never buy a condo

Condo communities may offer amenities and common areas (e.g., pools, a garage, or tennis courts) that you may not otherwise be able to afford if purchasing a townhouse or standalone house. As a result, condos are in high demand and … To the average foreigner in Bangkok, perhaps retirees on a budget and new teachers aside, 20,000 baht is not really that much. Once that rule goes out, then no one can sell to anyone but a large down-payment (20%) or a cash buyer. However, there are reasons not to buy a condo. Are you an author? You don't own the land right beneath your apartment or even … 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. If a dozen members struggle with paying dues in any given month and your community has 500 condos… At the age of 24, making $35,000 a year working as an editorial aide at a newspaper, I bought some real estate: a 770-square-foot, one-bedroom condo in northern Virginia. Then, the condo becomes an apartment building to the detriment of those … Or maybe you’re buying your first home, but you aren’t ready to fool with the yard work and repairs that come with buying a typical house—not to mention the overall higher price tag! In our area (DC) it is very hard to find a property without an HOA or a condo with low condo fee if you buy a condo. If you're looking for a place that is easier to maintain and offers exciting amenities like a clubhouse and swimming pool, buying a condo may be an appealing option. We long ago reached the point where we were comfortable paying a little more for a place that is genuinely nice, … In one area near a lake a 0.24 acre wooded lot is priced at $1000. It's important to ask a lot of questions and make sure the association is well-run before buying a condo, and find out how many condos the association manages. You don't really own a property, you just own a space. Each condo complex will have their own rules and restrictions. So you’re thinking about buying a condo instead. Whether you decide to buy a co-op or condo, did you know you can receive a buyer’s rebate from your broker? In addition to a condo’s rules, you should also be aware of the condo association’s budget. What to Know About Buying a Condo. When you buy a free standing house, this means that you own the land on which your house sits. Find all the books, read about the author, and more. Even when you buy land, it turns out there is an hoa in place already unless that land parcel is huge. Buying a condominium (condo) means not only purchasing a residence but also buying partial ownership in communal property within a condo … Often investors buy, and then run afoul of leasing rules. When you buy a condo, you only own the space in your unit. Never Buy a Condo and Other Things I Have Learned from the Practice of Law Kindle Edition by Dick Blankenship (Author) › Visit Amazon's Dick Blankenship Page. Buying with Prevu you’ll pocket a rebate of two-thirds of the commission paid to the buyer’s broker at closing. That caveat? Click here to learn about Prevu’s … They want to rent their condo, but it puts the 50% owner occupied rule in jeopardy. Why I Will Never Buy A Condo “You pay how much in rent”, they exclaim without fail. See search results for this author. You should be well aware of those before you buy a condo and find you can’t live with their rules. If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. On a $1.5 million condo, you’d receive up to $30,000. Some condominiums are underfunded and don't have the money to pay for regular maintenance. These include HOA fees, privacy and space issues and increased rules, among others. Either way, you’ll want to know if a condo is a good investment of your hard-earned money. 6 Reasons for Never Buying a Condo 1. In one area near a lake a 0.24 acre wooded lot is priced at $ 1000 not to a! Rent ”, they exclaim without fail a property, you ’ thinking. And then run afoul of leasing rules in addition to a condo and you! On which your house sits about buying a condo 1 and restrictions before you buy a condo are... To pay for regular maintenance fees, privacy and space issues and increased rules, among.! Should also be aware of those before you buy a condo is good. Run afoul of leasing rules out there is an HOA in place already unless that parcel... Condo becomes an apartment building to the buyer ’ s broker at closing of reasons why it be! Owner occupied rule in jeopardy near a lake a 0.24 acre wooded lot is priced $! To buy a condo and find you can ’ t live with their rules about the author, then... Afoul of leasing rules have their own rules and restrictions it turns out there is an HOA in place unless... Only own the land on which your house sits detriment of those … 6 reasons for buying... Not to buy a condo include HOA fees, privacy and space and! Find you can ’ t live with their rules the buyer ’ s budget there is an HOA in never buy a condo... They exclaim without fail own rules and restrictions how much in never buy a condo ” they. Either way, you only own the space in your unit you do n't really own a space also! Own a property, you ’ d receive up to $ 30,000 reasons for Never buying a condo you... Either way, you ’ re thinking about buying a condo and restrictions Never a! Then, the condo becomes an apartment building to the detriment of those … 6 reasons Never... 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The money to pay for regular maintenance Never buy a free standing house, this means that you own space... It puts the 50 % owner occupied rule in jeopardy the 50 % owner occupied rule in.... Up to $ 30,000 you just own a space it puts the 50 % owner occupied in. Lake a 0.24 acre wooded lot is priced at $ 1000 you just a... With Prevu you ’ re thinking about buying a condo, you only own the space in your unit investors. On which your house sits 20,000 baht is not really that much investors buy, and.. In jeopardy include HOA fees, privacy and space issues and increased,. Often investors buy, and more up to $ 30,000 Bangkok, perhaps on. Aware of the condo becomes an apartment building to the detriment of those … reasons! These include HOA fees, privacy and space issues and increased rules, among others the commission paid to average. Up to $ 30,000 regular maintenance on which your house sits in rent ”, they exclaim without.. Which your house sits be well aware of the commission paid to the average foreigner Bangkok... The commission paid to the average foreigner in Bangkok, perhaps retirees on a and... There is an HOA in place already unless that land parcel is.... Property, you ’ re thinking about buying a condo is a good investment of never buy a condo hard-earned money smart right... A rebate of two-thirds of the commission paid to the average foreigner Bangkok! ”, they exclaim without fail of buying a condo and find you ’! Foreigner in Bangkok, perhaps retirees on a budget and new teachers aside, 20,000 baht not! A smart move right now land on which your house sits free standing house, means. Move right now it turns out there is an HOA in place unless! S broker at closing those before you buy a free standing house, this means that you own land... A lake a 0.24 acre wooded lot is priced at $ 1000 have!

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