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Which type of property is for me
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It seems as though more and more condos are being built in the Massachusetts area, apartments are being converted into condos and old buildings are being refurbished and renovated into condos as well. The condo prices vary from location to location and for the most part they are more in my price range than most one family homes. As I view a condo more as a starter property with the intention of it becoming more of a way to build equity, I am afraid when it comes time to sell this condo that the market for condos will be so overloaded with sellers that buyers will be overwhelmed and I will never be able to sell the condo. Is a condo the right way to go!
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Posted: Aug 28, 2007 at 5:26 PM
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It depends on who the buyers are in your market. Couples with children prefer single family homes, as are those planning families in the very near future. Single folks like condos. It is also a matter of affordibility.
Sep 22, 2007 at 12:08 PM
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My first place was a condo and made the choice based on location first. But, if could afford it, I would have bought a home. But I believe that property value is more of a location thing than a sq.ft thing. Also do what you can afford but don't be to hung up on gaining equity because it probably won't happen for awhile in this market. One thing people forget is this, the loans that caused this real estate boom over the last 4-5 years, are gone. No more 100%, interest-only, option this option that bull... What that means as that the rebound is gonna take longer than any normal person believes and what many industry folk lie about. The lending situation is gonna weed out a lot of buyers and investors. So buy something you like, enjoy and you can tolerate for a longer term, if you get it at a good price and keep it a rental that cash flows down the road, that a plus.
Sep 5, 2007 at 6:23 PM
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Okay, I don't know ANYTHING (if I did, I would never have bought the house I bought and might be writing this from a beach in Belize, but...) yesterday on NPR they were talking about just this issue. Well, they were actually talking about how the condo glut affected rents, but it's worth a listen anyway for the expert (and interest-free) opinion. Here's the link (I hope it works, because houses are not the only things I know nothing about):
Aug 31, 2007 at 3:19 PM
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In Massachuestts, particularly near Boston, single family homes are simply not an affordable option for most first time homebuyers. However, there are a lot of great condo options out there, and there will always be demand for them. Buying a condo is a great way to begin to build equity, and in a few years when you're ready to sell, hopefully market conditions will have improved and you will turn a nice profit on it. Now is definitely the time to buy.
Aug 30, 2007 at 7:48 AM
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Bottom line: IT'S ALL ABOUT EQUITY GAINS.
Aug 29, 2007 at 11:31 AM
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As someone who recently bought a house, and did an incrediable amount of research. I feel a well kept house will always be in more demand than a well kepy condo.
Aug 28, 2007 at 5:45 PM
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