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#1 2008-08-20 4:20 pm
- bratboy
- keeping the poor down
- Royal Wombat
- From: Austin, Texas
- Registered: 2003-01-19
- Posts: 34253
What do you know about condos?
My significant other and I have been planning to buy a home in the not-too-distant future, but we're working on saving up for a down payment and all the costs that come with it (while also dealing with my substantial student loans).
I've been wondering if a condo would be a good starter home, or not. Austin is going kinda condo-crazy right now, but I don't think we'd opt for a brand new one downtown. We don't need a whole lot of space and we could be closer to downtown in a condo, which is where I work. The alternative would be to continue renting an apartment until we can buy a house--likely an old one or one not very close to downtown.
I know the answer to this question probably varies greatly depending on the area (prices have dropped some here but not nearly as much as in other parts of the country), but I'd appreciate any input on the pros/cons of buying one.
"One thing we've learned is there's a difference between being disappointed and having madmen in authority."
--Paul Krugman
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#2 2008-08-20 6:14 pm
- Donkey Butter
- jerk face
- From: over yonder
- Registered: 2005-12-14
- Posts: 2466
Re: What do you know about condos?
with a condo often parking spaces are an extra cost. also there are "condo fees" so make sure you know what those fees are as they will greatly effect the monthly price.
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#3 2008-08-20 7:12 pm
- Daddyo
- hoochie coochie man
- From: the last juke joint
- Registered: 2004-01-24
- Posts: 1127
Re: What do you know about condos?
My daughter has her condo on the market, 6th st. a few blocks east of 35.
A million seconds is 12 days.
A billion seconds is 31 years.
A trillion seconds is 31,688 years.
Hope and change could be forever.
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#4 2008-08-20 8:45 pm
Re: What do you know about condos?
Man, smurf condos. They're just apartments you have to buy.
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#5 2008-08-20 8:48 pm
Re: What do you know about condos?
Condo living is basically like apartment living but you have added costs. My complex is roughly 30% renters. That's pretty high, and when you get around 50%, property values drop.
I do not pay extra for my parking space. It comes with the condo. I own the space just as i own the condo, but you have to keep in mind there are common areas and there are restricted common areas. My stairway is a restricted common area. That means i don't own the stairway, but my neighbor and i are the only ones that can hang out on it. no one else has any business being on it.
Condo owners don't own the structure, which means you can't just do anything you want. You'll want to take a look at the HOA rules before buying. A lot of them (like mine) restrict what type of pets you can own. Restrict what types of changes you can make inside. Don't allow you to make any changes externally, like adding lighting to a deck, or a doorbell to a door frame.
The fees you pay depend on the HOA. Generally, the bigger the place, the higher the fees. My fees cover my homeowners insurance costs, but not my personal property. You'll probably need to personaly property insurance to cover your smurf.
I'm typing random things as i think of them, so you may go back and forth.
There will probably br pool rules/limitations just like an apartment building. There might or might not be on site management, or not. Guest limitations. We don't have guest restrictions here but i know of some places that consider a guest to be a resident if they stay more than2 weeks in any given year.
Your best bet is to talk to a few neighbors. See how they like the community. See how often their HOA fees have gone up, or ask the HOA how often they intend to raise the fees. I've lived here a little over 2.5 years and mine have gone from $207 to $259. They are allowed by law to raise it 20%/year here in Cal.
My fees cover:
Water
garbage
home owners insurance
landscaping
any structural repairs
security
most any repairs and all upkeep for common and restricted common areas
the pool guy
the maintenance people
they also do the dirty work for you when you have a complaint
I can't think of anything else right now.
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#6 2008-08-20 11:27 pm
- pottymouth
- Uncreative
- Moderator
- From: JP, MA
- Registered: 2002-02-06
- Posts: 17464
- Website
Re: What do you know about condos?
I own a condo. It's just under 1000sf in a small 6 unit building close to the parks and T but outside the overpriced areas of the city. I'm paying more than I was paying for an equally sized apartment in the same area, but I'm investing instead of handing every dollar of rent over to some random dude who doesn't give a smurf about bettering my home. Of course, right now I'm paying all my money to some giant bank (In the last 2 years, I've paid a couple dozen grand and nearly every dollar went to interest) but that's just the way it is for the first, what, like 15 years(?) of any mortgage. But the good news is that around here the market isn't tanking. It's not rising as fast as it normally does, but it's still going up and that's where I'm going to see a profit even though I won't be here more than a couple more years. I paid $290K about 2 years ago and the 2 places upstairs have since sold for $330K and $350K. If I stay 2 more years could conceivably make about 100K...maybe not, but $50K certainly wouldn't be unreasonable.
So yeah. I dig the condo. $300K was my budget so I was looking at:
Downtown...HA! Nothing. $400 might buy a couple hundred square feet with no windows. No thanks.
Burbs...I could have gotten a small house with no yard maybe 45 minutes out the city and driven in to work every day. Shyah. No thanks.
Instead, I went to the end of the T where I could afford but still be near everything, have enough room to live, share a tiny yard (but have access to parks), and buy into an area that was going nowhere but up.
Anyhooz, I don't know your financial math, but if you think you can pay your rent and still save up to buy a decent house in a couple years in an area you actually want to live, then keep renting! But if you can get in on a cheap condo now and put up with it for 4 or so years you'll almost surely come out of the deal in a far better position with the cash to be wherever you want to be.
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#7 2008-08-20 11:30 pm
- dv
- Negusa Negest
- Moderator
- From: Minneapolis, MN
- Registered: 1999-08-30
- Posts: 18379
Re: What do you know about condos?
Since nobody mentioned it:
Owning vs. the "99 year lease."
Be informed.
Your condo probably won't be that old, so probably not a concern.
As an apartment renter, I will say it's nice to have a lot of the maintenance work and landscaping taken care of. When I was kid, my parents rented houses. Seems like the worst of both worlds. 
"Now commences the process of cutting off the head, which generally takes from an hour to an hour and a half by an expert workman with a sharp blade." -Reuben Delano, Wanderings and Adventures
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#8 2008-08-20 11:53 pm
- CrashingtehWarehouse
- Dismember
- From: The Frozen Tundra
- Registered: 2006-08-11
- Posts: 1134
Re: What do you know about condos?
They protect against STD's and pregnanc....wait, did you say "condos"?
Alright, now, who wants to be transistorized?
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#9 2008-08-21 12:11 am
- bratboy
- keeping the poor down
- Royal Wombat
- From: Austin, Texas
- Registered: 2003-01-19
- Posts: 34253
Re: What do you know about condos?
Daddyo wrote:
My daughter has her condo on the market, 6th st. a few blocks east of 35.
East side, eh? Is that area "up-and-coming" or not quite yet?
"One thing we've learned is there's a difference between being disappointed and having madmen in authority."
--Paul Krugman
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#10 2008-08-21 12:19 am
- bratboy
- keeping the poor down
- Royal Wombat
- From: Austin, Texas
- Registered: 2003-01-19
- Posts: 34253
Re: What do you know about condos?
Or maybe it's nice over there, I haven't been to the east side a whole lot since I've moved back (though I've seen the riverside area, and I know that's worse than it used to be).
"One thing we've learned is there's a difference between being disappointed and having madmen in authority."
--Paul Krugman
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#11 2008-08-21 8:38 am
- user
- Your plastic pal who's fun to be with
- From: I'm not getting you down, am I
- Registered: 2001-10-15
- Posts: 16494
Re: What do you know about condos?
Do they have townhouses in the area? My brother owns one. It's on the end so he shares only one wall and it seems like that would be more like having a house (I've never seen my brother's place, though, because he's being such a dick about it).
Aw, he's no fun, he fell right over.
Unless you become as little children, there's no way you will believe this crap.
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#12 2008-08-21 8:41 am
- zeitgeist
- Current Status: FUD
- Registered: 2008-08-10
- Posts: 637
Re: What do you know about condos?
CrashingtehWarehouse wrote:
They protect against STD's and pregnanc...
I should say so. Who would want to have sex with this?
"We regard as false the choice between our safety and our ideals."
- President Barack Obama, Inaugural Address
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#13 2008-08-21 9:21 am
- bratboy
- keeping the poor down
- Royal Wombat
- From: Austin, Texas
- Registered: 2003-01-19
- Posts: 34253
Re: What do you know about condos?
"One thing we've learned is there's a difference between being disappointed and having madmen in authority."
--Paul Krugman
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#14 2008-08-21 9:23 am
- macnuke
- just a plano guy
- Moderator
- From: North Dallas 40
- Registered: 2004-05-16
- Posts: 7334
Re: What do you know about condos?
bratboy wrote:
sad 
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#15 2008-08-21 12:29 pm
- CrashingtehWarehouse
- Dismember
- From: The Frozen Tundra
- Registered: 2006-08-11
- Posts: 1134
Re: What do you know about condos?
It's the neck bulge. Bulges are sexy.
Alright, now, who wants to be transistorized?
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#16 2008-08-21 2:19 pm
Re: What do you know about condos?
Here's the single biggest downside. I found 2 of what i think are cockroaches. Since i've enver had them or seen them, i can only guess, but i've ruled out every other bug. I'm not sure if i have them because of my neighbors, or the major tree trimming they did yesterday, but this sucks. The HOA is scheduling an exterior spraying. I need to call someone about the interior.
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#17 2008-08-21 2:24 pm
- bratboy
- keeping the poor down
- Royal Wombat
- From: Austin, Texas
- Registered: 2003-01-19
- Posts: 34253
Re: What do you know about condos?
You couldn't possibly mistake a roach for something else down here. They're enormous and they fly.
"One thing we've learned is there's a difference between being disappointed and having madmen in authority."
--Paul Krugman
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#18 2008-08-21 2:28 pm
Re: What do you know about condos?
These are very small. Well, not small like ants. But small compared to there. I just talked to my daughter on the phone. She was here when we got back from vacation and she thinks they showed up while we were gone.
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#19 2008-08-21 2:37 pm
- Kendall
- Member
- From: Saskatoon, SK, Canada
- Registered: 1999-03-25
- Posts: 1118
Re: What do you know about condos?
Daniel wrote:
Man, smurf condos. They're just apartments you have to buy.
My townhouse condo is like a house that happens to be REALLY close to two others and someone else does all the work on the outside. 1500 sq. ft. 2 huge bedrooms, 3 bathrooms. Rocks for me! I'm not interested in shoveling snow or cutting grass...
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#20 2008-08-21 3:39 pm
- D'Eyncourt
- OMGDICTATOR
- Registered: 2001-12-27
- Posts: 9011
- Website
Re: What do you know about condos?
justine wrote:
These are very small. Well, not small like ants. But small compared to there. I just talked to my daughter on the phone. She was here when we got back from vacation and she thinks they showed up while we were gone.
Or maybe your daughter left them? Nah, coincidence, I'm sure. 
BOYCOTT SONY
"In fact, the polygraph looks for spikes in blood pressure, heart rate, respiration and perspiration. In other words, you can’t tell a lie from the sex act."--Robert L. Park, What's New for January 15, 2010
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#21 2008-08-21 3:57 pm
Re: What do you know about condos?
This is so annoying. The HOA is spraying outside. I have someone coming Tuesday for the interior. They told me not to spray inside, and of course i've already sprayed. 
The only positive thing is that it looks like we've caught it fairly quickly. At least for my place.
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#22 2008-08-21 4:02 pm
- bratboy
- keeping the poor down
- Royal Wombat
- From: Austin, Texas
- Registered: 2003-01-19
- Posts: 34253
Re: What do you know about condos?
We are battling with ants in our (second floor!) apartment right now. I don't know that I've ever had a place in Texas that didn't have ants at some point, no matter how clean. One of them somehow got in my clothes and bit me yesterday morning while I was getting dressed.
"One thing we've learned is there's a difference between being disappointed and having madmen in authority."
--Paul Krugman
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#23 2008-08-21 4:16 pm
Re: What do you know about condos?
bratboy wrote:
We are battling with ants in our (second floor!) apartment right now. I don't know that I've ever had a place in Texas that didn't have ants at some point, no matter how clean. One of them somehow got in my clothes and bit me yesterday morning while I was getting dressed.
Then you already know the downsides to condo living basically. Any problems you have in an apt, you're still going to have in a condo, but generally the neighbors care a lot more about their condo/building.
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#24 2008-08-21 5:31 pm
- Kendall
- Member
- From: Saskatoon, SK, Canada
- Registered: 1999-03-25
- Posts: 1118
Re: What do you know about condos?
justine wrote:
bratboy wrote:
We are battling with ants in our (second floor!) apartment right now. I don't know that I've ever had a place in Texas that didn't have ants at some point, no matter how clean. One of them somehow got in my clothes and bit me yesterday morning while I was getting dressed.
Then you already know the downsides to condo living basically. Any problems you have in an apt, you're still going to have in a condo, but generally the neighbors care a lot more about their condo/building.
The ants are in his place because it's an apartmentt? They don't go into houses in the same are? 
That sounds like a downside to living where they live, not a downside to living in a condo...
edited for stupid mistake
Last edited by Kendall (2008-08-21 5:47 pm)
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#25 2008-08-21 5:49 pm
- Donkey Butter
- jerk face
- From: over yonder
- Registered: 2005-12-14
- Posts: 2466
Re: What do you know about condos?
it's not enough to have your place sprayed you need to get the entire building interior and exterior sprayed, or they will be back.
our dirty neighbors brought roaches into the building and it wasn't until the entire building was sprayed that we got rid of them. thankfully those neighbors have moved on.
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