include snow removal and lawn care and landscaping. If you want your own back yard then you want a home.  But you do everything your self. There are Patio or Coach homes that are single family but maintenance free meaning they do all the snow and lawn. Same but different.
402698
How much time do you really want to spend on the weekends mowing the lawn, edging, weed eating, fertilizing, etc?\n\nI own a condo so that I can have more time to do what I want to do.  I own the building from the walls in.  Therefore, I can do whatever I want inside as long as I do not tear out a structural or load bearing wall.\n\nThere are many styles of condos and houses available.  Some look and feel like apartments and some look and feel like regular homes (patio homes).  Talk to a real estate agent to go look at both condos and houses.  You may be able to get a better deal on a condo depending on where you live.
556429
If you are planning on expanding your property, i wouldn't buy it since it cannot be built on. But, if you are just wanting it to be your property and are keeping the woods, or extending your back yard, go for it. In closing costs, they would be lower than purchasing the house because the lot would have a far lower tax amount and I don't think it would need insurance. Of course, Title company fees and Realtor fees would be the same. They will give you documents with your title papers that will tell you what the taxes will be on the property and they will be separate from your taxes on your home because taxes are charged per lot unless they are surveyed together.
4
renting vs buying depends on your goals. <br />\ngenerally thinking is that buying is better b/c the payments that would go into the rent start building equity in your home. the govt also incentivizes you to buy by making your property tax payments and mortgage interest payments tax deductible.\nhaving said that current housing status in the bay area is such that housing cost to purchase is relatively high and rental prices (compared to ownership cost) are relatively low (relative to the rest of the country). it makes lese sense to buy vs. other places.\nbottom line you should base your decision on whether you think the market will keep going up or not. the other numbers tend to even out, the main gain or loss in buying comes from appreciation/depreciation.
1155603
The advantage is in knowing that you have equity in your home already....Don't let the seller know what it got appriased at - ok - - -Now - if you needed help with the closing cost, that is another matter, the seller could help with closing cost, and you would make a offer to the seller to adjust the purchase price....I do not recommend this - but it has been done in the past, expecially if you already have your financing approved.  The advantages is down the road, if you wanted to do a line of credit - you have the equity of 11,000 to use - for newer carpet - etc....  I would just let it build since home markets are on the rise in different areas, and on the decline in others.  Good Luck.
213627
how long do you plan to live in it? how important is it to be a homeowner? if you overpay 15% today and next year want to move to a different house, then chances are that it will also be cheaper and it won't matter to you.\n\nquality of life rules!\n\ni bought in Portland last year and the value has gone up 15% or more, depends on neighborhood.
24596
This is my answer to the same question asked earliler...\n\nIf given the choice and if you have the capital to do so, you should definitely buy a house. \n\nWhen you rent a home or an apartment, you're not building any kind of equity and you're not getting any kind of tax savings. The money you spend on rent each month isn't doing any work for you, but is fattening up the coffers of your landlord.\n\nBuying a home gives you an opportunity to build equity. In other words, your home is making you money as it will most certainly appreciate in value over time. For instance, I know a family who bought a house 33 years ago for $66,000 and just recently had the home appraised at more than $700,000. Quite the investment, indeed.\n\nFurthermore, owning a home puts you in charge allowing you to be "the master of your own domain" and not having to rely on someone else to maintenance / repairs. And you also get a tax credit on your state and federal taxes. \n\nWhile there is some concern about the market bursting, it shouldn't affect the value of your home, especially if you live in it long-term. Historically, houses usually only appreciate and rarely do they depreciate for any extended period of time (longer than 5 years).
10367
rent to own is not a bad idea, although there are SOME bad people involved in the business.  My advice: if you are looking at a "rent to own" house, look at some other houses for sale in the neighborhood that are not "rent to own", and look at some other house that are for rent.  \n\nRule of thumb: If the price of the rent to own house is not too much more than the price of similar houses that are not rent to own; and if the rent on the rent to own house is not too much more than the rent on a similar house, then its a good deal.  But if the "rent" is twice the going rent in the neighborhood, you're better off renting for a few years until you get your credit back up.
138038
A lot of new home subdivisions are being built as common interest developments.  If you want to buy a property in one of these developments you must join the association.  In every association I have ever herd of there is always some type of fee.  Sometimes the fees are small, just some type of management fee.  Other times the association pays for gardening, maintenance, roads etcetera.  I know in some areas it can be hard to find properties that don’t belong to some type of association.  They do however exist; you just have to find them.  Oh, I almost forgot, if you decide to buy in an association community, read the CC&R’s VERY carefully.  They often have strict requirements about what you can and can not do to, on or in your own property.  \nBest of luck to you.
542878
Check your CC&Rs (Conditions, Covenants and Restrictions) which sets out the rules for condo residents.  It should set out specifically what consequences there may be for unpaid fees to the HOA.  But I agree, why don't you just pay it?
953047
Good if you dont blow it on something stupid.  Good if you want to use it to get out of debt.  Bad if you buy material things that dont offer a return on investment.  \n\nI took one out on my home to pay off my credit cards, and I made sure to pay it off as soon as I was able.  I just sold my condo and as a result, took away a nice profit because I didn't owe anythign on my HELOC.
883375
affordability...sounds easy.  Don't get trapped into getting an adjustable rate and hope that the rate will stay the same or go down before it comes up for review.  Your house payment could take a dramatic increase and you might be forced to sell.\n\nnext location is never to be dismissed.  how far do you want to be from your work, friends, shopping etc.\n\nfinally, are you buying it as an investment?  if so, then be sure to buy in an area that is appreciating
708453
Pros\nTenants that pay off your mortgage\nDepreciation write-offable on your taxes (often leaving you with no taxable cash flow)\nCASH FLOW!!!\nThe buying price is based more on the operations of the property than what the market dictates (as in single family)\nThe building itself will often secure the mortgage with its positive cash flow.\nThe amount that is added in equity to your property every year is substantial with a property as big as 16-units.\nMore ways to add value and cash flow to the property than with a single family unit\n\nCons\nTenants (if you choose not to use a property manager)\nMaintenance (but that is the same as any property and you appear to be versed in that)\nThe selling price is based more on opertaions than what the market dictates (as with single family)\n\nGood luck
985063
Companies don't buy residential homes, however, individuals who want to buy a home may set up a corporation to buy the home in for tax reasons...\n\nContact your tax accountant or attorney to see if this would benefit you.  Note, it may be harder to obtain financing if the owner is a corporation.\n\nRegards,\nJoe Ballarino\nhttp://www.amerivestrealtyoforlando.com
564192
A condominium is property developed for concurrent ownership, where each co-owner has a separate interest in an individual unit, combined with an undivided interest in the common areas of property.\n\nA co-op is a residential multi-unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the \nbuilding, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease.\n\nWhich is better just depends on what your situation is.\n\n\nHello, \n\nA HUD home is a property that was foreclosed on a FHA-insured mortgage loan and deeded to HUD/FHA. Then Hud must sell those homes at market value A.S.A.P. to get the most finanial return on its mortgage insurance.  A Real Estate agent has to be used in the purchase of a HUD home and the buyer must be preapproved.\n\nThe purchase of a co-op includes shares of stock in a corporation that owns the entire building. The shares are a part of a lease that permits you to "rent" the apartment. Whereas the purchase of a condo means you actually buy the apartment, as well as a proportionate share of the property's common space.\n\nWhat you need to consider when buying a co-op VS a condo is how desirable they are in your area. West coast has more condos and East coast more co-ops, so you need to think about what is more popular in your area, so that when you go to sell you have more potential buyers.\n\nNow as for your situation I was referring to the co-ops extensive application process, like detailed credit check, social contacts, business contacts and a live interview.\nSome co-ops don't allow financing so you will have to pay cash and  have assets to cover 2 to 3 times the cost.
255902
Well, it depends on the area you're looking at, square footage, # of bathrooms.  I know that condos are going from $200,000 and up.  I'd say a 3 bedroom, gated community, and a garage would put you close to or even over $240,000.  But again the area you would want makes a big difference.
433852
The condo association should provide you with a copy. I'm surprised you bought a condo without having a set of the rules in hand. The next surprise may be yours.