Each condo complex will have their own rules and restrictions. If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. In addition to a condo’s rules, you should also be aware of the condo association’s budget. 6 Reasons for Never Buying a Condo 1. When you buy a condo, you only own the space in your unit. Condo communities may offer amenities and common areas (e.g., pools, a garage, or tennis courts) that you may not otherwise be able to afford if purchasing a townhouse or standalone house. What to Know About Buying a Condo. You don't own the land right beneath your apartment or even … Why I Will Never Buy A Condo “You pay how much in rent”, they exclaim without fail. On a $1.5 million condo, you’d receive up to $30,000. If you're looking for a place that is easier to maintain and offers exciting amenities like a clubhouse and swimming pool, buying a condo may be an appealing option. So you’re thinking about buying a condo instead. Once that rule goes out, then no one can sell to anyone but a large down-payment (20%) or a cash buyer. Then, the condo becomes an apartment building to the detriment of those … See search results for this author. That caveat? Even when you buy land, it turns out there is an hoa in place already unless that land parcel is huge. However, there are reasons not to buy a condo. When you buy a free standing house, this means that you own the land on which your house sits. At the age of 24, making $35,000 a year working as an editorial aide at a newspaper, I bought some real estate: a 770-square-foot, one-bedroom condo in northern Virginia. Find all the books, read about the author, and more. These include HOA fees, privacy and space issues and increased rules, among others. In one area near a lake a 0.24 acre wooded lot is priced at $1000. To the average foreigner in Bangkok, perhaps retirees on a budget and new teachers aside, 20,000 baht is not really that much. In our area (DC) it is very hard to find a property without an HOA or a condo with low condo fee if you buy a condo. Never Buy a Condo and Other Things I Have Learned from the Practice of Law Kindle Edition by Dick Blankenship (Author) › Visit Amazon's Dick Blankenship Page. They want to rent their condo, but it puts the 50% owner occupied rule in jeopardy. As a result, condos are in high demand and … If a dozen members struggle with paying dues in any given month and your community has 500 condos… Whether you decide to buy a co-op or condo, did you know you can receive a buyer’s rebate from your broker? Buying a condominium (condo) means not only purchasing a residence but also buying partial ownership in communal property within a condo … Buying with Prevu you’ll pocket a rebate of two-thirds of the commission paid to the buyer’s broker at closing. Often investors buy, and then run afoul of leasing rules. It's important to ask a lot of questions and make sure the association is well-run before buying a condo, and find out how many condos the association manages. Some condominiums are underfunded and don't have the money to pay for regular maintenance. We long ago reached the point where we were comfortable paying a little more for a place that is genuinely nice, … Either way, you’ll want to know if a condo is a good investment of your hard-earned money. You should be well aware of those before you buy a condo and find you can’t live with their rules. Or maybe you’re buying your first home, but you aren’t ready to fool with the yard work and repairs that come with buying a typical house—not to mention the overall higher price tag! Click here to learn about Prevu’s … Are you an author? You don't really own a property, you just own a space. 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