After saving up for a long time, I recently bought a home, which caught some of my friends off guard. “I thought you were anti-homeownership,” they said, because I think renting is underrated. Even as a homeowner, I still think renting is underrated. That doesn’t mean buying is a bad decision. The rent vs. buy debate is just silly overall.
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Buying a Condo MISTAKES | Top Things To Avoid When You Are Purchasing A Condo – Duration: 9:23. Jerry Pinkas 7,669 views. 9:23. Pros And Cons Of Buying A Condo – Lots of pros with a few cons -.
Buying a condo allows you to wade into homeownership without plunging into the responsibilities of a single-family home. Before you buy a condo, ask the right questions to avoid making a mistake.
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· Realty Q&A: “Condo vs. house.” If you’re currently looking to buy a piece of property, perhaps to take advantage of the record low mortgage rates on offer, and also the reduced home prices, you may be torn between a house and a condo.
Pro: Cheaper to buy . Usually, condos are less expensive than homes. The difference depends on your geographic area, but in a higher-cost market, a condo can be a bigger bargain. Here’s one cost breakdown in the Austin, Texas area. Tip: Not all condo developments are approved for loans from the Federal housing administration (fha). For an FHA.
Why Buying a Condo as a Rental Property is a Bad Idea. Not long ago, I failed in an attempt to buy a condo as a rental property. Five days before closing, I had to walk away from the deal. I learned the hard way that condos do not make good rental properties. All told I lost about $1,000 due to associated costs leading up to the purchase.
That’s why technologists such as Ryan Herd, author of Join the smart home revolution (rth & Sons, 2017), recommend buying.
Purchasing a condo is like joining a business arrangement with all the other people who own condos in the building. Because of this, condos have their own homeowners associations . This body puts rules in place to maintain the upkeep of both the building and neighbor relationships.