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Thanks for the Great Info (Reply to this comment)
by brandyalx
My landlord just gave me notice that my rent will be going up to $800 a month in January from $700. Nice that he gave so much notice. I take it as a hint he wants me to leave (and I know he does because I know more about landlord/tenant law than he and he wants to move in more of his Russian country men to go with his Russian-only speaking manager). While I have no problem paying that, the owner and the way he manages the building doesn't deserve it. Plus, if I can afford $800 a month, there HAS TO be a nice condo or townhouse out there I can buy for just as much. I knew there were extra considerations when buying community property, I just didn't know if I would be stepping on toes by asking. I knew I could ask about owner occupancy, in fact, that many communities have limits in their by-laws. But, I wasn't sure about other issues that concern me. Your article assures me that I can ask about budgets, financial statements, who is on the board, and how they get there.
Now all I have to do is convince a mortgage lender that I'm a good risk. I've only been on this job for only 5 months, I have been in my apartment for over 10 years, through a bankruptcy, and never has the roof over my head been at risk, because that's the #1 priority. I have no life and no debt, so even a good 50% of my income could go to housing (though I'd rather not, because I like hoarding money) and I'd be even more motivated to keep it if I my money was actually going toward ownership. But that's another issue for another day.
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Nov 07 '01
11:48 am PST
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hi (Reply to this comment)
by New2me2
Wow great work!! Well thought out and well just great!
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Apr 26 '01
7:10 pm PDT
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Re: Thanks, one other thought (Reply to this comment)
by yippee1999
Yes, that's a very valid point. Of course, when you say that mortgage payments would be less than rent payments, in the case of a condo, you would also need to factor in monthly condo fees to properly compare it to the cost of rent.
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Mar 19 '01
6:51 am PST
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Thanks, one other thought (Reply to this comment)
by quasar
Thanks for the great review. I recently made the decision to buy for the first time and I am still looking for a place (looking at both condos and single family houses). Rent is getting so expensive that it's actually cheaper to buy, at least here in Boston, and I think that makes your point about permanency less of an issue. If mortgage payments are less than rent, even if you end up moving within a few years you aren't really losing much.
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Mar 17 '01
12:35 pm PST
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Thanks (Reply to this comment)
by Lark729_89
for the important infomation here. I can see it makes sense that if the owner of a condo assoc. lives in one of the condos, the place and the grounds will be kept up. If he/she rents, forget it.
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Mar 16 '01
9:27 am PST
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Excellent work (Reply to this comment)
by krashlite2
This should really help out many people including myself. I'm currently looking to buy a condo because I'm sick of renting and not paying any equity as a result.
Thanks!
Joe
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Mar 16 '01
9:00 am PST
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Thanks for (Reply to this comment)
by Suzer
a well-written and informative review. My
parents, now retired, were in real estate for
over thirty years, but I learned more from
you.
Suzi
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Mar 16 '01
8:59 am PST
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