Wife mentioned the dreaded word: Condo

[Ole_Red]

My wife and I have been searching for a house to buy with little to no luck as of late. So she mentioned she wants to look at condos. Immediately I thought, "where will tools go, where will I park a non-running project, where is my retreat ." Hopefully I can talk her out of this idea.

 

[r6_cannibal]

some condo's have garages, but they tend to share walls. Mention how paper-thin the walls are these days, and how you can hear everything your neighbors are up to. Hopefully that dissuades her

 

[Tarheelgarage]

My wife and I have been searching for a house to buy with little to no luck as of late. So she mentioned she wants to look at condos. Immediately I thought, "where will tools go, where will I park a non-running project, where is my retreat ." Hopefully I can talk her out of this idea.

Well, if she's saying condo, you'd better be thinking "divorce"

 

[Steevo]

You'll have to invest in a separate garage condo for your stuff:
http://www.garagetown.com/index.html

http://automotorplex.com/

 

[A1an]

Perhaps compromise with a townhome? All the advantages/disadvantages of a condo but with your own garage.

 

[subarub4]

some condo's have garages, but they tend to share walls. Mention how paper-thin the walls are these days, and how you can hear everything your neighbors are up to. Hopefully that dissuades her

So true..

I lived in a condo from 1998 to 2001 and my neighbor's bathroom was adjacent to the bedroom and I could always hear when anyone used the bathroom.. plus stupid HOA rules.. Bylaws..

 

[Brad54]

You can't find a house in THIS market?!?!

You're not looking hard enough.

-Brad

 

[larry_g]

Take her out in the desolate country and show her the 300 acres of brush and desert you desire to live on. With that idea in her head then maybe you two can meet in the middle where you can both be happy.

lg
no neat sig line

 

[kyle242gt]

Remind her about the Ever Increasing Never Ending House Payment - aka HOA dues.

 

[subarub4]

Remind her about the Ever Increasing Never Ending House Payment - aka HOA dues.

Yeah...

 

[Zeke]

School your wife about what a poor investment condos usually turn out to be. You're probably better off renting a house.

I know everyone thinks owning a home is the ultimate thing, freedom of choice and all the jazz. But those renting these days are losing nothing. Those of us that own have lost tons of money and many are paying down a loan that is far more than what the house is currently worth. That's a real sickening feeling.

 

[LawnDart79]

Condo = Expensive Apartment with all the headaches.

 

[rsanter]

to me a condo is scary
they used to be very popular but currently around here they will get less return per sq-ft than a house will
the HOA costs keep rising and you do not have the option to either do it yourself or shop it around to save money.
an HOA board that is great can turn nasty with the change of just a couple of people

my gradmother experienced this and she wasnt doing anything out of the ordinary

bob

 

[SuperSocket]

You can't find a house in THIS market?!?!

You're not looking hard enough.

-Brad

Higher mid-end homes are very hard to find now


A lot of the homes on the market are foreclosed, short sale, or a people just trying to get out asap... the problem is that the houses are usually trashed or require a lot of work and updating.


And when you do find that gem in the garbage dump it's usually gone so fast due to inside information or just luck of the draw.

 

[csmitty]

If your looking for the perfect house you'll prob not find it. But you can def. find something good these days for next to nothing even if you put alittle work into it. I'm renting a house now and really would like to get into my own place while rates and prices are so low. Its just I'm not sure where I'lll be in 3yrs. Same Job? Same city? Just so much volitility now and glad to be back working after being laid off in 09 for 16 months and praying everyday it doesn't happen again. But damn if 40k prices aren't tempting.

Plus the president of the HOA is 2 doors down, and lets just say we don't get along.

 

[autoclassicnut]

Your story is a lot more promising than my buddies... He has spent the last 5 years building their dream home for he and his wife. Now that they got it done, she wanted to sell it and get a "**** job and a condo"...
He agreed, also gave up a 2-car garage and several acres. Now several months later, has used the new ***** to get another idea, wants a divorce and wants the condo too!
Second buddy of mine that new ***** has led to a "new divorce".

Good luck! And i hope this doesn't jix you.

 

[Ole_Red]

Higher mid-end homes are very hard to find now
A lot of the homes on the market are foreclosed, short sale, or a people just trying to get out asap... the problem is that the houses are usually trashed or require a lot of work and updating.

And when you do find that gem in the garbage dump it's usually gone so fast due to inside information or just luck of the draw.

We are definitely trying to avoid short sales even though about 75% of the homes we look at are short sales. It is a pain in the *** just to avoid them.

I had found a house for 179k (cheap in our area) that had a 2car garage + shop in back (28x40 maybe?). It was gone in 2 days. Good deals go quick unfortunately.

If your looking for the perfect house you'll prob not find it. But you can def. find something good these days for next to nothing even if you put alittle work into it. I'm renting a house now and really would like to get into my own place while rates and prices are so low. Its just I'm not sure where I'lll be in 3yrs. Same Job? Same city? Just so much volitility now and glad to be back working after being laid off in 09 for 16 months and praying everyday it doesn't happen again. But damn if 40k prices aren't tempting.

Plus the president of the HOA is 2 doors down, and lets just say we don't get along.

Laid of for 16 of the 12 months in 09 is scary as sh*t. Time warp management must be tough work Just kidding man. That is rough. Happy to hear that things are back on track for you.

I think we may be lowering our expectations more and more as we shop.

You can't find a house in THIS market?!?!

You're not looking hard enough.

-Brad

Alot of short sales are readily available in our search area. But from what we gather, they are more hassle than worth.

 

[Ole_Red]

Also, I never even thought about the HOA dues. Makes a mortgage payment that much more expensive.

 

[A1an]

Alot of short sales are readily available in our search area. But from what we gather, they are more hassle than worth.

If you have the time to wait for the bank to get back to you they are worth it. Banks are actually getting much better about responding to and countering on offers though.

 

[P1et]

Your story is a lot more promising than my buddies... He has spent the last 5 years building their dream home for he and his wife. Now that they got it done, she wanted to sell it and get a "**** job and a condo"...
He agreed, also gave up a 2-car garage and several acres. Now several months later, has used the new ***** to get another idea, wants a divorce and wants the condo too!
Second buddy of mine that new ***** has led to a "new divorce".

Good luck! And i hope this doesn't jix you.

That's a terrible story, would have to be in his shoes...

 

[csmitty]

haha, well, 5 of the months was in 09. Fortunantly (i guess), i'm young, prob had something to do with it. But no kids or anything so not a whole lot of outflow of money so made it by ok. Hopefully things turn around for everyone soon.

Good luck!

 

[GMCAMARO]

Condos are a really bad idea for several reasons.

1) Condos are democracies and people in their individual lives are not meant to live life like that.
2) You have to live by their rules.
3) Condos are the first to increase when housing improves and the first to go down when it weakens and their swings price wise are far more than single families housing.
4) Condos are not got investments historically. Look at history.
5) Condo fees are required so are periodic assessments.

Banks are harder on approving condo loans, and that should tell you something.

It is a really bad idea I am trying to protect you from the nightmare my wife and I went through when we just starting out.

Back in the 80's father said get in to the market while you still can. If we had not listen to that advice in 1989, we would have been so much further ahead in 1994, when we would have saved more.

 

[redman43]

I didn't want a condo/townhome when we were looking a few years ago becuase I felt that it was essentially an apartment with a mortgage payment. The townhouse we were in was a 1200 sf, with a 2 car garage, but units on both sides of us. I didn't want shared walls anymore, so we started looking around. We increased our monthly payment by about 50%, but we also increased the sf by more than 50%, plus we got a large back yard (large compared to others in our neighborhood), we picked out the floor plan and all the options inside that we wanted and they built the house in 2.5 months. Sure, it's a cookie-cutter house with HOA dues ($35.50/month), but it's fine for us right now.

 

[4BT]

Condo = Expensive Apartment with all the headaches.

A condo in Florida consists of an apartment building that's been painted in the last 5 years.....and a new sign out front.

 

[lwlobo]

I wouldn't be scared to buy a short sale. Much better than a foreclosure, and there are some good values out there. Most of our real estate market here (Central CA) is short sales right now.

The only real risk for you is that it may take a little longer or it may fall through with the sellers bank(s), costing you only time. If you can find one with just a single mortgage, you have a better chance of it going quicker and smoothly.

With the interest rates and state of the housing market right now, your money goes a long way.

Dealing with short sales is a minor inconvenience compared to potential issues with condos and HOAs, IMO.

 

[ixlr8]

Also, I never even thought about the HOA dues. Makes a mortgage payment that much more expensive.

I bought a condo due to the fact that it was my second home and I don't have time to do maintenance on two homes. Condo fee's su$%, but for me a necessary evil. One condo I looked at, a nice place, condo fee's were $325/month, including heat and hot water. What they didn't tell you, the place was on a septic system and the city was requiring them to hook up to the city sewer. The cost for that was going to add another $250/month to the condo fees, for the next 10 years!!
IF you cave to the wife... be VERY careful you understand all present and possible future fee's. Also, I discovered the hard way, condo's require you to put down 25% , not 20%, or you have to pay for a special condo PMI.
If you are not in a hurry... keep looking and be ready to act the second you find a house you like. Banks are getting a little better getting back to folks on short sales, but it still takes longer. Getting approval for a loan is tougher now than it has ever been, get pre-approved if you can.

 

[Travis E.]

Ole Red,
My wife and I went through something similar almost 2 years ago.
We were getting out bid on everything offering as little as 10K over asking. Houses in our price range were gone within days of being listed and it was fustrating to say the least, it just wasn't happening for us. After 8 months and over 30 offers my wife mentioned a townhouse, I said no way, no how! I absolutely refused.
We took a couple weeks off from looking and I decided to start looking at a few houses over our price range that were regular sales.
After 2 weeks of looking at roughly 10 houses I found one that was workable and not worth what they were asking in my mind. After speaking to my wife, then realtor we offered 10K under what they were asking. We both figured that it would not be appraised at even what we offered and maybe the guy would work with us. The appraisal came back 45K under what he was asking and he ended up taking 40k under what he was asking. It worked out great for us and may for you. If you have a place to stay at this point, keep your head up and keep looking. It will work out.

 

[ZRX61]

Well, if she's saying condo, you'd better be thinking "divorce"

What he said.

 

[theoldwizard1]

My son was interested in a condo a couple of years ago until a realtor pointed a major problem. As the condos are foreclosed on, or people just "walk away", the bank (or who ever owns it now) frequently refuse to pay the association dues. This means the remaining members of the association need to increase their dues to keep up with the maintenance.

Worst case is when Owner Association gets the bright idea that they can forgo some maintenance or they forget to pay the exterior insurance premium and the roof leaks or the building get struck by lightening and burns down. It HAS happened !

 

[dittle fart around]

When I wife talks about downsizing I walk past her past the 1940's trailer parked in the weeds down the street. An 8 x 20 dream home that still has the tail lights.

 

[Krash Kadillak]

Sounds like you could use the services of a good realtor. Find one that really knows the area(s) you are looking at. There's got to be something out there that will meet all your requirements - especially in this market.

If you're looking for something with shop space, you may have to go out a bit........

 

[Ole_Red]

Sounds like you could use the services of a good realtor. Find one that really knows the area(s) you are looking at. There's got to be something out there that will meet all your requirements - especially in this market.

If you're looking for something with shop space, you may have to go out a bit........

not necessarily looking for a lot of shop space. I'm looking for a garage: over-sized single or a double (preferred).

Basically what we are looking for is:
3bdrm, 1 story w/ basement (or 2-story, split level ok), Garage, decent size yard for the kids. We are not afraid of work. My FIL is a contractor, my uncle's friends own Hardwood floor companies and granite companies. Work is not a problem, we just dont want to start with a basket case.

Our budget is somewhat limiting us (big problem in Seattle... 300k+avg here), we are trying to stay under 225k and in a decent area.

Im confident that we will find something in time. Im a little more patient about it than my wife I think.

 

[PeterT]

divorce her

 

[justanengineer]

My son was interested in a condo a couple of years ago until a realtor pointed a major problem. As the condos are foreclosed on, or people just "walk away", the bank (or who ever owns it now) frequently refuse to pay the association dues. This means the remaining members of the association need to increase their dues to keep up with the maintenance.

^^^This has happened many times recently.

Around here I see a lot of condos selling. The catch is they arent really condos. Someone buys a bunch of them then simply rents them. Meanwhile you or others buy thinking its a nice neighborhood with nice neighbors, and theyre replaced six months later by shitheads. I almost rented one, then I realized how many were rentals and aimed for a house on a street with some actual homeowners.

 

[bad_idea]

i grew up in a townhouse, so when i say this know i speak from experience! don't do it! no man should have to answer to hoa's! that makes 3 ! in a row, that should show how serious the matter is.

 

[Frank The Plumber]

Condo: an apartment that you buy....with permanent renter type neighbors that never leave....in a building that was an apartment complex......converted on the cheap.....leaving all of the expensive garbage that needs fixing.....to people of a renters mentality.

Most condo associations can not balance their books and are constantly special assessing you.

They call servicemen who hang up on them because they do not pay their bills. I have 3 associations in collections. Why would you ever want to lie in a condo? I would rather live in a mobile home. At least in a mobile home there is no guy overflowing the crapper above your head. Cue the music, rain drops keep fallin on my head...and I think I'm livin here until I'm dead, smellin neighbors cats. And weve got rats, Oh rain drops keep fallin on my head they keep fallin.......but its not rain......its neighbor Max.

 

[Benji]

Divorce time good luck

 

[cabriolet]

If you do a condo or townhome, read the covenants. A lot have very restrictive rules about what you can do in the garage. Around here it amounted to not being allowed to do anything but park the car in there.
If she still insists on a condo, buy her one and keep the house for yourself. It is most definately cheaper to keep her vs. divorce

 

[pj_rage]

If you either plan to live in it for a long time, or, when you are ready to move out, you can rent it and make a profit, it could be worth it. Otherwise, not a great idea. You're far better off renting an apartment (or condo!), IMO. This is from a financial sense, not including the limited space and garage concerns!

 

[Ole_Red]

I won. Talked her out of it. Explained HOAs and the nonsense associated with. We are going to be patient and look at short sales. Im getting a garage. I explained that it is not negotiable. She agreed. WINNING!