Is a condo worth buying in my situation? (documents, investment, sale)
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Im 30 and live in Los Angeles. While I don't want to live her forever, I've got a good job and stable relationship and don't plan on moving anytime soon.
With that being said, real estate is expensive here.
I'm putting in offers at condos around the $400k-$500k range and found a few I really like.
As I'm doing research, it looks like condos, HOAs, etc are frowned upon in the real estate community.
So, if I shouldn't be purchasing a condo, what's a better move? Rent and keep saving? Buy a house in a less desirable area and make a commute? What should I be doing?
You say you don't want to live in LA forever but also don't plan on moving anytime soon. A reasonable estimate for how long you want to live there could pretty easily make your decision. Any ideas?
You say you don't want to live in LA forever but also don't plan on moving anytime soon. A reasonable estimate for how long you want to live there could pretty easily make your decision. Any ideas?
Guesstimate: 5 years?
Obviously, no one knows what will happen in the future, but I'm in a good spot now personally and professionally.
> As I'm doing research, it looks like condos, HOAs, etc are frowned upon in the real estate community.
Umm, no. There is a small number of vocal whiners who have had bad experiences. A condo can be an attractive buy in places with high density, high cost housing. A condo is not a good idea in a locality where they are uncommon and may not be easy to resell.
EVERYONE will agree that you should understand what you are buying into, and what rules and restrictions will apply. Read and understand your documents.
> As I'm doing research, it looks like condos, HOAs, etc are frowned upon in the real estate community.
Umm, no. There is a small number of vocal whiners who have had bad experiences. A condo can be an attractive buy in places with high density, high cost housing. A condo is not a good idea in a locality where they are uncommon and may not be easy to resell.
EVERYONE will agree that you should understand what you are buying into, and what rules and restrictions will apply. Read and understand your documents.
I'm reading that they don't appreciate like houses and they are harder to resell.
However, I'm not sure if that applies to bigger cities, like NY, LA, SanFran, or Chicago where most middle class can't afford single family homes.
HOAs are frowned upon by people who don't like HOAs because they don't like insert reason why here. I have some HOA run properties and I have no sign of slowing of people asking to rent or buy. You can always buy and keep it as a investment for later in life. How much are you putting down? Where do you see yourself in 5 years?
Wow you can retire on that in NC.....and a lot of other places. I think only rich people should stay in places as expensive as LA you can do much better somewhere else I'd think about relocating before sinking 500K into a condo, you can get a great job and an awesome house for much less in lots of areas of the US.
How much are you putting down? Where do you see yourself in 5 years?
I'll be putting down $100k+ - at least 20% if not more, I don't want to pay PMI. I will probably still be here in 5 years, but you never know.
Quote:
Originally Posted by wideworld
....huh?
Single Family homes inside the city of Chicago are expensive is all I was saying.
Quote:
Originally Posted by tcsloop
Wow you can retire on that in NC.....and a lot of other places. I think only rich people should stay in places as expensive as LA you can do much better somewhere else I'd think about relocating before sinking 500K into a condo, you can get a great job and an awesome house for much less in lots of areas of the US.
Yeah, but then I'd have to live in NC... $400k condo in LA won't get you anything glamorous. And, I have a good income and I like it here, I don't want to leave. I know it sounds like a lot, but that's a pretty affordable option.
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