Condo as starter home reddit. Unless you have family resources (i.

Condo as starter home reddit I can’t wait to start seeing 1,500 sq ft starter homes just super maxed out in luxury. Too many stories about someone who finally got the house they wanted only to immediately lose income and start struggling to pay for it. We were recommended to try for a rehab loan and get a fixer but even those are getting cash offers from flippers. Yes, you will have a smaller home, yes it's more expensive per month, but you will hit the financial jackpot if you do it. This sub is for discussion and questions concerning all aspects of the home building process - whether in a development by a large builder, custom homes, or DIY projects. Bruh my upgrade home isnt even that. As condo dues rise, condo prices fall (or rise slower). I prefer MF home. In 2018, I got a job offer in another I’m an adjuster and I handle condo claims only. I'm in upstate/western NY, and a monthly mortgage payment + taxes + insurance on a starter home or condo (~$120k) with 20% down is likely cheaper than what you would pay to rent the same property. Non-condo starter homes are basically like holding gold right now. My starter home and I have a love/hate relationship. I know you say you want in the city, which to me means you are looking in Lawrenceville and/or Shadyside so no you won’t find starter homes there, those are booming gentrified areas where rent is close to a moderate/high cost of living. Roof leaks, furnace/water heater die (in cases of condos that don't have individual furnaces/condos), damage from weather, general wear and tear to. When I bought my home which had a TON of deferred maintenance, I asked for credit back for major issues (Like the Roof and Foundation) and then, when I took out the mortgage with the bank, they offered me a small HELOC, which was able to fund the first repair we knew we could not handle (foundation It seems like the US concept of what a starter home is has changed significantly. If you plan on living in a high cost of living area for 10 years or more it very likely makes financial sense to buy a condo instead of renting. I work in insurance (primarily HOAs & condo associations) so I know what’s headed this way, especially regarding condo & HOA fees. Starter homes were back when you could get a cookie cutter $200k home with a $1,000 mortgage. Not every economic trend can be predicted, but HOA fees never go down and often go up. My starter home was a 1 bed, 1 bath 600sqft house. I'm from the midwest US for geographical ref, but I've started a new IT job that's full remote, so I have flexibility on where I can live because of it. Condo managers can be very controlling but you don’t have to have a management company and you can be involved in the HOA. Get app Get owned a 3BR 2 Bath starter home and was looking to upgrade into a larger house in an area about an hour away. The elementary school isn’t great but it’s in LPHS district, and TBH it’s a great starter condo for a childless/child-free couple or a couple with a baby or toddler. “Or buying the cheapest townhouse in the worst neighborhood” is how you utilize elbow grease and later, equity to leverage into something you prefer. I’m looking to upgrade into a larger home now that I have a toddler, but I’m torn on keeping it and renting it vs selling it an adding it to the down payment. I am In the process of buying new home and selling starter home. Fast forward six years, the condos have dropped significantly in value, the HOA fees grew higher, and my house appreciated significantly. Arlington Town Meeting recently voted down expanding 2 family housing to the entire town. Also, when condos here get to around 10 years old, their value starts to drop, at least this is the case where I live. We had a condo in a 2 unit building in bernal heights that appreciated rather well between 2008-2012. reReddit: Top posts of Tips for First Time Home Buyers in the Philippines. Even the community inside kay murag gubot. I've dated a few girls during it. Also- amazing location. No matter what now your mortgage won’t be that low and you could be stuck with this home for a very long time so get the dream home. A tiny condo in the same area now, costs more than an entire detached 3bed 2 bath 1 garage in 2005. I have owned a condo and a manufactured home. 3 bed 1 bath, built 1925. A starter home used to mean a 1-2 bedroom with 1 bathroom - and that second bedroom would be SMALL. Buying a condo or townhome as your first home allows you to live in your ideal location while saving money and becoming part of a secure, caring community. When people buy homes, it is nice to get fixed mortgage and interest payments based on the amortization schedule. Market time for high rises is much higher now too because no one wants to be stuck in a large building with hundreds of people, paying high HOA fees for a gym that's closed. Buying a condo may be a great starter home for you. My dad is saying to buy a condo because it's not as much maintenance and a lot of chepaer homes are older or in bad condition. While the perspective is generally that of the (future) homeowner, topics from builders and contractors are welcome. We got a short sale condo for $125k so our living expenses were super low. We bought our condo in an excellent location and we were hoping it would be a starter home for us before eventually moving to the suburbs. Let's say because I have good credit (750+) that I'm able to get a pretty decent interest rate and save up 20% down payment. I personally think condos are going to pump. (Put down 20% to avoid PMI. We bought a townhome/condo as our starter home. Get app Get In the end we got a tiny 3BR that’s closer to the size of a starter home, But we also didn’t want to bank on condo appreciation to get us to an upgrade in the future because SFHs will probably appreciate more than the condo. People with kids want more space than a condo provides. Once I reach my savings goal, start seriously shopping around with a realtor and on networks like Zillow (look for something modest, 3BD 3BA at max, not a McMansion. Read the other day a condo that was sold in 95/96 for Absolutely! This is why when you buy a new home, you do a home inspection. My upgrade home is a 2 bed 2 bath 1000sqft (not including finished basement) house. Homes ~500-600k. Helpful Tips For First-Time Home Buyers. The downsides of buying a condo are that you lose money if the market goes down, but this is probably one of the strongest markets in the country, and with $3,000 a month rents you'd have to lose a ton of money before Here in Washington starter homes are now condos, town houses or something similar. We finally settled in a great area, but the housing prices are a bit tough to swallow. The house itself would be under 1000 feet and designed specifically for a married couple and up to a couple plus one small child. eating out, travel when it’s safe, etc). We had very specific location we wanted to be in, and we wanted a patio big enough to hang out on. r/homeowners A chip A close button. Make twice as much as the average individual earner contributing to a two income household chasing the same starter homes. I've read a lot of great things on here and always Condos are great starter homes. To keep the numbers simple, let's say I buy a $300,000 townhouse. I am considering to low-mid rise condos Problem lang is they're usually high rise. Been to Urban Deca Homes sa AS Fortuna to visit a friend and honestly, gubutan ko didto. First time home buyers with combined income 80k annually, bought 160k single family home, 30 year mortgage at 3. A lot of other people do not stay in the same place long enough to need own a home and just need a couple month lease (ie people who travel for work and students) Ok, but that won’t narrow down the suggestions you’re going to get here. I've been debating a condo or home. 2 bedroom condo townhouse owner in Leslieville here. Yes, walay tarong parking. Or we could buy something more A condo is fine for your first home but it should at least be as convenient or more convenient than your current home. My fear in buying a condo would be that you never know who is going to be below you, above you and on the sides of you. In 2018, I got a job offer in another The first step in deciding “Should I buy a starter home?” is understanding what exactly that “starter home” term means. Seemed crazy but now the identical ones on our (Assuming there are lots of units in the condo. Don’t believe everything a realtor Open menu Open navigation Go to Reddit Home. To do this, they stick to the building code, but don't improve upon it, and offer a very basic quality of finish as the baseline. r/realestateinvesting When home prices go up in the bay (which they will) then your condo goes up in value, but the single family houses you want to buy go up in value too. Its immensely responsible and impressive to own a home, not to rent. I agree. Confused about other people's comments about maintenance fees. You will be 40 years old, with a paid off home, you can rent it, use as an emergency fund, cash out, cash out to fund other investments, stay in and save and retire early. At the last minute, I went for a SFA with a small yard and no garage instead. I don’t see how a starter home makes any sense in our area. Preferably coming pre-furnished if that even exists). pretty much everything else was negotiable, and we're happy with what we got. I don’t agree, the problem for FTHBs is that homes, and especially starter homes are objectively the least affordable they’ve ever been with high prices and interest rates. Get the Reddit app Scan this QR code to download the app now. 5% return on your investment. House bought same year for 250k now worth 370k. While single family homes might also need a roof replacement or a new a/c, most homeowners seem more in tune to their houses than condo owners who might not attend meetings, get involved, or understand the budget and current state of things - condo insurance is on the rise. " I'm coming up on my 10-year anniversary of owning this property. Pittsburgh is not that. NSFW content will result in a ban. That townhouse is Within the US the definition of starter home has evolved significantly over time. We live separately and everything's amazing. The high condo inventory keeps prices low · Condos appeal to a smaller pool of buyers. A lot of people say a condo is the same thing as an apartment and you have neighbors Things start to open up a lot more in the $800k plus range, but don't overlook the high property taxes and possibility for unknown surprise maintenance. We amassed a ton of savings and paid off the mortgage, then worked on rebuilding those savings. It so happened a friend started a custom-built home in the same price range around the same time. We went with something affordable that fit our needs at the time. I think condos are actually undervalued right now because people are still skittish, which means down the road there will be some upward regression on condo prices. /r/SanJose will be going dark between 12-14th June in protest against Reddit's API changes which will kill 3rd party apps like Apollo, Reddit is Fun, and BaconReader. Starter home was bought for 115k with 10k down. r/FirstTimeHomeBuyer I agree with you. That is If you’re in the bay area I’d love to get a referral to your accountant! I’m currently also tackling whether or not to sell our condo starter home for a SFH or rent it, but would like an accountant who has experience with rental properties pros/cons. Almost every weekend for 1. Learn whether or not you should buy a condo as your first home. Buy the starter home. I simply don't believe that, over 10 or 20 When I looked at condos, I found a community that I liked but I didn't care for the crowded parking. Now it's swung way too far the other way. Under AB 1482, a statewide law inacted in 2019, if a single family home or Another benefit of owning condo vs house in Florida is not getting fucked as bad by the home insurance rates. Daghan people na murag gkan squatters area going inside so naay security issue. I looked at existing homes for months and never found anything that offered more than 75% of what I wanted. The row houses around my sister in the northern part of the UK have walls that are nearly 2 feet thick stone/rock/cement, so you rarely, if ever, year any of your neighbors who share walls. r/minnesota A chip A close button. the main thing to keep in mind is that when you go to buy your next home the bank is going to qualify you based on your debt/income ratio. r/RealEstate A chip A close Yeah the whole starter home trope is annoying as 2500 sf house. People sell a condo/starter home for $500k to buy one for $800k. You can sell it and buy a house once you have are merried. It’s much cheaper to insure condo vs single family residence here. Your average mortgage and related expenses can easily be more than your take home pay unless you're looking into buying a cheaper condo and have a decent amount saved up for a down-payment. I also hate that a lot of homes are further out. The real estate commission to sell that home is going to be between $15,000 and $18,000. r/RealEstate A chip A close Bought a starter home in the bay areas and we will be upgrading after 7 ish years; however we don’t want to sell because of capital gains tax, transaction costs, and prop 13 benefits. I bought my starter home (1/1 condo) in 2002 when I was 20 years old. Use Zillow and other sites to see what homes in your neighborhood look like and their typical sales price, stay close to those upgrades. 5 years we were looking at houses, submitting some offers, and losing because someone outbid us, went all cash Don't overdo it in a starter home. It worked great and was the best starter home experience. Also, make sure you keep the home in good condition overall, the major mechanics of it (roof, HVAC, etc). The "first homes" that get posted are the 4 bed, 3 bath colonials that were bought with family money, or only needed cosmetic upgrades and a family member in the trades did the work cheap. Our options are to keep saving, waiting for rates to come down or to have a higher down payment (we are almost able to do 30% down for a 425-450k home). My mom says to buy a home because of neighbors, hoa rules, and having to share parking spots. My girlfriend of 1. Many condos are simply places to park (aka hide) money so prices aren’t based on typical cash flow multiples. Condos are cheaper in this area, let's say 350k. Get app Get We are in a 2 bedroom condo with two kids. There just isn't much profit in starter homes and builders are incentivized to increase their margins due to higher interest rates. Get app Get Peak Seattle starter home is a patina Hyundai Accent with one missing wheel cover. If it's the HOA disuading you from a townhome/condo, I ended up bidding on a few townhomes without them. My husband and I bought our starter home back in 2010 when we were in our early 20’s and kidless even though we could afford a way bigger newer home. Landlords for condos/apartment still have their place. This will be hard because bay area has relatively high incomes among people looking at starter homes. Quite the opposite, I think. They don't appreciate as quickly and the condo fee generally sucks Reddit community for the City of Kitchener, Canada Members Online. Final Update: Landlord agrees to go 50-50 on the payment and will also start working on completing the tenant onboarding forms so that we can book an elevator and start moving in our furniture. Condo might have appreciated a modest, say 10-15% or 2-3%/yr (60-90k) Option 1: Sell condo for 160-210k profit after 5 years and roll that + some of your own savings if necessary into a Open menu Open navigation Go to Reddit Home. I owned a condo before this It was supposed be our starter home but 3-4 years in we kind of liked the house and our mortage payment. Insurance rates, in general, are skyrocketing. Or check it out in the app stores   They can be considered great starter homes especially if you’re in a good school district or in an area where they can be rented out easily. Let's say that I want to purchase a townhouse or a condo. There are definitely starter homes in the greater Pittsburgh area. At least when something breaks, you don’t have to fix it. Valheim; Genshin Impact; Minecraft; Pokimane; Halo Infinite; OP, I would add that from personal experience a starter home is not that great of an idea. Try to find one closer to work and amenities with a working elevator and The area that we live in has a couple big ski resorts and therefore a pretty big condo market. You will be competing with savvy investors who have studied the market and know what they are doing. We make good money, but with an average house price of $350-$400,000, the cash needed up front is hard to get In my area 2 bedroom condos in ok areas start at around $400k but then HOA fees are anywhere from $600-$2500/ month (high end obviously gets you some amenities and low end might get you an elevator and in-unit laundry). You will need to have 100% cash to purchase at a foreclosure auction. familial wealth, parents cash gift, trust fund, high income) or your monthly income is high enough for you to save up major cash for 20% down for the second The cost to buy a starter home in my city that’s worth it would increase our monthly expenses past the point we could comfortably contribute to our 401ks and savings. We ended up staying in it until 2020 and paying it off. Look up the ReMax or Royal Lepage or whoever in the core area or suburb that you’re most interested in. In 2017, I decided it was going to be my forever home, so completely renovated the place. If you buy one on your own property, value of the land can go upbut with this type of home, it may not. For some Open menu Open navigation Go to Reddit Home. 5 years ago. It isn't uncommon to actually lose money on these even if buying in a trendy area. r/ontario A chip A close button. The best part is- it doesn't take forever to clean because it's small. I am curious on what are the steps for a beginner like me to own a home. Unless you have family resources (i. I am worried about the hoa and neighbors Also, my starter home as single is a condo with HOA. They're just living life. IMO the bigger note is that most houses of a 'starter home' size make really easy remodels for an air bnb. Get app Get the Reddit app Log In Log in to Reddit. The girl will dig it. 1-br condo as starter home: at what point do you "trade up"? I bought a 1-bedroom condo in 2015 as a "starter home. The cheaper homes in our area tend to have HOAs and those are anywhere from $100-$500/ mo depending on which one. e. ChatGPT: Prompt: I am a first-time house buyer/builder in the Philippines. So I bought a condo that would definitely be considered a “starter home” but allows me to travel or live elsewhere for months at For me, living right downtown was really important to me, and so I went the condo route. While i have the downplayment for a condo Buying in the country is a way to avoid it, but noisy neighbors are a thing in SFHs too. In the end we got a tiny 3BR that’s closer to the size of a starter home, in a very nice neighborhood with an average school district a 3bd 1 bath house is way more than any single dude needs. Just make sure you buy in an area that's up and coming to ensure a good return and good initial purchase price. And that’s real life, not even talking about The first step in deciding “Should I buy a starter home?” is understanding what exactly that “starter home” term means. Good thing is that DMCI projects seem to pop up everywhere so you have your choice of locations. We never really considered ourselves condo people (we always dreamed of having some Moving to new city within same state. Even up here in the northeast, the starter homes have been added on, expanded, or demolished for larger houses. I have a brand new roof, block frame, not waterfront, no flood zone, 100 percent aluminum hurricane panels for wind mitigation and minimum cost is now $2200-$2500 per A 10m budget would almost get you an ~80sqm 3br condo in a DMCI project. Homes also tend to be more expensive. David Tipper, or Tipper for short (born 1976)is a British composer and producer specializing in electronic music that ranges from Ambient, through Trip Hop, to uptempo Nuskool Breakbeat. r/Seattle A chip A close button. Open menu Open navigation Go to Reddit Home. I’ve sold homes to relocate a few times, and usually rented the first year before buying. ” 🤔 my mother who is a trip herself recently said a 1600 sf condo was too small. Having a big place alone is creepy. So after taxes, commission, and misc expenses you may be left with 3-3. TLDR: New tenants at a condo, they want a non-refundable "move-in" fee of $500 and a refundable $300 for booking the elevator. Not exactly starter home prices. The townies who control zoning seem to think so. In general, condos haven't appreciated as fast as single family homes or multi-units in the city. This same parcel would only fit 10 or so single family homes. We found a 2 bedroom town house with a garage and a backyard not in an HOA and we’re paying $325k for it. "Starter homes" aren't really a thing anymore. I'd buy a condo before a mobile home, especially since it sounds like mobile homes are pretty expensive where you are. I'm curious what your thoughts are. The bigger associations are, of course, getting the brunt of it due to having so many different policies (crime, flood, umbrella, etc). We sold our tiny condo in the SGV in hopes of getting a SFH so we could finally start putting down roots, but even in HEMET we're losing, even when bidding $20-$30k over asking, waiving contingencies and offering benefits like rentback. View community ranking In the Top 1% of largest communities on Reddit. Starter home is going to be very comfortably within budget, but not ideally going to be our forever home. that is your total income vs your total debt obligations and proposed obligations (i. They appreciate in value better than condos/townhouses, you have less communal space (look up tragedy of the commons), you have more peace and quiet, and there is View community ranking In the Top 1% of largest communities on Reddit. That has far more to do with the fact that any real estate has increased in value tremendously, but % wise this is even truer for starter homes. If a county/city wants, say, $50k in permitting fees and new "starter home" builds (which doesn't even make sense) are happening at $150/sq ft and by the way country mandates 750 sq ft minimum and there's existing condos at $150k, it makes zero sense to build a I still consider a decent starter home to be 150-200k considering most college grads in my area make between 40-60k starting and most trade workers make $18-25 an hour with a few years of experience. Obviously substandard ang materials pg build sa condo. I'm a single, 26 year old, starting to look at potential living options for myself in the future. I'd even argue you should probably look at a 2bd 1 ba condo. You will get random suggestions. I live in one, first home, bought at age 30, and been there 6 years now. Townhomes are great starter homes. Townhomes and shared homes in Europe are also tend to have walls that are thicker than the stick built shit in the US, for the most part. As recently as 2018 these same homes were $200,000 and $225,000 respectively. But go ask the average millennial to come up with $25,000 in cash and their eyes will roll into the back of their heads. When I was shopping for a home in 2016 there was a billboard up advertising new construction "starter homes" from the low 330's. Household income then was 80k. the exterior, out door maintenance, are all on you with a mobile home. While the total cost paid at the end may be double the cost, the variable costs are only the home insurance, utilities, maintenance, and property taxes. If a condo gives you the space you need, it can be a great way to start home ownership. Get app Get We're not building new starter houses anymore (a Levvitown house would cost roughly $150K in today's money), so you choices are having to live crammed into a condo or townhome or paying $250K for even a small 50 year old rambler in an inner ring For many people that means buying a "starter home" instead of renting until they can afford to buy an even bigger home. For us, it was the best thing we could have done. with any options or appliances at all that's at least another $20-30k on top of that base price and for fucks sake, a third of a million dollars+ isn't "starter home" territory, neither is brand new construction Condo as a starter home? Hi everyone! My wife and I are in our early 30's and up until recently our careers kept us moving around frequently. You can purchase a condo outright like a home, but you live in a multi-unit building, like an apartment. Might as well get the dream home. My parents live in a million dollar home (purchased before it reached this insane price) in a nice suburb, and they still have to listen to neighbors’ dogs barking all day, and their music all day on the weekends it’s a lot noisier than my condo! The condo I'm renting (DMCI) will get you maybe 4% return before commission and tax, assuming you always have a tenant. A condo is partly like a home and partly like an apartment. Historically condos are worse investments than a house. Manufactured home communities also charge fees/rent which generally go up over time much like normal rent. 00%. When we leave here, someone can make it a bachelor pad, a family home, a starter home, or a home for anyone looking to downsize. You'll find corporations or businesses dipping into the cheap houses because the size is perfect for a few nights' stay and just modernizing them to be sold for people who want to travel and not by hotels. Like others have said, how this is handled is dictated entirely by the governing docs of your HOA, typically in the CC&Rs (there is usually a section specific to insurance, though sometimes there are other sections like “Damage” or “Maintenance” that may also contain relevant information. In my area a lot of people have come to view manufactured homes as the "new starter home" since they're still affordable--insofar as down payments go--and even between the Rent was cheap, we loved our neighbors, great location for our commute. Reddit Recap Reddit Recap. as a person who currently has 2 mortgages due to building a "long term" home after I was ready to leave my "starter" home behind, just make sure that you aren't counting on the money from the first home to be immediately available (and conservatively estimate how much you can make on your first place). Most likely a condo as full-blown houses look to be a bit expensive to start out with. but HOA rules will tell you where to park, when you can bbq, if pets are allowed, how late you can Then, space rent can go up and up. If we want starter homes I've long ago realized that I'm just going to have to fight NIMBYs to allow a future home that is in my budget to get built through fighting for upzoning or repealing zoning to better meet demand. If a county/city wants, say, $50k in permitting fees and new "starter home" builds (which doesn't even make sense) are happening at $150/sq ft and by the way country mandates 750 sq ft minimum and there's existing condos at $150k, it makes zero sense to build a Buy a starter home you can afford on a 15, 20 year max note. Sorry I'm a realtor and I can tell you the possibilities are endless if you buy a starter home. Wife and I are in a new construction "town home" style condo. Incomes certainly have not kept up with house prices, so "starter" homes are getting smaller and are still out of reach for most people. Price to rent ratios are insane right now. Youll have maintenance taken care of for you like roof, pool, yard, etc. Example: house bought for 82k in 2015 now worth 160k. Claridge Homes and other tract builders and condo developers use the same trades and materials, and compete for the same buyers based on price and location. The cost to buy a starter home in my city that’s worth it would increase our monthly expenses past the point we could comfortably contribute to our 401ks and savings. Proceeds from sale of starter home pay for In my area 2 bedroom condos in ok areas start at around $400k but then HOA fees are anywhere from $600-$2500/ month (high end obviously gets you some amenities and low end might get you an elevator and in-unit laundry). Only had it a year and a half, but I've loved it. Condos that maintained falls to the condo Open menu Open navigation Go to Reddit Home. You put one on the market even remotely decently priced and its sold within 7 days. the mortgage on the second house you are buying). My work has a guaranteed mortgage program that didn't allow us to make a down payment but removed the need for mortgage insurance. However, with the HOA fees a lot being around 500 to 700 a month even if you get a condo that is 50k less it still costs more monthly than the home. Now buying a $420k house with our paid off condo going up for sale. Home ownership is very $$$ A subreddit dedicated to San José, California, the heart of the Silicon Valley. Reply reply     TOPICS. sold it and bought a downtown condo as an investment and to ecapee the burbs for a bit. A lot of these stories where someone has extra income because of good market timing but not able to afford the price difference of moving into a bigger/newer home, so Thought about maybe a house but then again, maybe a condo would be good as a "starter" home for real estate ownership first. A starter home is loosely defined as a smaller property that a first-time buyer expects to live in for just a few years. Like right now suburban home prices are up 100% in two years near me, but city prices are stagnant or down probably because of people moving out due to COVID work from home. They are just less expensive homes. The home could be a condo, townhouse, or single-family home. 15 years took the kid from kindrgarden to graduating high school in the same school district. Mobile homes have a lot more that can go wrong with them that you're on. As a result, you’d pay a lot for a small 1-bedroom condo by Southeast Asia standards, but pay relatively low rent for an incredible 2-bedroom condo. Buying a starter home, living in it to build equity and selling it for more than you paid to buy a SFH is extremely common. My 2 cents’ worth, is to find a real estate office in the part of town you’re interested in. Whatever Happened to the Starter Same as America i can't find a condo that's 3 bedroom for myself and my family for a The fact that terraced houses don't work as starter homes in the centre of one of the world's most broken and bubbled housing markets In real estate location is key. Condos were relatively overpriced compared to houses pre-covid. ) Good luck! The name of the game is either "luxury" 2k sq ft homes on a 3k sq ft lot or "luxury" apartments/condos. A high-rise condo building with 200 units can fit on 1-2 acres of land. g. Starter homes in my area historically have been detached sfr's, 1000sf or less, 2 bedrooms, 1 bath, several decades old, outdated and In our area starter homes are condos and townhouses but they have maintenance fees that are typically $500-$1000/ mo (although they do get higher with condos). Constrain the rest of your budget so you can put a larger percentage of your income towards housing than the average. Covid really hurt condo demand, which means there are good deals to be had relative to SFH. At worst if there are delays we might spend a day or two in a hotel. Do Not Buy A Condo In Florida! As the title states I have had my starter home that I’ve had for a few years with ≈$30k in equity at a killer 3% rate. It is under contact to sell for 190k 6 years later we owe 100k on the mortgage. 5yrs now also owns her own home. And for your first home, I really recommend not spending to the max of what you can afford, so that you can comfortably do things you enjoy (e. If you do end up having a HOA, you can have them increase it. When I looked at condos, I found a community that I liked but I didn't care for the crowded parking. Promise. Just make sure your starter home is a 3/2 at min. I lived in a 1450 sf house with my family of 5 and 2 dogs and while we didn’t have tons of A condo or townhome is not worth it if it has $$$ HOA fees, like many do, because those monthly fees are not tax deductible. But generally, when you purchase a Welcome to the official subreddit of the PC Master Race / PCMR! All PC-related content is welcome, including build help, tech support, and any doubt one might have about PC ownership. The gap between detached homes and condos have widened nicely. Gaming. We bought it for 160k. I could see a situation in 7-10 years from now where we have the means to move to a more desirable elementary school district and either sell this, or retain it as a rental. However, we got new neighbors who bought the condo downstairs and they are very noise sensitive and since we have toddlers, we really gotta move. Or check it out in the app stores   Also starter homes make for great rentals and demand for those are in a sweet spot (downsizing boomers, first time buyers, and landlords). Came here to give my 2 cents and then read what your "starter" home is 😆😆😆. SFHs either have to come down or condos rip. So you may be better off renting a too small apt and setting money aside for a starter house instead. Closing on both homes is the same day. I'm wondering: at what point is it best to consider selling it and trading up to a townhome That’s not unique to owning a condo, you just have to do a different type of diligence. If a manufactured home is on it's own parcel of land, it will likely appreciate. familial wealth, parents cash gift, trust fund, high income) or your monthly income is high enough for you to save up major cash for 20% down for the second The main issue with manufactured homes is that banks won't give loans for homes older than 30 years or that have been moved. Or sell when the market is high and make sure your dream home offer is contingent on the sale of your town home . It's a small 2 bedroom house in the city. Does a condo make a good starter home? Yes! NewHomeSource shares 5 reasons why first-time buyers should take a second look at condos. I’m not trying to become house poor by throwing all my disposable income into a home when it would be better served in a retirement account, but I still want to generate Open menu Open navigation Go to Reddit Home. I think they have mid rise condos tho but not as common. We didn't buy things constantly and would cook at home, etc. Considering selling a home will cost you around 8% of the home’s value by the time it’s all said and done, not even considering a change in that home’s value, it’s good to be fairly certain you want to stay put for a hot minute. These The subbreddit dedicated to David Tipper. r/RealEstate A chip A close button. 5 bath condo where we pay just under $1,000/month total for the mortgage. ) Are you prepared to hold on to the place for 5-7 years? Sounds like the price range is financially feasible for you if you are able to save 25k a year. If a manufactured home is in a community, then probably not. Macro economics helped immensely but Bernal is pretty popular with families and the condo was the perfect starter home. But generally, when you purchase a It is not specifically a detached structure, a condo, a townhome or a tiny home. So let's say you have a chance to buy a condo in the middle of NCR, near your work, and near everything you need. Reply reply This sub-reddit is an english language friendly discussion forum focusing on life for living in Bangkok, as well as any other Bangkok related content. 2 bedroom townhouses start at around mid $500k and have HOA fees anywhere from $400 - $700. When home prices go up in the bay (which they will) then your condo goes up in value, but the single family houses you want to buy go up in value too. Actually, my tendency in this thread is to support the MF home idea. I just bought because it was cheaper than renting. Within your budget, a condo would be the best fit imo. Is it worth it to just Condos aren’t as private as houses, but they may work better for some lifestyles. r/FirstTimeHomeBuyer A chip A close button. While larger condos are not doing as poorly as the tiny investor units they are definitely not doing anywhere near as well as bungalows and freehold townhomes right now. “Starter homes” are not cheap enough now to really even qualify as starter homes. Find their website and browse agents’ lists of properties they’ve sold over t 38 here, and we pushed out to Hemet since we work remotely and don't need to be near the city. Live in condo for 5 years and generate about 100-120k equity in it. I think single family homes are more desirable in the US for a couple reasons. When you get laid off at 35 and have to start over after being unemployed for six months you’re going to be happy to have a modest condo with a low mortgage. selling or renting a lower unit condo comments. Pros of Buying a Condo for Your Starter Home. A bunch of people who spoke against the zoning change claimed it'd make "starter homes" unaffordable. If it's permanently installed on land you will own, relatively new, and well-maintained, then it's basically like any other house including value appreciation. the hook for. I'd skip the condo if at all possible. Starter homes don’t exist anymore. We're FTHBs so we need at least 5-7 years to hopefully close the gap on detached homes. Since we moved in, we always considered it a starter home and we would buy a house (probably about 3 bed/2 bath, for $2k+/month in mortgage payments) sometime down the road. Cons - almost always going to have an HOA with townhome/condo option, limited to no yard, and a bit more neighbor noise. Back then I had no concept of starter homes. I’m not trying to become house poor by throwing all my disposable income into a home when it would be better served in a retirement account, but I still want to generate equity. Get app Get I’d buy it as starter property for sure especially with the instant equity! he dramatically increased the price we had discussed and then we found out the property was actually classified as a condo and we had to have a massive down My partner and I live in a 2 bed/1. Mine are $270/month which was wat cheaper than any of the condo-condo's I looked at, and easily cover the landscaping and various things like that which enhance my quality of life. There are lots of townhouses and ranch houses not zoned to good schools and 5 to 10 years is not always long enough to appreciate. Most people don’t want a condo as their forever home Open menu Open navigation Go to Reddit Home. 70k gross isn't good enough in HCOL areas, especially if you're supporting others & given the current inflation and home values for single family homes. And no I dont have any regrets upgrading. . Pre covid I’d be inclined to agree with you, buy below your means and work upwards with the money saved, but that’s not really the reality for most young people anymore. Most people can’t just save the necessary down payment on a $1M single family detached home to make the monthly payment affordable. Those HOA fees for condos are terrible. 10 Questions Every Homebuyer Should Ask Their Real Estate Agent. It’s not much more. Get app Get Even more frustrating is that it seems like the price per square foot is higher for smaller starter homes, I guess everyone who bought a few years ago is still in denial about the new rates and reality. Plenty of people do not have the credit or the downpayment to buy a condo/townhouse/sfh. Unfortunately those homes are now going for 320k+, the starter home is extinct. There was another condo that had been nicely renovated with high-end finishes and a great amount of space but the HOA fee was about Open menu Open navigation Go to Reddit Home. Daghan bata ga dula where the cars pass by. But, a lot of homes tend to be further out in suburbanite communities. Also, auctions are not for inexperienced buyers. Reddit . The intent is to live there until you die. So began my first experience building a new home. Get app Get Can't wait until the kids leave and we can downsize to a $200k condo near the beach! We’re at that same income in SF Bay Area and bought our 1200 sq ft starter home for about $950k 2. r/LosAngeles A chip A close button. There was another condo that had been nicely renovated with high-end finishes and a great amount of space but the HOA fee was about Buy the starter home. Our area was/is very HCOL so we knew we couldn’t get into a SFH without years of Many people have recommended that we just get a townhouse or condo (which would be easily affordable for us) as a "starter home" and then sell that house to get a single The people I know who bought true starter homes / condos don't post and brag about it on SM. Next, saving would be better than paying down the mortgage. Also, ulities are typically cheaper in condo/townhome space. r/realestateinvesting On top of that, the starter home strategy doesn't seem to pay a lot of attention to real estate commissions and other transaction costs on the sale of your starter home. Our first home was a self managed HOA of 10 people. I checked with Veridian and found I could get 95% of what I wanted with them. so my wife and i have held and rented every property we lived in and i have a few thoughts. I hope you can find a tiny starter home Open menu Open navigation Go to Reddit Home. These are all markets where condos and townhomes serve as “starter homes” for people that don’t have wealthy parents, two big earning professional jobs, or a windfall. I hate the term "starter home," but I think that's what some people who call our house. Not a bad idea to buy a cheap condo, market may or may not tank but if its something cheap you can comfortably afford through a dip I would consider it over a starter home. lscr jgmyrr kvbjlx zcsbun qwjkqm dpvsggc trtp boccdm eniwgrp uyd