Some help from OOT is needed

[Pocketducks]

Ok, maybe not needed, but appreciated. My fiance and I have just gotten pre-approved for a mortage loan of $200,000 at 6.5% and with $0.00 down payment (first time buyer deal). We would probably not buy anything near the maximum as the bank thinks that we can afford something we obviously can't.

I am leaning towards a Condo or Townhouse as the payments will be less and we can save for the wedding and future homes. She wants a house, which I would be ok with if the price was low enough for us to afford all the things that need to go in it (appliances, furniture, need lawnmower, etc.).

What would you guys go for here? It will be harder to sell a condo, but the ones we look at have the washer/dryer, fridge, stove, etc. Yet, a house is a better investment if we find an affordable one that needs a little work. I've included some links to some we are looking at. Any ideas or advice is greatly appreciated.

Condo#1


Condo #2

Condo #3 and my favorite

House that needs a little work

Tiny house but in great shape and good price

[Shajen]

without even looking at the links:

get a condo, live there for a couple years, gain equity in the condo, sell it for more than you purchased it for, use that money to purchase a nice home.

Don't settle.

[Pocketducks]

See, I agree with you. My fiance, older brother, mother, etc. say get a house because it will be too damn hard to sell the condo. My thinking is, it will just take a little longer to sell and if property values keep shooting up, it will be worth it for a nice return on our ivestment.

[Shajen]

well, it does depend on the market. Research what condos are selling for now as compared to the last couple years and hit them with that. If the info you gain isn't looking good for condos, then go with a house.

[Brainwalter]

[ QUOTE ]
if property values keep shooting up,

[/ QUOTE ]

I wouldn't count on this. A lot of experts are predicting a slowdown. Probably not a crash though.

[Kneel B4 Zod]

[ QUOTE ]
[ QUOTE ]
if property values keep shooting up,

[/ QUOTE ]

I wouldn't count on this. A lot of experts are predicting a slowdown. Probably not a crash though.

[/ QUOTE ]

this really depends on where you live.

either way, Real Estate is about as risky an investment as you can make

[4_2_it]

I went the condo route for the first 3-4 years we were married. We were able to afford a much nicer house later.

[Pocketducks]

I think I have her on the fence about getting the condo. She wants a yard more than anything. The ones I showed her all have little yards out back, so I'm going for the push for the condo tonight when we meet up to talk about it.

Anyhow, out of the links I gave, anyone have an idea as to which they would choose just going off the info on the pages?

[crunchy1]

Buy a house.

- You have a lot more control over the value increase on a house than a condo.
- You can make improvements to the house that can dramatically increase the value of the house when you sell; you probably won't have these same opportunities in a condo unit
- Buying an older house (in that price range) will provide nice experience for some "fix-it-up" opportunities.
--- Having that experience will serve you well when you buy/build a new house
--- You'll be glad you had the practice on an older, first-time, experimental house

- Buying a house is much more satisfying
--- You're seperated from other residents
--- If you ever want a pet (dog/cat) having a yard is paramount
--- Owning the land that the house sits on is an underestimated value

It's hardly a complete list - but I would never choose to buy a condo over a house as a primary residence.

[crunchy1]

One last comment - I will concede that one, if not the biggest, factor you should really be considering with all these properties is location.

LOCATION, LOCATION, LOCATION!