Do any of you brehs/brehettes regret buying a condo/townhome

[buzzkill]

To answer your question yes.

Almost bought a townhouse last year in the Atlanta area. Get you a realtor that knows the area/market. I wanted a yard, decent size driveway and a newer subdivision so we ended up with a single family home

But based on what you're saying I don't think your bread is there yet. True, mortgages are cheaper than rent but in this market buyers are coming in and paying $20k+ CASH over asking price. Stack ya paper until this market gets back to normal

yeah that's what im afraid of mfs coming in offering over asking price

I make good money, stable career and been building up my emergency fund/downpayment and my credit is excellent. barely any debt. I was thinking about getting my own apt for a year but i thought i would be flushing money down the toilet. I can afford 1200+ a month but i rather put that money in a mortgage instead of rent

 

[beejus]

Make sure you know what you are getting into with those HOA's. Do they go up and if so how often. Also make sure that there isn't any plans for updates to the units in the near future. I've heard cases where the HOA wants to update things like the paint color or the roof and all the tenets have to pay out of pocket.

 

[levitate]

And oh yeah, HOA fees were a no-go for us as well.

You want me to pay $100s per month in perpetuity? Uhh…Nah.

 

[the bossman]

yeah that's what im afraid of mfs coming in offering over asking price

I make good money, stable career and been building up my emergency fund/downpayment and my credit is excellent. barely any debt. I was thinking about getting my own apt for a year but i thought i would be flushing money down the toilet. I can afford 1200+ a month but i rather put that money in a mortgage instead of rent

Nothing wrong with renting for 2 or 3 years if you young and single, always on the move traveling. You want a low maintenance lifestyle. Owning a home is the opposite of that.

If you were renting in the same spot for 5+ years then I'd consider that a waste. There's other investments you can make while renting also. So it's not "flushing money down the toilet" or "just paying off someones mortgage" like the always better to buy than rent crowd loves to shove down your throat

 

[Motife43]

yeah that's what im afraid of mfs coming in offering over asking price

I make good money, stable career and been building up my emergency fund/downpayment and my credit is excellent. barely any debt. I was thinking about getting my own apt for a year but i thought i would be flushing money down the toilet. I can afford 1200+ a month but i rather put that money in a mortgage instead of rent

I feel you.

If I were in your shoes I would approach like this: 1) keep stacking the emergency/downpayment fund, 2) find a realtor/eye some areas, 3) either stay in your current spot or rent in the area you're eying. At least you'll get a feel and determine if you do or don't like the area. Being in Atlanta you'll have hella choices and the opportunity to increase the value of your home

It's so much shyt when it comes to being a homeowner and I was CLUELESS lmao, even if you're in a condo or townhouse it's shyt you're responsible for that your parents or maintenance people would handle

 

[desjardins]

Between HOA fees being volatile and condos/townhouse basically being glorified apartments (without the flexibility) I passed and just got a regular house

 

[intruder]

How's your credit?

Invest in a house. $1200 a month could be your mortgage payment including taxes and insurance on a $200K home with these interest rates. More like $1,400 a month but you get what im saying. You 28. Dont wait. Get it now while interest rates are still in the 2% and 3% range.

Renting and not buying during all of my 20s was the costliest mistake i ever made. I have a Ghanaian homeboy i used to study with who was bugging and harassing me about buying. I didnt. The shytty looking house he bough for $110K in 2005 is now worth $400K because it's right down the street from Grant Park.
I wanna kick myself everytime i drive by this other house him and my homegirl were trying to convince me to buy. off edgewood. I AM A fukkING IDIOT!

 

[Phantum]

The presence of an HOA was enough for me to pass on a townhome/condo.

Rented in condo for a while and considered buying. Nosey ass people in your business, bytch ass gossiping nikkas in their meetings lol. Bought a single family home and haven't regretted it yet.

 

[buzzkill]

How's your credit?

Invest in a house. $1200 a month could be your mortgage payment including taxes and insurance on a $200K home with these interest rates. More like $1,400 a month but you get what im saying. You 28. Dont wait. Get it now while interest rates are still in the 2% and 3% range.

Renting and not buying during all of my 20s was the costliest mistake i ever made. I have a Ghanaian homeboy i used to study with who was bugging and harassing me about buying. I didnt. The shytty looking house he bough for $110K in 2005 is now worth $400K because it's right down the street from Grant Park.
I wanna kick myself everytime i drive by this other house him and my homegirl were trying to convince me to buy. off edgewood. I AM A fukkING IDIOT!

my guy im about to buy this year. I just got an offer today for a new part time gig thats gonna make me a 6 fig breh. my credit is excellent.

 

[Pedro Negro]

I own both and I regret the townhouse, if only for the fact of the shared walls with your neighbors.

Looking to sell in a few years and go back to a condo or detached single family home.

 

[BigMan]

I own both and I regret the townhouse, if only for the fact of the shared walls with your neighbors.

Looking to sell in a few years and go back to a condo or detached single family home.

why a condo but not a townhome

 

[keond]

I would just straight up buy a house if the prices are the same. Just because you are young and single now it doesn't mean that will always be the case. I purchased a condo when i only had one kid and a baby mama. When the baby mama become a wife and then we had more kids, the townhouse got small asf fast. Beyond the size i could hear everything next to me and i was in a middle unit. Felt claustrophobic. Couldn't even through something on the grill without someone watching

 

[King Frost]

don't share walls breh
i could hear the neighbors cursing each other and knew what shows they were watching
buy some land and pitch a tent

 

[SoSoSlick]

Depends. As a first home, it's great idea. Especially if you're young. You can keep it as a rental money maker later on in life.

 

[playplayaj]

A townhouse was my come up. Bought it as my first home in 2012. I was on the end with a huge yard. It appreciated and I sold it in 2019 and made 60k.