never buy a condo

never buy a condo

Are you an author? 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. That caveat? 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. Often investors buy, and then run afoul of leasing rules. In addition to a condo’s rules, you should also be aware of the condo association’s budget. Some condominiums are underfunded and don't have the money to pay for regular maintenance. If a dozen members struggle with paying dues in any given month and your community has 500 condos… If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. What to Know About Buying a Condo. 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 … As a result, condos are in high demand and … 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. Buying with Prevu you’ll pocket a rebate of two-thirds of the commission paid to the buyer’s broker at closing. 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! So you’re thinking about buying a condo instead. In one area near a lake a 0.24 acre wooded lot is priced at $1000. See search results for this author. They want to rent their condo, but it puts the 50% owner occupied rule in jeopardy. These include HOA fees, privacy and space issues and increased rules, among others. To the average foreigner in Bangkok, perhaps retirees on a budget and new teachers aside, 20,000 baht is not really that much. On a $1.5 million condo, you’d receive up to $30,000. 6 Reasons for Never Buying a Condo 1. Once that rule goes out, then no one can sell to anyone but a large down-payment (20%) or a cash buyer. You should be well aware of those before you buy a condo and find you can’t live with their rules. Then, the condo becomes an apartment building to the detriment of those … We long ago reached the point where we were comfortable paying a little more for a place that is genuinely nice, … However, there are reasons not to buy a condo. Either way, you’ll want to know if a condo is a good investment of your hard-earned money. 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. 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. Each condo complex will have their own rules and restrictions. When you buy a condo, you only own the space in your unit. 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. You don't own the land right beneath your apartment or even … 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. Why I Will Never Buy A Condo “You pay how much in rent”, they exclaim without fail. You don't really own a property, you just own a space. Click here to learn about Prevu’s … Whether you decide to buy a co-op or condo, did you know you can receive a buyer’s rebate from your broker? 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