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Is buying a condo a good investment?

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    Is buying a condo a good investment?

    It has been a discussion in our family about what is the best real estate investment? Buying a 2-bedroom house or buying a 2-bedroom condo? I was asking this because we are planning to avail a real estate investment but I'm not sure which is which. Although, I kinda like having a condo for security purpose. Also, it gives you a more private environment. But my mother says a house will be a good choice. Any advice. Thanks.

    #2
    Originally posted by deaniecanales View Post
    It has been a discussion in our family about what is the best real estate investment? Buying a 2-bedroom house or buying a 2-bedroom condo? I was asking this because we are planning to avail a real estate investment but I'm not sure which is which. Although, I kinda like having a condo for security purpose. Also, it gives you a more private environment.
    How does a condo give you a "more private environment"? I'd say just the opposite is true. The single home is way more private than the shared dwelling.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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      #3
      Are you looking for an investment property or a place to live?

      I agree with Steve. A condo is not more private than a stand alone single family home. It may be more private than living in a large multi-unit apartment complex, but you didn't clarify what you are comparing it to.

      We can't answer your question without seeing some numbers. Your budget would be the main determining factor in how you choose to proceed.
      Brian

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        #4
        As an investment, it depends. A lot of condos do not allow for renting, or only allow a certain percentage of units to be rentals. It might be easier to take care of, but then you have to factor in the monthly maintenance fees, and you have extremely limited control over how the money is used and how much they increase, or even stop special assessments. If given the right circumstances, I would prefer a house that needed sprucing up over a nice condo for investment purposes.

        As someone who has lived in a condo, I can tell you that condo living is not private at all, even if the building is made of brick. No matter how well made, you will hear your neighbors, especially if they are fighting or have acute intestinal distress. It was rather unfortunate that my kitchen and bathroom shared a wall with someone's bathroom that was always sick. Even if you have assigned parking, someone will still park in your spot. Your guests will have to fight for parking. Some don't allow washers and dryers in their buildings, although I think that is just mainly older buildings now. But it was still a major pain.

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          #5
          A condo is essentially an apartment. Whether it is a good investment depends on the location, and whether it is the preferred housing option in that particular location.

          In Texas, at least where I live, a condo would be an incredibly poor investment, because about 999 out of 1000 property buyers are looking for a house. You might be better off buying a mobile home here from an investment perspective!

          In New York City or DC, where land is scarce and condos are widely accepted, they would obviously be a better investment. Although it is hard to imagine a better family dwelling investment than a free-standing house, but I suppose it is possible in certain situations and locations.
          How can you have any pudding if you don't eat your meat?

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