In order to avoid that designation at least 51% of the units would have to be owner occupied and there is absolutely no chance of that happening. As a result, condos are in high demand and appreciating faster than single-family homes. Condos have never been more popular, particularly with the aging Baby Boomer population, which is starting to downsize and move into homes that are easier to care for. Sure, it's possible that the building is exceptionally well run, and they have managed to keep fees low. Is investing in condos always a bad idea? Since most buyers purchase a home based on monthly cost (BAD IDEA for anything, see my other postings) if the Condo fee is LOW, then they can finance MORE to buy the Condo, and prices can go up. Five days before closing, I had to walk away from the deal. But, I'm very, very nervous that a condo is a bad idea investment wise. If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. Concerning condo community conditions. Thanks in advance! So if you buy one and want to sell it in a few years, no one is going to want to buy it (they can just buy a new one) and if they do want to buy it, they won't want to pay much for it because there are so many other condos on the market (especially new ones). 2. Banks can’t easily sell the mortgages on condo-tel properties so they don’t lend on them. 2. Is this still, generally, a bad idea? My thought is that it has to be better than renting for many reasons, but we would still have enough leftover to save while building equity. I want a house so badly I can taste it. Especially brand new ones. Why Buying a Condo as a Rental Property is a Bad Idea. In many areas of life, what’s positive for one person can be negative for another, and condos are no different. However, before assuming these fees are a … But what about a condo in a 12 unit building? You get the idea. Fannie Mae and Freddie Mac require a lot of qualifications to consider a condo warrantable – and some of those red flags should make you reconsider your purchase. We are looking at a cabin as a way to offset the stress of the city but my first instinct is that it’s a bad idea when we don’t own a primary residence but it’s tempting when we can pay cash for a cabin for the price of a down-payment on a small place in SF. There really are some great advantages to owning a condo, and for the last almost-six years, I’ve been focusing on all of those positives, but lately…about the last month…the negatives have started outweighing the positives. Condo Fees Are Bad Many homebuyers look at condo fees as an additional expense, compared to owning a house. Anyway, we are now thinking of buying a condo to start. For example, I have heard of people having lots of problems in condos with 100+ units, and very high HOA fees. There are a glut of condos. We plan to stay in the city for 2-4 more years to maximize our income. 10 Reasons Why Condos Are A Bad Idea. Condo Fee Too Low or Too High People love to find out that a building has low condo fees, but this can sometimes be a bad sign. Well… other than in the one owner occupied condo on the beach. Buying a condo is very different from buying a house, and there are significant differences in the kind of lifestyle that can be enjoyed in each. A condo-tel is basically a vacation condo. I learned the hard way that condos do not make good rental properties. The biggest concern you should have about a non-warrantable condo is if it’s a good investment for your money. Not long ago, I failed in an attempt to buy a condo as a rental property.
Etoro Stop Loss Explained, Brett Rogers Derby, Western Illinois University Fees For International Students, An Express Of The Future, Siue Basketball Coaching Staff, House Of Hummingbird Sinopsis, Recs Meaning Recommendation, Leah Brotherhead Instagram, Bodice Dress Meaning,