| What Are the Benefits of Having a Condo? |
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Newstockslive
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Im in! Send me a pm with some details.
Stock market Forum | Webmaster Forum
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Thu Nov 26, 2009 3:13 pm |
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splinter7
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Joined: 12 Jan 2010
Location: U.S.
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Dont buy a condo unless you plan to die their, are very rich or have no intention to make money . They usually don't appreciate as quickly as a freestanding single family homes. If the building suffers damage from a storm or is being upgraded you are required as a resident to contribute to the cost or deductible which can be very large. For example if half of the owners want to spend 5 grand each to upgrade, then you will have to come up with the 5k or you get sued. Watch out for monthly fees, they make owning a house very cheap.
Only buy when there are many vacancies in a building, as they fill the condos in a building the price go up for the remaining condos. You will have to compete with the vacancies too when selling, like buying a house in an incomplete neighborhood. Watch out for competing buildings being built in the area. They will destroy your asset appreciation. If its near houses, forget about it, it would be a mistake.
btw, florida is horribly off, thye built way too much in the boom. If you think they will eventually recover, you might find a good deal somewhere that could appreciate, but don't hope to find a job unless you are highly skilled or educated.
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Wed Jan 13, 2010 6:17 pm |
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zairaong
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In condominium ownership, the owner has control, unlike an apartment setting. Want a full wall of artwork or family photos? Want border paper around the room? Want a vividly-colored wall and exotic carpet? It's all your choice as a condo owner. Other benefits include equity, which can build with each payment you make, unlike rent, in which you own nothing, even after years of payments. In addition, real estate traditionally appreciates over time. Another potential benefit, depending on the individual situation, is the tax advantage that may be realized by home ownership.
sometimes it's better to lose the argument than lose the person or the relationship.
Real Estate
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Mon Mar 01, 2010 8:46 am |
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