Home Buying in Tamarac>Question Details

Eddy, Home Buyer in Nashua, NH

rent or buy condo?

Asked by Eddy, Nashua, NH Tue Jun 1, 2010

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8
my opinion is to buy it is always best:

no moving expenses
property price increases throughout the year an average of 3%
You can deduct interest from taxes.
0 votes Thank Flag Link Sun Feb 27, 2011
Buying a condo you have some issues. Is it FHA approved? If it is not FHA approved you may not be able to finance it. If you can finance it now you may not be able to sell it later. Usually not being FHA approved means there are some problems associated with the condo building.

Is the condo HOA well funded? Do they have any litigation against them? Do they have enough money to pay for a new roof or will they send you a special assessment (you pay more than expected to repair the roof) If new construction is the building (and all facilities) actually finished? Florida is likely to have even more foreclosures. That might mean lower prices to come.

Does it make more sense to rent or to buy economically? Use your numbers and find out below.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…
Why paying more renting compared to buying at a lower monthly payment could be the right decision for you.
http://www.trulia.com/blog/dan_chase/2010/02/why_rent_if_you…
10 valid reasons to wait to buy a house (or condo)
http://www.trulia.com/blog/dan_chase/2010/01/10_valid_reason…
Do low interest rates really make it a good time to buy? Read and see what you think.
http://www.trulia.com/blog/dan_chase/2010/01/do_low_interest…
A basic overview of the house buying process (condos included)
http://www.trulia.com/blog/dan_chase/2010/01/its_your_first_…


Now for more details to see about foreclosures in that area. Look at a foreclosure heat map and see how foreclosures are very high in that area.
http://www.realtytrac.com/trendcenter/ (whole country)

http://www.realtytrac.com/trendcenter/fl/broward+county-trend.html (broward county Fl.)

It looks like maybe waiting might be a good idea. But the choice is yours to make.
0 votes Thank Flag Link Tue Jun 1, 2010
Unfortunately, a decision only you can make based on your finances, wants, needs and lifestyle--It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation.
0 votes Thank Flag Link Tue Jun 1, 2010
Hi Eddy,

It's a great time to buy. Prices are low and mortgage rates are low. If you're planning to live in the unit, is it a home you like. If you're buying for investment purposes, will the rent cover the expenses?

Good luck.
0 votes Thank Flag Link Tue Jun 1, 2010
Dear Eddy,

It is a wonderful time to purchase with mortgage rates very low and condo prices very low. Good luck! Most condos are conventional financing usually needing 25% for the down payment.

Susan Penn, PA
EWM Realtor
2000 Main Street
Weston, Florida 33326
954-557-5993
penn.s@ewmcom
0 votes Thank Flag Link Tue Jun 1, 2010
If you are only going to be in the area for a set period of time such as a job transfer, rent. If there is no time limit and you don't see a change coming in the near future, buy. Even if you take a hit selling in the future the amount of time you make payments usually outweighs the additional expenses.
0 votes Thank Flag Link Tue Jun 1, 2010
Eddy,
Renting or buying depends so much on your situation. What's right for you at this time. Prices are low and interest rates are low. Why do you need to either buy or rent? What is your motivation? Is it investment or to move or to downsize. So many things to consider. Need more information for a better answer.

Good Luck!

Genevieve Ramachandran
Punta Gorda Realty
0 votes Thank Flag Link Tue Jun 1, 2010
Hi Eddy, that is a question that you need to answer based on your current personal situation. In today's market, there are a lot of condos available, but you need to consider all of the expenses related to buying versus renting to decide if you can afford to purchase such as mortgage payment, taxes, insurance, association fees, and maintenance costs. Also do you want the responsibilities of maintaining the home if you buy?
0 votes Thank Flag Link Tue Jun 1, 2010
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