Home owners please check in.

[iGas]

What to buy?

$475,000-500,000 (2000sqf) fixer upper house.
May need to have built in suite as a back up plan (if unemployed for more than a couple of months, single person income).
20-30 minute drive to work.

$250,000-300,000 condo (900-1000sqf).
2 bedrooms (1br as office).
$190-220 mo strata fee.
7 min drive to work, or 10 min biking.

I have enough down payment to qualify for a good mortgage on the house, or lower the condo payment to $100-200 below my current rent (25yr mortgage).

 

[Newell Steamer]

This:

$250,000-300,000 condo (900-1000sqf).
2 bedrooms (1br as office).
$190-220 mo strata fee.
7 min drive to work, or 10 min biking.

I own a home; it sucks ass. I can't wait to sell it and buy a condo.

 

[Hugo Drax]

LOCATION LOCATION LOCATION never forget. its key to property appreciation over time.

 

[nickbits]

Is the condo an apartment, townhouse or...? Condo is a type of ownership not a building type.

No to the condo if it is an apartment.

 

[Rage187]

$250,000 2300 SQFT, new construction. Upgraded to the Ts.

Can't get that? Move to Charleston SC.

 

[KeithTalent]

If it was me I would go for the second one, no doubt. Shorter commute, cheaper, less work. That's right up my alley.

KT

 

[DesiPower]

Why do you want to buy?
How long to you plan to live in it?
When you move out, will you sell or rent?
Which one has better school district?

 

[Oyeve]

Thats a damn small house. I had an apt in brooklyn that was 2500sqf

 

[TuxDave]

First one if the location is awesome for schools and work and public transportation (and where you work is an outlier) and if the price is cheap relative to other sold homes in the area. Otherwise pass on both.

 

[InfiniteLurker]

Be sure to consider and account for surprises with the more expensive fixer upper. Depending on the amount of work needed, and age of the house, you could find some nasty surprises that eat up your renovation budget.

You mention unemployment, if job stability is at all a concern, it would seem the cheaper option would make more sense, and also warrant a hard look at your emergency fund.

 

[Kneedragger]

I would go for what I can afford on unemployment.

 

[DaTT]

LOCATION LOCATION LOCATION never forget. its key to property appreciation over time.

This. My house value has gone up around $150,000 in 5 years. And still climbing.

 

[Gibsons]

Be sure to consider and account for surprises with the more expensive fixer upper. Depending on the amount of work needed, and age of the house, you could find some nasty surprises that eat up your renovation budget.

You mention unemployment, if job stability is at all a concern, it would seem the cheaper option would make more sense, and also warrant a hard look at your emergency fund.

Agree with this. Fixer uppers rarely come in under budget, unless maybe you're doing the majority of the work yourself. Even then, there's the 'oh crap I had no idea this was busted too' moments.

 

[Red Squirrel]

Second one. Closer to work, and it's not half a million dollars. Get a mortgage preapproval before you put any kind of offer on anything though.

Are you living alone, if yes it's going to be more than big enough as well. My house is 1100 sqft and I would not really want anything bigger. It just means more that has to be cleaned.

 

[ponyo]

1st house. 20-30 minutes commute isn't too bad. You're a handy guy so fixer upper should be no problem to you.

I'm just not a big fan of condos unless it's oceanfront. 900-1000 sq ft is really one bedroom sized unit. And monthly condo fee sucks ass.

 

[alkemyst]

It makes no sense there are two different budgets.

Usually one needs/wants a certain sq footage and goes from there.

Condo vs detached dwelling has many variables.

 

[KeithTalent]

1st house. 20-30 minutes commute isn't too bad. You're a handy guy so fixer upper should be no problem to you.

I'm just not a big fan of condos unless it's oceanfront. 900-1000 sq ft is really one bedroom sized unit. And monthly condo fee sucks ass.

Wow, where do you live? That's like a 3 bedroom and den here.

KT

 

[Red Squirrel]

Wow, where do you live? That's like a 3 bedroom and den here.

KT

Yeah not sure where he got that from, mine is 1100sqft and is a 3 bedroom. Master room is huge, spare room is average, and the other room is small but makes a nice office which is what I use it for. Living room is fairly large too. Kitchen is average size.

Then again the average ATOT bedroom is probably more like a penthouse. :biggrin:

 

[ponyo]

Wow, where do you live? That's like a 3 bedroom and den here.

KT

900-1000 sq ft is a size of an average 1bd apartment in GA. 1200-1400sq ft is 2bd apartment.

My house is around ~4,000 sq ft. My relatives own couple oceanfront condos in Florida. Their 2bd condo is ~1,500 and 3bd condo is ~1,800 sq ft.

 

[mmntech]

Know how I know the OP is probably from Canada... :sneaky:

I'm still very leery of the condo market. It's getting weak and there are doubts over what the resale value of units will be. Plus it's still an apartment. Have you looked at townhomes? Might be able to get a freehold in your price range.

 

[vi edit]

Yeah not sure where he got that from, mine is 1100sqft and is a 3 bedroom. Master room is huge, spare room is average, and the other room is small but makes a nice office which is what I use it for. Living room is fairly large too. Kitchen is average size.

Then again the average ATOT bedroom is probably more like a penthouse. :biggrin:

LOL yeah.... My Master BR *itself* is about 400 sq/ft. Closet adds another 120 sq/ft. Bath & shower area is another 80'ish sq ft.

If I was retired and/or an empty nester I'd be fine with a condo. But with kids I'd want to eat a bullet in a place that small.

 

[KeithTalent]

Know how I know the OP is probably from Canada... :sneaky:

I'm still very leery of the condo market. It's getting weak and there are doubts over what the resale value of units will be. Plus it's still an apartment. Have you looked at townhomes? Might be able to get a freehold in your price range.

I thought the same thing but I just sold my place (since I am moving to the T.) after only being in there for a year and made a pretty solid chunk of change. Maybe just got lucky, but I think the market here is bouncing back or at least is not retreating. The area I am/was in is apparently quite attractive now as more things are getting built and more nice restaurants and stores are coming in. Probably just a perfect storm.

KT

 

[mmntech]

I thought the same thing but I just sold my place (since I am moving to the T.) after only being in there for a year and made a pretty solid chunk of change. Maybe just got lucky, but I think the market here is bouncing back or at least is not retreating. The area I am/was in is apparently quite attractive now as more things are getting built and more nice restaurants and stores are coming in. Probably just a perfect storm.

KT

I'm still biding my time hoping prices stabilize a bit. Haven't seen much that I've liked.

 

[alkemyst]

Yeah not sure where he got that from, mine is 1100sqft and is a 3 bedroom. Master room is huge, spare room is average, and the other room is small but makes a nice office which is what I use it for. Living room is fairly large too. Kitchen is average size.

Then again the average ATOT bedroom is probably more like a penthouse. :biggrin:

Without dimensions no one knows what large vs small is.

I have 1788 sq ft under air, a nice sized office (10x16 or so) but my kitchen and laundry room are small, one of the three bedrooms is like 10x10 (small) and the others not much bigger. I do have a nice family room (like 16x22 or so). I have two bathrooms.

 

[alkemyst]

I'm still biding my time hoping prices stabilize a bit. Haven't seen much that I've liked.

In most markets prices are back up on the upswing. However; new home sales are still down.