What are pros and cons of each?
I'd prefer a house but we can't afford one, we're more likely to afford a condo, i'd rather start a family in a condo than an apartment. if that makes sense (getting married in 65 days!)
I live in columbus ohio. I'm seeing some condo's with 60.00 fees a month, i think the HIGHEST i've seen was 300.00
but i've seen nice condos for 60,000
and those houses that are that much..are major in need of TLC and i know we can't afford to put alot of tlc money into a house at one time.
Move to the suburbs and buy a house for half the price!
The biggest difference between a house and a condo is that a condo generally has an association fee (sometimes greater than $300/month). So in that case it might be more expensive to purchase a condo than a house. But if you do not like mowing, raking etc. a condo might be a better bet.
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What area do you live in? You can usually find a house for the same money you would pay for a Condo, depending on location. If you currently live in an apartment, you already know this, but in a Condo you'll have to fight for parking (I'm assuming you and the spouse will both have vehicles) You'll probably be looking at Owner's Association monthly fees, which range between $300 to $500 a month (depending on amenities)… so you should factor that into the monthly costs. By the time you pay for parking, association fees and the special insurance (may be covered in association fees), you could probably afford the mortgage payment on a house. With a home, you have the annual property tax, which is usually paid for by your mortgage holder, and right NOW is the time to get a 30 year fixed mortgage… the interest rates are bottomed out. Good luck! Congratulations on the upcoming wedding! God bless!
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Life experience…
I live in a condo, but would love to have a house. Living in a condo, it's nice to not have to shovel in the winter, or mow the lawn in the summer. Most of the time, if something happens, water heater goes out, or heat stops working, or if a pipe bursts, the association has to fix it. If you lived in a house, you would be responsible for all of that kind of stuff. However, if you get an association like the one we live in, it really sucks, because they don't do what they're supposed to do, yet they keep raising our association fee. That's a reason I want a house so bad, because our association isn't right. But, there are a lot of condos that are super nice, and the association is great, and they don't over charge you for your monthly assessment. If we were in a better condo, I wouldn't mind having kids, and staying there. Just try to do some research, ask people who live there what they think about the association and how they handle things, and go from there. I wish we had asked before we bought. After we bought, some of the neighbors are like "If you're thinking of buying over here, don't do it" At that time it was too late. Now we're trying to sell, but the market is just to horrible right now. Like I said, just try to do some research and see what people living there think, that will be your best bet. Not all associations are the same. Good Luck!!!
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sorry u have been mis informed - acondo is just a high priced rental.
suggest u send first full year of marriage getting to know each other and how far from in laws to live.
work on increasing ur both incomes and reducing debts.
save as much income from extra jobs as possible.
read ' house buying for dummies' to learn what not to do
'total money amke over' d.ramsey to learn from others mistakes.
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foreclosure server ,see d' movie/ending daily
a condo can be either a townhouse or an apartment. #1 daughter just moved to b.c. canada. they couldn't even afford to touch anything in vancouver and had to move out to langley which i gather is a 30 minute drive from the city. they bought a 3 bedroom townhouse with garage and one additional parking spot for just over $300,000.00 plus an additional $190.00 a month common expenses. now for that $190. a month they get their snow shovelled, a groundskeeper mows all their back lawns and common grounds once a week, picks up the litter, and money goes into their savings accounts for big ticket items like roofs being replaced, or asphalt being done! they have a lovely back yard big enough for patio furniture, b.b.q. and such. their front yard is a beautiful garden which as my daughter says is just big enough for her to get her hands dirty but small enough to manage! lol
with their lifestyle this is the perfect set-up, they are both busy with their professions, and are away most weekends skiing and or sailing!
their freinds bought an apartment condo and have no outdoor space other than a small juliet style balcony off the living room. they are now putting their apartment up for sale as they find it too confining.
if your housing market is anything like b.c.'s then i would think even if its a condo its better for you to get in the market a.s.a.p. and make your monthly housing money work for you, not for a landlord. at the same time your home will go up in value and make it easier for you to buy a single family home in the future!
the condo their friends are putting up for sale is worth 25% more than they paid just over a year ago! talk to some agents, and your banker and get some opinions from them as well! good luck!
64 days and counting girl!
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Don't be fooled by the low condo payments. Owning a condo comes with other expenses. You will have a monthly association due that will go up every year, some are 200 to 300 dollars depending what they have to offer. Also, most association are in the red and any major expense that comes up have to assess to the homeowner. I once had to pay 1500.00 in one year, just so every ones condo could get woodwork and painting done.
Having a condo, there is no yard for your kids to play or have parties. Some association don't even wont for your kids to play in the common area. Something else to consider is your family will grow but not your condo. You may find that you will be stuck living in it for 10 or more years, like I did. Kinda of uncomfortable if you want your kids to have there own room.
Just save yourself the heart ache and rent for a while. In the end you will be much happier.
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Lived in a condo for 13 years. I now have a house and loving it.
I was also a board member for 10 of those years.
Move to the suburbs and buy a house for half the price!
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