A good rule of thumb is to never name a puppy until you're sure you're actually going to take it home with you in order to avoid devastation if things don't work out as planned. Well, my friends, I've named that puppy. It's called our house.
As mentioned in a recent post, we have had our eye on some condo properties for sale in Milwaukie for quite some time. Recently, after learning of some new developments in the sales, we are revisiting this idea with a more serious mindset than we did before--from the perspective of starting a family and building a life in this area. Currently, there are 6 units we are researching - 2 short sales, 2 bank-owned foreclosures and 2 regular listings. The price points are rediculously low and the advantages to purchasing these homes are extremely high. Since I am a lister, Kevin and I are in the process of making a pro/con list regarding the advantages and disadvantages of purchasing a condo right now:
Pros:
-mortgage would be very afforable (comparable to rent)
-really great prices
-it's big enough to grow into (if needed for the long haul)
-not throwing money away every month in rent
-selling in 5-10 years will give us the extra money for a down payment on a single-family home
-we have free range to paint and decorate
-freedom to live by our own rules
-expecting to make future upgrades and investments in home
-more spacious with better layout
-3 bedrooms (can have an office and a guest room)
-2.5 baths
-we are responsible for no backyard maintenance
-a real place to call home and build our own family
-garage for storage/car(s)
-good location - grocery store, gas station and work
-good school district
-my brother has already bought/sold a condo in that complex and I have spent time there, it's a quiet and calm environment
-pool in complex
-kid's playground in complex
-garbage disposal
-pantry
-dishwasher
-open floor plan
-surrounding neighborhoods all have sidewalks to walk the monst
-park within walking distance
-close to I-205, centrally located
-more room to entertain
-safe area, low crime rate
Cons:
-home owner's association
-no fenced back yard for the monst
-going into debt with a mortgage
-no flexibility to pick up and move
-property taxes
-it's a condo so you still share a wall
-two story
-no bar within walking distance
-may have to purchase appliances
-SCARY!!!
Can you think of any other pro/con that I should consider?
How exciting :)
ReplyDeleteOne to think about is that condos do not appreciate quite as quickly as a single-family house, so if you're planning to make some major money it may take a while. (The way I view it though, if you sell it at the same price you bought it, you have all those years of money you didn't spend on rent and will get back!)
But while you wait, a definite pro could be renting it out when you guys want to move into a single family house...in which case the house could provide equity and an income!
Don't forget all of the unexpected costs that come alone with home-ownership. For example...I walked into our garage to find our water heater exploded a few weeks ago. Have to be able to handle sudden issues like that financially and without pulling your hair out :)
I hope that helps, good luck!
Meg