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L-train | Is buying a condo/apartment a good investment? |
My husband desperately wants to buy a home because its such a great time to purchase property. He feels that renting is wasting money.
Right now cant quite qualify for enough money to buy a house we like so we are turning to buying apartments/condos.
Would that be a good investment?
Is it hard to re-sell condos?
Basically... do you think we could make any money off of one in the long run?
Id appreciate your help
Additional Details
p.s. we are NOT trying to buy the whole complex...just one unit.
and we have a baby...think we will grow out of it too fast? |
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NYC_Since_the_90s
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Don't fall in the trap of buying a "starter home". It is a horible idea. You buy a house and pay ~2% in fees to buy it, then yiou turn around and selling it 3 or 4 years later and you lose another ~7% or so in more fees. Just keep renting, and save enough until you can buy the house you want. The only people that think starter homes are good for you are the people that make the fees I mentioned above. If you buy a home just on the border of what you can afford, you will NEVER be able to save enough to get the one you want. You build equity in the starter home, but it is such a small about in the beginning, after 4 years it is still very small.
People over the last few years were very lucky that they made out on their bets. People that did it last year are stuck in these homes that are no longer big enough for them for the next 4 or 5 years. |
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Belie
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If you have the money, sure, but keep in mind that to make your apartments or condos attractive to people you'll need to rent them out at a suitable rate for the area and keep the grounds and all the rooms (and their appliances and utilities) in good working condition.
If you have to take out loans to buy these apartments, however, I suggest talking to others before you go about doing that and finding out if the area you want to buy in has a good reputation BEFORE you move in. You don't want to enter debt thinking you'll easily get out of it only to find you're falling steeper and steeper within it. |
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Super Ninja
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It is an excellent investment. Just make sure its not a brand new over-priced unit. Location location location is the key for condos. Buy it near a city with a view, close to transportation, make sure it has parking, check the finances of the condo association and make sure they have savings and little or no debt.
Buy one that needs to be fixed just a little bit (not too much), but just enough that when you fix it it will gain in value. If you prefer new condos than look into the ones that are built in a village style community. Those tend to go up in value if you are the first ones in.
Get involved in the condo association and make sure they are spending the money wisely. Make sure they have a plan to improve and maintain the building. If not, get involved because its your investment you are protecting.
Good luck! |
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Jennifer S
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Condos are expensive because on top of mortgage payments you also have to pay strata fees. Any realestate investment is a good one but condos aren't as good as houses. Talk to a realtor. Make sure you're buying a place in an "up and coming" neighbourhood. That will make it easier to sell down the road. Also, you could keep it as rental property when you buy a house instead of selling it |
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Joe_know_it_all
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apartments and condos can be good investments, depending on the location and if you want to stay in the same place for the next 15 years.. also condos carry "condo fees" this could be anywhere from $50 dollars a month to $300 per month. You also have to take into consideration the surrounding neighbors, etc. it is much harder to sell a condo/apt rather than a regular house just because they are so definative. People really have to like the place, because you cant do much as far as remodeling goes. A house you have room to knock out a wall or extend a room, not in a condo or apartment normally.
As far as making money goes, if its in a great location that rents out apts and condos alot you might be in some luck, but dont expect to flip this place in 5 year for a 20% profit. wont happen. |
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Laissez-Faire Guy
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Buying / selling condos is basically the same as a house, except you have to live with the associations restrictions, and pay the monthly HOA fees to maintain the complex.
It's no harder to buy or sell and condo then it is a house. Though you do want to review the associations CC&Rs, and review the association's finances before buying in. Avoid condos with insufficient reserve funds or that are running operating deficits.
Condos in my complex are bought and sold occassionally. My condo was no big deal to buy. I've been in for 4 years, and even with the down market, my condo is worth about $50k more then I paid for it right now. |
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Real estate P
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It's all about the numbers!,
Make your money when you buy "buy at a discount price at least 25% below market value"
Then you do not rely on appreciation for you profit it is made when you sign on the dotted line, any more upside is just gravy
Jordon Bradley
http://www.realestateprofiteer.com |
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