I am going to look at a condo today with my sister. It is a one bedroom one bath deal in a complex with only 9 units. I am seriously considering it because I think the resale value will hold as it is one block from the major university in our town. I can pay it off in less than 10 years and if nothing else it could become a rental property being so close to the school.
It has a washer/dryer set up in the unit and the area seems nice: pool, gazebo, bbq pit area etc. the unit is listed at 116,500 which is quite cheap. I think it was a fore closure and now the bank just wants to get rid of it. The agent said she might be able to talk them down to 100k which would mean my payments would be about 600/month at 6.25 interest. Even if they want the full amount the payments are only 725 a month. It is something to think about but at this price it will go fast. It needs a new kitchen area and the bath could be updated a bit but overall it looks ok. There is even a fireplace but I can’t tell from the pictures if it is real of gas. Laminate wood looking floors were put in a few months ago and there is a covered parking space provided as well. The only thing is, they were built in 1978. the price per square foot is 156 and ideally i'd like to get it to around 100. (ha!)
I really want to be out on my own and not sharing a space any more. This is totally affordable and won’t stretch my budget at all. We’ll see how they look.
possible condo?
August 31st, 2008 at 09:03 pm
August 31st, 2008 at 11:55 pm 1220226926
Otherwise, renting is perfectly suitable temporary option, especially if you've never lived in that sort of arrangement before.
I have a friend who is renting in a college condo right now, and he complains constantly about his room mates. He would like to buy a condo like that too, but only to be a slum lord and not live there, but that's his deal.
I mean, it's just something to think about. Please feel free to do whatever you feel is best.
September 1st, 2008 at 12:03 am 1220227429
September 1st, 2008 at 01:27 am 1220232422
September 1st, 2008 at 01:38 am 1220233129
Aren't you glad you waited?
Our first condo was built in the 70s and we loved it. The entire inside had been updated and it was actually pretty nice. People were always surprised how "old" the building is.
Is it an end unit? I would just be concerned about loud neighbors. I'd find out if you are living with little old ladies or loud college students.
Good Luck!
September 1st, 2008 at 01:42 am 1220233337
Maybe simply because there is so much new, affordable construction. I don't know.
Could have been as simple as trying to get us buy more than we needed. We weren't biting. We decided the market was a little overpriced at the time.