STYLETHREAD -- LET'S TALK SHOP!

Karina · Chanel

Buying a condo

lsubatgirl · Gucci

Make sure you buy it in a popular place just in case something happens so that you can sell it/rent it. From personal experiences I can tell you that Orlando is an awful place to buy unless you want to go there yearly. Beaches are good spots.

Are you looking at a time share or a condo? I know that some people use those terms to mean the same thing.

Karina · Chanel

No, we're looking at buying a condo instead of a house. We'll probably buy the house in a few years, unless we find a really good deal now. I just hate throwing rent money out of the window, when we can be home owners.

Sunshinegirl · Kate Spade

Always have an attorney look over any contracts. It's worth the extra money. I didnt realize that you lived in orlando.

Karina · Chanel

Sunshinegirl wrote:

Always have an attorney look over any contracts. It's worth the extra money. I didnt realize that you lived in orlando.

I don't- I live in NJ :)

tara t · Marc Jacobs

i can give you all kinds of advice if you are buying in south carolina...

is this where you'll be living or is it a second home?

blink · Coach

well maybe you already know this, but remember to consider homeowners associations dues before you make a bid on a fairly priced property. they will seem really high if you aren't prepared for this additional monthly payment, but it's the standard, and it's worth it if you have a well managed property.

good luck!

JMR · Dooney & Bourke

Karina - DH and I own two condo's (well in the process of buying one now) if you have any specific questions I can try to help you...what kind of info are you looking for?

dc · Dooney & Bourke

Definitely agree that you need to take into consideration the condo fees and be sure it's worth it to you to pay the extra (rather than a single-family home or townhome that has no fees). I got so pissed off with mine ($315, which isn't even that bad in DC for a brand-new building downtown) that I started thinking about selling & buying a rowhouse instead (mortgage would have added up to roughly what I pay including condo fees). But then I realized that my building keeps me safe, I don't have to worry about major building repairs, landscaping, etc, I have a gym, a concierge, a parking garage (actually, I own my space, but $12 of my fees go to garage maintenence). But not selling right now came down to: a) being able to stay in a desireable area of town in a nice building (to afford a rowhouse, I'd have to be willing to go a bit more sketchy) and; b) having lots of stuff taken care of for me and generally feeling safe. Plus, I think we're getting a roof deck soon - yay!

Also, some condos allow pets, some don't. I don't know if you have any, but that is a consideration. Some condo assoc's have so many rules that living there can be a pain. And the resale on some condos (older, less deserable areas) can be risky.

ShanKel · Kenneth Cole

I say if you buy, pick a popular, up and coming area because selling it can be risky. Condo's are usually the last to increase in price when real estate goes up so it may be hard to get the return you deserve when you sell.

Karina · Chanel

We want to buy it in a semi-popular, urban area (it's about 5 mins away from NYC), it's a brand new construction condo, 3 brs, 1 bath, central air, washer, dryer... the starting price was lowered by 30k. We are thinking of buying it, and either selling it in 2-3 yrs so we can buy a house before Chris starts school, or buying it, living in it now, and renting it out in 2-3 yrs (still buying a house), or just buying in it and living in it.

I guess I was wondering what are the best choices or options to take when buying a condo, should it be used as a primary residence or more as an investment?

Karina · Chanel

bump