6 Reasons for Never Buying a Condo 1. Condo communities may offer amenities and common areas (e.g., pools, a garage, or tennis courts) that you may not otherwise be able to afford if purchasing a townhouse or standalone house. Whether you decide to buy a co-op or condo, did you know you can receive a buyer’s rebate from your broker? Why I Will Never Buy A Condo “You pay how much in rent”, they exclaim without fail. Or maybe you’re buying your first home, but you aren’t ready to fool with the yard work and repairs that come with buying a typical house—not to mention the overall higher price tag! At the age of 24, making $35,000 a year working as an editorial aide at a newspaper, I bought some real estate: a 770-square-foot, one-bedroom condo in northern Virginia. Find all the books, read about the author, and more. However, there are reasons not to buy a condo. If you're looking for a place that is easier to maintain and offers exciting amenities like a clubhouse and swimming pool, buying a condo may be an appealing option. If a dozen members struggle with paying dues in any given month and your community has 500 condos… In one area near a lake a 0.24 acre wooded lot is priced at $1000. Buying a condominium (condo) means not only purchasing a residence but also buying partial ownership in communal property within a condo … These include HOA fees, privacy and space issues and increased rules, among others. As a result, condos are in high demand and … Never Buy a Condo and Other Things I Have Learned from the Practice of Law Kindle Edition by Dick Blankenship (Author) › Visit Amazon's Dick Blankenship Page. Buying with Prevu you’ll pocket a rebate of two-thirds of the commission paid to the buyer’s broker at closing. What to Know About Buying a Condo. We long ago reached the point where we were comfortable paying a little more for a place that is genuinely nice, … On a $1.5 million condo, you’d receive up to $30,000. It's important to ask a lot of questions and make sure the association is well-run before buying a condo, and find out how many condos the association manages. When you buy a free standing house, this means that you own the land on which your house sits. Either way, you’ll want to know if a condo is a good investment of your hard-earned money. Often investors buy, and then run afoul of leasing rules. Some condominiums are underfunded and don't have the money to pay for regular maintenance. Are you an author? If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. Then, the condo becomes an apartment building to the detriment of those … Condos have never been more popular, particularly with the aging Baby Boomer population, which is starting to downsize and move into homes that are easier to care for. You don't really own a property, you just own a space. See search results for this author. You should be well aware of those before you buy a condo and find you can’t live with their rules. They want to rent their condo, but it puts the 50% owner occupied rule in jeopardy. When you buy a condo, you only own the space in your unit. Each condo complex will have their own rules and restrictions. To the average foreigner in Bangkok, perhaps retirees on a budget and new teachers aside, 20,000 baht is not really that much. Even when you buy land, it turns out there is an hoa in place already unless that land parcel is huge. That caveat? 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