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monkadoo
Member since 5/05 1427 total posts
Name:
Jen
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Condo Vs. House
would you rather buy a condo that needs no work (all new appliances, ect) or a house thats needs some work (knowing that after you buy the house you'll have limited funds to spend right away on renovations?)
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Posted 7/7/07 8:55 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
JenandMikey
life is good =)
Member since 5/07 4216 total posts
Name:
We're so blessed!
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Re: Condo Vs. House
house
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| Posted 7/7/07 8:58 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Condo Vs. House
house
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| Posted 7/7/07 9:13 PM |
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astroqueen74
Vibrant Health
Member since 1/07 2822 total posts
Name:
Karina
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Re: Condo Vs. House
house
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| Posted 7/7/07 9:17 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Condo Vs. House
house
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| Posted 7/7/07 9:24 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Condo Vs. House
I think there are many more differences than work that needs to be done vs. already redone...We're living in a condo now and part of me loves the no maintenance aspect of it...DH loves not having to mow, we don't need to worry about shoveling in the winter...But we hear our neighbors. It's just a fact of life...Separated on sides or top and bottom, if you are sharing walls, chances are you WILL hear neighbors. That does bother us sometimes. But when we have kids I am looking forward to having a house with a yard for them to play in, which though our complex has a large playground and pool just isn't the same.
To answer your question, it would depend on how long you are planning on staying in it to me. We started in a condo and stayed here for 3-4 years, but are moving to a larger house soon to get more room with a basement and backyard (and hopefully garage, which we do not have now either).
Message edited 7/7/2007 10:53:35 PM.
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| Posted 7/7/07 9:37 PM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: Condo Vs. House
Condo.
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| Posted 7/7/07 10:20 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Condo Vs. House
house
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| Posted 7/7/07 10:20 PM |
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TimeCapsule
LIF Zygote
Member since 6/07 4 total posts
Name:
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Re: Condo Vs. House
house
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| Posted 7/8/07 1:47 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Condo Vs. House
its hard living in a house that needs renovations on limited funds.
your better investment is having the house but make sure you do the math right as it could be big trouble, if you get the house, do the work, then can't afford to live there.
we brought a co-op after searching the market for 8 months. yes, shareing walls suck but whatever, cause we know we are here max 5 years or so. and even if we had a child that started growing up here, we do have a yard and nice area where they can play
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| Posted 7/8/07 10:27 AM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Condo Vs. House
Posted by BabyBoy
its hard living in a house that needs renovations on limited funds.
your better investment is having the house but make sure you do the math right as it could be big trouble, if you get the house, do the work, then can't afford to live there.
we brought a co-op after searching the market for 8 months. yes, shareing walls suck but whatever, cause we know we are here max 5 years or so. and even if we had a child that started growing up here, we do have a yard and nice area where they can play
I agree. There is also the fear that if funds are limited, how would we handle unexpected emergencies that would pop up? Renovations are one thing but house repairs are another. Right now, we like not having to worry about the oil burner or plumbing.
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| Posted 7/8/07 10:36 AM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Condo Vs. House
house.
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| Posted 7/8/07 8:58 PM |
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counselor74
LIF Adolescent
Member since 5/07 806 total posts
Name:
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Re: Condo Vs. House
Keep in mind that condo's have boards with lots of rules. You will face common or maintenance charges and will be limited regarding any alterations you make to the home, particulary regarding the exterior. Personally, I don't think condos or townhouses are the way to go on LI. For a little more money you can have your own home and not worry about restrictions.
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| Posted 7/8/07 9:17 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Condo Vs. House
I would choose the house, even if I couldn't do upgrades right away. When you do have the $ to upgrade, you are adding equity to the home. And homes tend to increase in value quicker than condos.
The bigger the risk, the bigger the reward. The condo would be a small risk b/c all the work is done and you could probably sell it in a few years w/o putting any extra $ into it. But your return would not be as much as you could make from a house. So really it depends on how much risk you are willing to take.
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| Posted 7/9/07 10:24 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Condo Vs. House
We chose the house that needed some work. In our case, the prices were fairly similar and we felt the house, although it wasn't as new, was the way to go.
We're working on the necessary renovations and doing everything else little by little.
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| Posted 7/9/07 10:28 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Condo Vs. House
we found ourselves in that situation. For our budget, it was either:
a condo in great conditon (still minor decor kinda work)
a house that was the size of a shoebox, with tiny land a no where to expand
a house that needed to be gutted, total handyman specials
We choose a condo, which for us was an easy decision because we new in we bought a house that needed to be gutted, we wouldn't neccessarily have the funds to make it perfect.
We are both so happy we choose a condo. For us, it was the best, no maintance, safe, well maintanced, easy living. Its perfect for now. Eventually we'll get a house, but not for at least 5-7 years.
Message edited 7/9/2007 11:41:06 AM.
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| Posted 7/9/07 11:40 AM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Condo Vs. House
Message edited 1/30/2009 10:34:20 PM.
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| Posted 7/9/07 3:39 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Condo Vs. House
Posted by BlueDiamonds
The bigger the risk, the bigger the reward. The condo would be a small risk b/c all the work is done and you could probably sell it in a few years w/o putting any extra $ into it. But your return would not be as much as you could make from a house. So really it depends on how much risk you are willing to take.
This isn't necessarily true--our condo went up much more than houses in our area in the past 3 years when we bought. There is actually a huge demand for condos (in our area at least), with many retirees wanting to downsize and make a profit off of their large LI homes as well as younger couples who don't want the maintenance and work of a lower-priced home. Most in our complex have sold in under a month in the last year. Co-ops it seems have a more difficult time selling.
I am so thankful that we opted for the condo instead of a smaller house that needed work...BUT we knew we would sell in 3 or 4 years to upgrade to a larger house, so it wasn't a permanent decision for us.
Message edited 7/9/2007 3:47:21 PM.
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| Posted 7/9/07 3:45 PM |
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alisonggg
Cutie
Member since 3/06 4749 total posts
Name:
a
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Re: Condo Vs. House
house
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| Posted 7/9/07 3:51 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Condo Vs. House
a house will always retain its value more than a condo - that alone would make me choose a house.
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| Posted 7/9/07 5:04 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Condo Vs. House
Posted by nov04libride
Posted by BlueDiamonds
The bigger the risk, the bigger the reward. The condo would be a small risk b/c all the work is done and you could probably sell it in a few years w/o putting any extra $ into it. But your return would not be as much as you could make from a house. So really it depends on how much risk you are willing to take.
This isn't necessarily true--our condo went up much more than houses in our area in the past 3 years when we bought. There is actually a huge demand for condos (in our area at least), with many retirees wanting to downsize and make a profit off of their large LI homes as well as younger couples who don't want the maintenance and work of a lower-priced home. Most in our complex have sold in under a month in the last year. Co-ops it seems have a more difficult time selling.
I am so thankful that we opted for the condo instead of a smaller house that needed work...BUT we knew we would sell in 3 or 4 years to upgrade to a larger house, so it wasn't a permanent decision for us.
this is true - there is a shortage of condos on LI. so I stand corrected by what I just said in my previous post.
I would still go for the house though.
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| Posted 7/9/07 5:05 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Condo Vs. House
Posted by nov04libride
Posted by BlueDiamonds
The bigger the risk, the bigger the reward. The condo would be a small risk b/c all the work is done and you could probably sell it in a few years w/o putting any extra $ into it. But your return would not be as much as you could make from a house. So really it depends on how much risk you are willing to take.
This isn't necessarily true--our condo went up much more than houses in our area in the past 3 years when we bought. There is actually a huge demand for condos (in our area at least), with many retirees wanting to downsize and make a profit off of their large LI homes as well as younger couples who don't want the maintenance and work of a lower-priced home. Most in our complex have sold in under a month in the last year. Co-ops it seems have a more difficult time selling.
I am so thankful that we opted for the condo instead of a smaller house that needed work...BUT we knew we would sell in 3 or 4 years to upgrade to a larger house, so it wasn't a permanent decision for us.
That's why I said homes TEND to increase quicker. Every situation is different, depending on the market. But the trend is usually that condos and co-ops are slower at increasing and decreasing in value compared to houses. I'm glad the condo worked out for you.
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| Posted 7/9/07 5:37 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Condo Vs. House
It totally depends.
If you are staying in the area for a long time and want to definitely have pets (I can't in my condo) or like your privacy, I would go for a house that you could put your sweat equity into.
If you are planning on moving to another area or want to rent it out someday or just plain don't have all the funds for a house --- then a condo could be a great choice.
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| Posted 7/9/07 8:16 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: Condo Vs. House
Posted by Jennybean
would you rather buy a condo that needs no work (all new appliances, ect) or a house thats needs some work (knowing that after you buy the house you'll have limited funds to spend right away on renovations?)
DH & I found ourselves in this exact situation with a new baby on the way added into the mix. We bought a townhouse (or at least we are in the process right now).
We looked at houses and everything in our price range was either the size of a shoebox, or needed to be gutted. We found ONE house the met our criteria but lost out on it (long story) in the three months that we were looking.
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| Posted 7/9/07 8:31 PM |
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FelAndJon
needs to update her avatar pic
Member since 6/05 10212 total posts
Name:
Felice (aka LuckyBride2004)
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Re: Condo Vs. House
Our situation might be a little different as we are in NJ, but we went with a Town House. We are semi-attached so we do not hear our neighbors at all. It is also a new, upscale community. When people come into our house, they forget we are in a condo.
Since we are both new home owners, we decided to go with a condo since we are not familir with how to do ANYTHING involved with owning a home. We didn't want to have to worry about mowing a lawn, landscaping, roof repair, paving a driveway, trash removal, etc. We also liked all the ammenities that a comdo community could offer. We are a gated community with a club house and a pool. Again, no mainenance on our part! We were joking this past weekend about feeling like we were on vacation at the pool. All that was missing was a cocktail waitress coming around with drinks 
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| Posted 7/10/07 7:48 AM |
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