Thinking of buying a condo apartment.. first time home buyer.. opinions on this as a business investment???
Posted on Mar 31, 2008 under investment |Hey everyone,
I am 19 years old, and I currently live in Watertown, MA. I have been working full time for about 4 years now and have saved up a pretty good chunk of cash, around 13-15 thousand. I am really interested into buying my first property, as i'm paying 700/month now. Around my area (boston and the western burbs a few cities away) the lower end condos range from 150,000 to 300,000.
But I have found offers in a nearby town, Framingham, which is about 10 miles out of the city. It is a 2 bdrm (881 sq ft) in an apt building. It is listed as a bank forclosure (good or bad for me?) at the price of 83,900. punched the # in a mortgage calculator and said i would be paying less than 500 a month (not counting condo fees, no big deal).
Description on the city: its local to many highways and local roads, has been expanding and adding restaurants and shops to the giant mall.
Seems like the condo would be a good investment? Anything that I'm not taking into consideration? advice???
March 31st, 2008 at 10:02 am
"Anything that I'm not taking into consideration?"
Besides the plunging real estate market, and your nearly-guaranteed inability to resell them? No, probably not.
Fact of the matter is, if you feel like you're getting your money's worth, and you'd be allowed to rent it out should you choose to move into a house at some later point, then go for it!
March 31st, 2008 at 10:02 am
Many condos have maintenance fees, both monthly and sometimes additional charges for major improvements.
We own a vacation condo on Galveston Island, TX. It is paid off, but still has a maintenance fee of $450.00 per month, and last year the owners were each charged $10,000.00 for general improvements, like replacing windows.
The maintenance fee has and can increase. It was $350.00 a month four years ago.
Maintenance fees can eliminate equity (equity is the money you build up in the investment). Other than that, condos can
help you avoid the rental problem where you get nothing back.
Also, the old key to real estate applies here in Texas and Boston: The 3 most important things is real estate are 1. LOCATION 2. LOCATION and 3. LOCATION. Real estate can be up and down, but they are generally a great long term investment.
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