Post # 1
Hi there! I’m looking for some advices or experiences as I’m considering buying a condo. As many if you know, my DH was in an accident last December. He is doing great cognitively and he’s learning how to take care of himself again. He still relies on a wheelchair for mobility and he is now receiving disability payments.
We are currently making ends meet on one income and living in an apartment nice Chicago suburb. I work from home full time so I spend a lot of time in our apartment. I like apartment living but our place is much too small and cramped.
I’d like a two bedroom and I’m thinking buying a condo would be a good way to afford more space. I’ve done a little research and the mortgage on 2 bedroom condo in this area should be less than my current rent. DH and I would like to start a family soon and our current lease is up in March. We are also expecting the insurance settlement soon, which will help with the down payment.
I would love to finally get settled down and stay in one place for a while. Any thoughts?
Post # 3
@Macintosh: I’m glad to hear your DH is doing better! I’m a condo owner, also in the Chicago suburbs. I bought my place (1 bd/1 ba) 2 years ago, I may be a little fuzzy on details, but feel free to PM me if you have questions.
I got a really good deal on my condo and what I pay for my mortgage + association fee is definitely less than rent in this area, even when factoring in property taxes. Right now it’s just me, my BF, and my cat, so a 1 bd place is fine. Sometimes I wish I had held out and saved up for a townhome- maybe something to consider if you’re thinking about starting a family and thinking about space.
Again, feel free to message me with any specific questions!
Post # 4
I think you guys should do it! Home ownership is a great feeling! I am glad your DH is doing so well! 🙂
Post # 5
@Macintosh: buying vs. renting is a big decision. Please understand that there are a lot of hidden costs many dont think about when purchasing a home. Home owners insurance, HOA’s, upkeep, etc. all add to the $$$ you spend annually.
I am so happy for the decision i made 3 years ago to buy my house, but it has come with some unforeseen costs.
Post # 6
Hi there! I am a real estate agent, and worked in SF at a condo association for 5 years. I know ALL the ins and outs of condo living. Condos are GREAT! They make terrific “starter homes” and get you “in” the market so you can move up later if you need more space, etc. Also, depending on where you live, rent can be HIGH. If you chose to upgrade down the road, you can always rent your condo out. Let me know if you have any specific questions…this is my passion 🙂
Post # 7
A townhome will generally give you more space, however, it might be hard to find a ranch style where everything is all on one level. I would think a ranch would be easier on your husband.
I don’t know what suburb you are in, but will a condo give you the square footage you need?
Post # 8
@m79kaplan: I agree, and that is the beauty of owning a condo, honestly. Owning a home can be expensive with maintenance, etc. If a roof leaks, it is YOUR responsibility to get it fixed! However, many condo associations (HOA’s) include maintenance, ie; roofs, landscaping, exterior painting, water, sometimes even gas and electric. I think condos are great! Just my 2 cents 🙂
Post # 9
Condos are good because you have limited maintenance. The downsides are: constant HOA fees, and oftena lack of green space – that is particularly driving us a bit batty.
Also, depending where you live, you’ll likely have a narrower pool to chose from. I live in Boston, in a land with limited elevators. So your husband would need to find a first floor unit here (and actually, not even possible in my building as there are a handful of steps up to the first floor). If you live in a more “modern” city this may not be an issue and they may have acceptable elevators (not the tiny things your husband wouldn’t be able to fit into).
It’s also more difficult to have a family in a condo. Possible, but I’ve noticed families struggle with the gear (strollers etc), keeping it in the apt or out by the landing and pissing off neighbors by cluttering it up. So look for a family-friendly location if you think you’ll have kids soon.
Post # 10
Will your DH have continuing medical issues?
A friend of mine from high school as engaged to a guy who lost his arm in an accident… They got married and used the settlement money for a down payment on a house… She is always complaining how he can’t get insurance and how expensive everything is… They are drowning in money problems and wish they could move but can’t get out of their house without taking a hit…
I hope things work out for you! G/L