(Closed) What should be our starter home?

posted 7 years ago in Home
  • poll: Which Home Option?

    Option 1: Affordable Condo

    Option 2: House

  • Post # 17
    Member
    9681 posts
    Buzzing Beekeeper

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    @BrandNewBride:  Or hire a property manager. We have one of those for our properties in other provinces. Also, I tend to rent to self-sufficient folks who fix things (and change light bulbs) on their own. I almost always pick families with handy dads, lol.

    Post # 19
    Member
    12244 posts
    Sugar Beekeeper
    • Wedding: May 2013

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    @MrsPanda99:  We do have a property manager, and he LOVES to tell us about the nutjobs tenants I manage to find.

    It’s hard to find a stable family for a mobile home. I suppose it’s better if you’re renting out a condo or house! Which makes sense, because let’s be honest… Who REALLY wants to live in a mobile home?

    Who wakes up in the morning and goes, “Man, my life would be perfect if I lived in an 860sqft tin box!”

    Post # 20
    Member
    3051 posts
    Sugar bee
    • Wedding: February 2015

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    @crayfish:  I’m pretty sure my mom’s HOA doesn’t cover any of that. Idk what the HOA fee goes toward in my mom’s neighborhood. My Future Mother-In-Law has an HOA fee of $500 PER MONTH (in Florida…that’s almost as much as a mortgage) and it covers the exterior upkeep but no internal anything and last year they replaced the roof and hired some crack ass company who left the roof without tiles on it for 3 days and my Future Mother-In-Law had water from the storms ALL inside her house. Everything had to be recarpeted and the walls had to be re whatevered and repainted. It was a freaking DISASTER. And never paid for the thousands in water damage. HOAs fucking suck.

    OP, I voted house because I’ve always heard condos depreciate. I don’t own yet though. I also live in an apartment and don’t want to be forced to share walls with anyone when I own.

    Post # 22
    Member
    343 posts
    Helper bee
    • Wedding: December 2013

    I bought a townhome in a 2-unit “complex”. (Just me and my neighbor, we are surrounded by single-family-homes). No HOA dues.
    My DH and I LOVE it. Lots of space, we have a garage, some room for gardening, and it was really affordable.

    Kind of a good mix between condo and house. 🙂

    Post # 23
    Member
    509 posts
    Busy bee
    • Wedding: August 2014

    We’re planning to do something that’s a little of column A, a little of column B… we want to buy a house that is made up of two flats/units and live in one and rent out the other. This allows us to build up equity a lot faster, and once we really want a full house to ourselves we can either sell it and use the extra equity to get somewhere nicer than we might otherwise afford, or start renting out both places to get the extra income, if we can get approved for a second mortgage.

    It’s true dealing with renters can be a pain, but I think it’s not so bad when you’re actually living on site. Tenants don’t want to misbehave as badly when they know you’re right downstairs or upstairs! My parents have a basement apartment in their home and it let them afford a much nicer house in a nicer neighbourhood than they otherwise might have had, especially when they were starting out. When people see my family home they always think we’re loaded which isn’t really the case 😛

    Post # 24
    Member
    12244 posts
    Sugar Beekeeper
    • Wedding: May 2013

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    @mnp:  It’s only 200sqft smaller than the Boston apartment we’re paying a DISGUSTING amount of money for now… If I could drag it down here and live rent-free again, I’d do it!

    Post # 25
    Member
    1623 posts
    Bumble bee
    • Wedding: November 2012

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    @mnp:  I don’t know how quickly condos sell but we’ll look into this.  The condo  we’re looking at is a cheapie.

    Defintely look into this!  DH and I have been renting a condo for the past two years.  There’s probably about 5-8 of them for sale at a time since we’ve moved in.  Unfortunately, they have lost any resale value, so anyone selling them will take a major loss.  That’s the really scary thing about the condo market.  However, living in a condo is very nice; we’ve loved it. 

    Post # 26
    Member
    9129 posts
    Buzzing Beekeeper
    • Wedding: November 2013 - St. Augustine Beach, FL

    @mnp:  If you’ve never owned a house I say do the condo first.  While it’s nice to own a house, it’s a lot of maintenance and upkeep.  I used to own a house and I spent so much time doing yard work that I rarely had time on the weekends to actually do fun stuff.  I loved living in a townhouse because we had a lot of privacy as well as a garage but the HOA took care of the exterior and the yard.  Also consider that if you’re not sure you want to live in the city where you are at permanently or at least for the next 5-7 years then it’s a good idea to invest in the property that will be easiest to rent (be that a house or condo depending on your market.)

    Post # 27
    Member
    2555 posts
    Sugar bee
    • Wedding: April 2013

    I’ve lived in both a house and a condo and I like the condo much better!

    Post # 29
    Member
    343 posts
    Helper bee
    • Wedding: December 2013

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    @mnp:  When I bought, I was looking for a house. There were houses in my price range but they were not as nice as the townhouse I bought.
    Are the ones in your area apples-to-apples, or are they different in terms of upgrades and build quality etc?

    My house budget could have gotten me a smalllll three bedroom house that needed TLC. My townhouse is 10 years old, has vaulted ceilings, a gas fireplace, etc. (+ more bathrooms!)

    Post # 30
    Member
    5870 posts
    Bee Keeper
    • Wedding: April 2013

    I’m not going to vote because it depends on so many personal factors, so only you two can decide what’s right for you.

    But for me…I decided not to buy because it doesn’t make financial sense in my city (renting is WAY cheaper, even accounting for reasonable appreciation).  I also happen to love renting because it gives me freedom to move, no hassles of home ownership, plus we have really renter friendly laws in my province.  

    When we do choose to buy, it’ll be because we plan to be in one spot for a while and because we’re finally ready to spend our time doing work on a house rather than galivanting around in the outdoors.

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