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Will you Bros give me real advice on buying a condo????
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Date: May 22nd, 2018 12:25 AM Author: lake kitchen Parents will give me 10 percent to contribute to down payment on a cheap condo
Should I do it or rent again for another year?
They say the offer remains open so I don't have to rush, but time value of money and all... Hmmmmm |
Date: May 22nd, 2018 12:28 AM Author: black parlor immigrant here: don't buy a condo (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102234) |
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Date: May 22nd, 2018 12:29 AM Author: lake kitchen What about a cheap like 2 bedroom 1 bath ranch style home or something (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102240) |
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Date: May 22nd, 2018 12:29 AM Author: Frum Address Foreskin Sounds better than shitty condo (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102245) |
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Date: May 22nd, 2018 12:30 AM Author: black parlor immigrant far preferable (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102251) |
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Date: May 22nd, 2018 12:29 AM Author: Frum Address Foreskin Right. Buy a house (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102241) |
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Date: May 22nd, 2018 12:31 AM Author: lake kitchen It still kind of sucks cuz anything I can afford with a house is shitty compared to what I rent now. Otoh it's free $$ from parents so basically win win unless housing market really gets fucked (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102268) |
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Date: May 22nd, 2018 12:46 AM Author: Underhanded Locale Messiness (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102402) |
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Date: May 22nd, 2018 12:31 AM Author: Internet-worthy Affirmative Action Liquid Oxygen lol enjoy your 10% richie rich (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102264) |
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Date: May 22nd, 2018 12:33 AM Author: balding senate community account Yeah, really only ten percent? So on a 250k condo, they're going to give you just $5k for down payment. Ummmm
REAL parents GIVE the down payment. |
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Date: May 22nd, 2018 12:33 AM Author: Internet-worthy Affirmative Action Liquid Oxygen (rich boi) (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102296) |
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Date: May 22nd, 2018 12:34 AM Author: Frum Address Foreskin (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102306) |
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Date: May 22nd, 2018 12:36 AM Author: lake kitchen If not flame I meant 10 percent of value. So $25k. I can't afford the other 10 percent tho so I'd have to pay PMI still. Fml (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102324) |
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Date: May 22nd, 2018 12:39 AM Author: balding senate community account Wait, you don't have the cash for the other half yet? Jesus. Don't jump the gun brej. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102355) |
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Date: May 22nd, 2018 12:42 AM Author: lake kitchen So you'd rather wait a year to come up with enough for full 20 percent down payment than take the 10 percent now? (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102375) |
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Date: May 22nd, 2018 10:24 AM Author: Slippery beta internal respiration (reading comp masterman) (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103696) |
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Date: May 22nd, 2018 12:31 AM Author: drunken autistic bawdyhouse no but i have plenty of fake advice to offer (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102266) |
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Date: May 22nd, 2018 12:31 AM Author: balding senate community account WTF is wrong with a condo?
It's cheaper than renting for sure, and if it's a good area, value will probably appreciate, so you sell at a profit when you're ready to get a house.
Called a start home. Jfc you people give terrible advice. |
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Date: May 22nd, 2018 12:32 AM Author: black parlor immigrant condos are not starter homes. do you think leases are starter cars? (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102278) |
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Date: May 22nd, 2018 12:33 AM Author: balding senate community account Are you retarded? A condo is something you own. It's not like leasing a car. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102299) |
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Date: May 22nd, 2018 12:34 AM Author: black parlor immigrant you own a hotel room with crippling HOA fees and restrictions. congratulations. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102307) |
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Date: May 22nd, 2018 12:38 AM Author: balding senate community account This is highly inaccurate and you're getting ripped off way more with rent and that money goes towards nothing. Depending on where he lives, there could be great condo options.
It's a good way to own an appreciating asset while being able to save money and save on the costs of owning/maintaining a house. |
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Date: May 22nd, 2018 12:41 AM Author: black parlor immigrant i agree renting is retarded.
when i was in this situation, i bought the shittiest single family in the best neighborhood i could find. that's a "starter home."
i have now owned 4 different single family homes in three different metro areas and have made money on each sale even factoring in maintenance and improvements. |
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Date: May 22nd, 2018 10:35 AM Author: Mischievous Emerald Center Jap jesus christ that sounds like a pain the in the ass. did you live in all of them (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103759) |
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Date: May 22nd, 2018 10:26 AM Author: Slippery beta internal respiration HOA fees vary a lot depending on the condo and a lot of times it's less than what you end up spending on maintaining a house. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103708) |
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Date: May 22nd, 2018 12:32 AM Author: Internet-worthy Affirmative Action Liquid Oxygen no need to sell just turn into passive income when u move out (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102279) |
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Date: May 22nd, 2018 12:34 AM Author: balding senate community account An option, for sure. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102301) |
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Date: May 22nd, 2018 12:34 AM Author: lake kitchen Seems like most condo HOAs don't let you do this (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102310) |
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Date: May 22nd, 2018 12:36 AM Author: Internet-worthy Affirmative Action Liquid Oxygen Opposite here in are country downtown; every place I've looked at has allowed leasing (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102322) |
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Date: May 22nd, 2018 12:37 AM Author: sienna fantasy-prone pozpig meetinghouse In that case, those properties will very likely develop horrible reputations that will suppress appreciation. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102334) |
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Date: May 22nd, 2018 12:41 AM Author: balding senate community account Yeah, sure, investment properties are so unappealing to so many buyers. *eye roll* (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102369) |
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Date: May 22nd, 2018 12:42 AM Author: black parlor immigrant you seem a little like you have no fucking idea what you're talking about and your knowledge comes from reddit posts (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102380) |
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Date: May 22nd, 2018 9:20 AM Author: balding senate community account (has never owned anything, particularly a condo) (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103296) |
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Date: May 22nd, 2018 12:49 AM Author: sienna fantasy-prone pozpig meetinghouse Unless there is a very tight market for rental units in the neighborhood that will continue for the foreseeable future, buying a single condo with the hope of realizing a good ROI from renting it is an absolutely horrible idea. The property will likely turn to complete shit in the next 5 to 10 years, and during that same period of time, the HOA easily could find itself in financial jeopardy. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102416) |
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Date: May 22nd, 2018 12:42 AM Author: Internet-worthy Affirmative Action Liquid Oxygen good, lower tax bill for me (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102378) |
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Date: May 22nd, 2018 12:40 AM Author: balding senate community account What? lol, of course they do. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102362) |
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Date: May 22nd, 2018 12:42 AM Author: sienna fantasy-prone pozpig meetinghouse As a general rule, properties with good potential for appreciation do not allow renting. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102374) |
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Date: May 22nd, 2018 9:20 AM Author: balding senate community account Dumb, not true. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103295) |
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Date: May 22nd, 2018 12:43 AM Author: lake kitchen Not in my area... (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102384) |
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Date: May 22nd, 2018 12:32 AM Author: Lascivious Spot Useless Brakes (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102281) |
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Date: May 22nd, 2018 12:32 AM Author: lake kitchen Condos have HOAs and generally don't appreciate as fast as homes. But what if I just got into a super swanky area and downgraded a lot? I dunno (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102287) |
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Date: May 22nd, 2018 12:35 AM Author: balding senate community account Do a little research before you buy, see what's on the up and up. They can appreciate as quick or more quickly than a house. Doesn't make a difference. (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102315) |
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Date: May 22nd, 2018 12:35 AM Author: Internet-worthy Affirmative Action Liquid Oxygen Condo fee should replace the cost of doing maintenance on your own prop -- obv many factors go into the comparison tho (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102316) |
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Date: May 22nd, 2018 9:56 AM Author: Sepia Razzmatazz Patrolman Actually, terrible advice is making declarations like "it's cheaper than renting for sure."
Condos are not necessarily cheaper. For many people condos are an extremely poor financial decision when considering HOA fees, and PMI, which is an issue for OP. |
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Date: May 22nd, 2018 10:14 AM Author: balding senate community account You realize not all condos have a HOA fee right?
Obviously you'd have to crunch the numbers to determine what's best, that goes without saying. But generally, a mortgage on a condo even with tax & ins would probably be cheaper than rent in many cases + your money is going towards owning an asset rather than nothing.
You seem dumb. |
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Date: May 22nd, 2018 11:14 AM Author: Sepia Razzmatazz Patrolman Ah, the old dumb fucking boomer logic: "but home ownership is an investment!"
For most people, taking out a 90% mortgage (which will be more like 95-97% with settlement fees) on a condo is a shit financial decision, and will take 8-10 years to break even over renting.
I understand the pros and cons of rent vs own, so save your breath. Based on the limited information from OP, who can't even afford the down payment for a conventional 30 year mortgage, it does not appear he understands or appreciates all of the factors that go into this financial decision. |
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Date: May 22nd, 2018 12:35 AM Author: sienna fantasy-prone pozpig meetinghouse Is the neighborhood where you are buying a condo completely built out, or are there new buildings going up or will be started in the near future? If there are new buildings going up, do not buy the condo.
Was the building originally built as a condo building, or is it a converted apartment building? If the latter, do not buy the condo unless you have contacts in the local construction industry you trust who vouch for the developer.
Is it reasonably likely you will want to buy a single family home in the next 5 to 7 years? Do not buy the condo. |
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Date: May 22nd, 2018 12:44 AM Author: arrogant roast beef US market is way overheated right now (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102390) |
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Date: May 22nd, 2018 12:45 AM Author: Internet-worthy Affirmative Action Liquid Oxygen sadly true and very fucked up and frustrating (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102397) |
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Date: May 22nd, 2018 12:45 AM Author: lake kitchen This is my concern, but I feel like it might be years to wait for a crash, in which case I'll probably be suffering too (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36102401) |
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Date: May 22nd, 2018 9:44 AM Author: shivering site I don't disagree, but I also don't foresee significant depreciation in most coastal markets. Even if there were it could still be a good call if OP plans to live there for long enough (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103448) |
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Date: May 22nd, 2018 10:16 AM Author: exhilarant locus windowlicker cr. i think its wise to take out a 3 year 3% cd with negligible penalty for early withdrawal and just wait for the market to crash (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103645) |
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Date: May 22nd, 2018 10:15 AM Author: Tripping cobalt field Wait (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103638) |
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Date: May 22nd, 2018 10:20 AM Author: Cruel-hearted Brethren Kitty Cat take that 10% and take it to Orange Beach AL where you can cop a 2Br condo on the beach and have enough $ left over for some sick croakies. ACCB (all cash California buyer) (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103666) |
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Date: May 22nd, 2018 10:22 AM Author: balding senate community account Whoa, I know someone who moved down to that exact place.
They built a house from scratch for dirt cheap (not rich ppl) and are minutes from the beach.
I mean it's Alabama (yuck) but this could be cr. |
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Date: May 22nd, 2018 10:32 AM Author: Cruel-hearted Brethren Kitty Cat yuck! he lisped (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103742) |
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Date: May 22nd, 2018 10:34 AM Author: balding senate community account FLAME there's no way to LISP that word faggot (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103756) |
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Date: May 22nd, 2018 10:35 AM Author: Cruel-hearted Brethren Kitty Cat fuck I'm done here (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103765) |
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Date: May 22nd, 2018 10:37 AM Author: Mischievous Emerald Center Jap what city are you in OP and don't be a vague faggot about it (http://www.autoadmit.com/thread.php?thread_id=3983458&forum_id=2#36103785) |