Condo/House Ownership

Not seeing the downside to owning a house compared to a condo?

Wait until you have to replace your roof....

A condominium is a term used to describe a situation where you don't actually own the property you are living in, but you own a share of a company which owns all the properties, your share in the company is based on how expensive your unit is in comparison to all other units in your group.

A condominium could be a high-rise apartment unit, townhouse, or even a detached single-family home in a 'fake-neighbourhood'

As long as you have a good management company with a good contingency reserve fund for emegencies, you should be fine with either a condo or a house.

Pick the place where you want to buy, don't get too hung up on the differences between the two types.

You also have to pay a fee every month for the maintainance of a condo. They just don't come and fix everything for free. I heard that condos are becoming more popular and easier to resell. I dunno if that is just my area or all over the U.S. though.

You also have to share walls, floors, ceilings with neighbors when you have a condo. No different than an apartment in that respect. If you buy one and get next to pain in the butt noisy neighbors you're stuck.

My friend bought this wonderful 1,800 square foot condo with a great view, location, etc. She was one of the first ones in. Her loan payment was about what she'd be paying in rent each month for a smaller place. Anyway... 3 months later someone buys the unit next to her. Her livingroom/dining room wall shared with theirs. These people are LOUD. You can hear them talking, hear their tv, stereo. They literally stomp up the stairs. My friend is already thinking about selling.

I have had both and I say, take the house option and here is why.

I bought a condo in September 98, The place was built in the early 1980's, so, not really all that old as compared to the rest of the area (northeast Philadelphia)

Had to get all the home inspections done to get the mortgage and all passed, Roof was certified was in good shape, etc, etc

6 months later, the condo association wanted to re-do all the units roofs. I get sent a notice that this is happening, I go to the office, plead my case (just moved in a few months back and funds stil arent there for major projects) all my certs to back up the roof is fine on my unit.

They tell me too bad, I have to fork over $2,000 if one is replaced they all are. Be ready in 6 more months to have to do start work is what I get.

After a few more incidents with "rules" that were REALLY petty (too many guests at the house for the neighbors that HAPPEN to be friendly with the condo board, etc)

It was a clusterfuck to put it mildy.

10 months into it, I listed and sold in 14 days. They DO move like lighting. People I guess love to be disciplined, not here.

18 months later, we bought a great house, no more asshole association to deal with. Its all ours to do as we please, how and when we choose.

If you dont mind having others dictate the exterior look of your home, cant add an addition, really have to apply for everything to get done, have the security at the gate REALLY lift their eyes when you roll in at 3am from a night at the bar with people the guards KNOW dont live there, get the condo.

If you prefer to do your own thing in your own style, budget and timeframe, get the house. You be happier in the end.

hey ICQ me bud

i do mortgages and i can help you out and give you a true 0-point loan


icq - 175171926

for some reason people buy more condos these days, houses are really hard to sell

I'd always go 4 a house because you always want full freedom to do with it what u wish-such as fixing things

Thanks for the input guys. It seems as if a house seems to be the worthy investment. A key part of this seems to be a thorough inspection, aka seeing WHEN the roof would need to be replaced, and major repairs like that.

How much does lawn service cost? I currently have no lawnmower or anything. Any idea what places charge to take care of this for you once a month?

What exactly is a "townhouse" condo? Seems as if this might be a decent option, if it is a separate unit from everybody else.

Here at townhouse condo is like a two story apartment. No neighbor above or below you but still on at least one side.

As far as lawn service goes, that can vary widely based on the size of your landscape and where you live. My landscaper starts at $150 a month for what he terms an 'average sized property'. hehe.. half the images on his website are from my place.

a th is a large apartment usually with noone above or below you but 1-4 connected units on the sides