So, as mentioned in a pp, we are looking for a condo. Not as great as a house (I want me own yard) but better than an apartment (maintenance and security, we’re not throwing money away on rent but putting money towards owning something, and, did I mention this before, we can decorate as we want! Yay! Paint! Colors on the walls!).
We found one listed in the city we live in, about 20 mins more North of where we live now. About the same commute for me for work, maybe even a little shorter, def. a shorter trip into Boston and Providence. It’s a 2 bedroom unit, w/living room, bathroom, and kitchen. 635 sq. feet. All appliances are included and (so they say) new: fridge, dishwasher, disposal unit, microwave, AC unit, and range/oven. Also supposedly new is the carpet, entry door, bathroom, kitchen, and ceiling (w/remote controlled lights). There is off-street assigned parking (yay! No more fighting over parking spaces!), tennis courts, a swimming pool outside, laundry in each basement, on site security and security safe doors (you can only get in the main building door if you live there or someone buzzes you in).
One bonus is that the condo was originally built to be a 1 bedroom deluxe condo and the previous owners turned it into a 2 bedroom. Since it was built as a 1 bedroom, the condo fee is the 1 bedroom condo fee ($208 a month) as opposed to the 2 bedroom condo fee ($310 a month).
Not sure about the neighborhood. Have heard some negative things about it but not necessarily from people I trust (they are kinda snobby). Def will check into local police reports and activity there before we make a deal.
Price was $70,900, but they just dropped it to $69,900. With no down payment and a 30 year mortgage at 6% interest, it will be about $440 - 460 a month, plus the condo fee ($208 each month) for a total of about $650 – 675 a month. We pay $625 for rent now.
However, there is another unit on the ground that is a 2 bedroom, and 950 or so square feet. It is selling for … $69,900! So we are going to try to use that as a bargaining tool to get them to lower the price (we’d love it to come down to $65,000).
So, that is our condo news. We are going to meet with the real estate agent and look at it tomorrow night when I get home from work. I’m really excited. I’m trying not to get my hopes up too high, in case the area sucks or we can’t get a mortgage, or it is way more than we can handle w/fees and such, but I can’t help being a little excited. Just the thought of moving into a place we own (or will own after 30 years, LOL) is so exciting. Wish us luck!
Buying a Condo? Maybe ...
June 6th, 2007 at 11:27 am
June 6th, 2007 at 01:08 pm 1181135328
June 6th, 2007 at 02:18 pm 1181139511
If you are looking at newer units too you may be surprised, sound proofing these days is amazing. You might really enjoy it.
June 6th, 2007 at 02:58 pm 1181141896
So ... A couple of practical matters to consider since it is your first place.
Re the mortgage: Does that payment include property taxes and PMI (private mortgage insurance, which is usually required if you put down less than 20%)? If not, then you'll need to factor those in as well.
And a couple questions to ask specifically because it is a condo:
1. Was it built to be a condo? Or was it converted from an apartment? [Conversions overall tend to be less desirable.]
2. Does the condo association have a large reserve fund? This is extremely important, because if there is no reserve and a major repair bill comes up, all of the owners are hit with an assesment to pay for the repair.
3. What percentage of the units are owner-occupied and what percentage are rented? Are there restrictions on the percentage that can be rented? More owner-occupancy is better.
Good luck to you! I hope it all works out and you find a great place!