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Townhome/Condo living ?s
Posted on 6/11/16 at 10:58 am
Posted on 6/11/16 at 10:58 am
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This post was edited on 1/10/21 at 1:17 pm
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Posted on 6/11/16 at 11:07 am to DarthTiger
When young and single, i loved it. Pool, laundry, no yardwork, convenient location, plenty of parking.
But there was a couple beneath that fought all the time and you could hear them.
But there was a couple beneath that fought all the time and you could hear them.
Posted on 6/11/16 at 1:36 pm to DarthTiger
I lived in one at Auburn and loved it. Never heard our neighbors.
Posted on 6/11/16 at 1:51 pm to DarthTiger
Lived in one in Starkville. I loved it. Never had a problem with neighbors or noise. I guess it could be a problem with older buildings, but I'm in a pretty old building in Arlington, VA, and there's no problem with noise there either.
Posted on 6/11/16 at 6:01 pm to DarthTiger
I lived in a townhouse for about 5 months while I was building a house and a beach condo for 3 months while I was renovating it. I wouldn't want to live in either for a long stretch.
Another time I lived in a camper trailer about 4 months when I was building another house out in the countryside. That wasn't so bad. If the beach had been out my back door, but in the country, that would have been cool.
Another time I lived in a camper trailer about 4 months when I was building another house out in the countryside. That wasn't so bad. If the beach had been out my back door, but in the country, that would have been cool.
This post was edited on 6/11/16 at 6:03 pm
Posted on 6/11/16 at 6:34 pm to DarthTiger
They're great for people who don't have time nor enjoy yard work. The noise from neighbors will not be all that noticeable. Try to get an end unit if you're worried.
Do your due diligence on the development. How well is the property maintained, exterior look good? Landscaping look well maintained?
Ask these questions about the HOA:
If a Condo ask if it is Fannie Mae Warrantable. If not financing will be a pain. I have 20 years experience in Residential Mortgage Lending. I'm on the AL coast and have a lot of Condo Lending experience.
Was there any issues with the developer? Did the HOA have to sue the developer?
Is the any pending litigation?
Does the HOA have plans for any assessments in the near future? Find out about previous assessments. See if there are any trends on the assessments.
How many owners are currently diluent on their HOA dues?
The HOA Master Insurance Policy. Get a copy. Does it have an "ALL IN" Endorsement. Meaning does it cover interior or will you need a separate HO6 Policy to cover the interior?
You will want a separate policy to add additional liability insurance,Plus you need one for your personal property anyway, they're pretty cheap.
Mortgage Rates are very attractive right now, at 3 year lows. If you are putting down less than 20% look for a lender paid PMI product. The rate is slightly higher but the overall payment will be less due to the PMI if paid monthly by borrower.
Ex. Current 30YRfixed $130k PP, 5% down . 3.75% (0points) with PMI; $614
Or 30YRF Lender Paid PMI 4.200%; $603
Doesn't include taxes not insurance or HOA dues.
Hopefully you have a good Realtor and Mortgage Company/ Loan Officer
I'd be glad to help. Good luck and I hope my info helps
Do your due diligence on the development. How well is the property maintained, exterior look good? Landscaping look well maintained?
Ask these questions about the HOA:
If a Condo ask if it is Fannie Mae Warrantable. If not financing will be a pain. I have 20 years experience in Residential Mortgage Lending. I'm on the AL coast and have a lot of Condo Lending experience.
Was there any issues with the developer? Did the HOA have to sue the developer?
Is the any pending litigation?
Does the HOA have plans for any assessments in the near future? Find out about previous assessments. See if there are any trends on the assessments.
How many owners are currently diluent on their HOA dues?
The HOA Master Insurance Policy. Get a copy. Does it have an "ALL IN" Endorsement. Meaning does it cover interior or will you need a separate HO6 Policy to cover the interior?
You will want a separate policy to add additional liability insurance,Plus you need one for your personal property anyway, they're pretty cheap.
Mortgage Rates are very attractive right now, at 3 year lows. If you are putting down less than 20% look for a lender paid PMI product. The rate is slightly higher but the overall payment will be less due to the PMI if paid monthly by borrower.
Ex. Current 30YRfixed $130k PP, 5% down . 3.75% (0points) with PMI; $614
Or 30YRF Lender Paid PMI 4.200%; $603
Doesn't include taxes not insurance or HOA dues.
Hopefully you have a good Realtor and Mortgage Company/ Loan Officer
I'd be glad to help. Good luck and I hope my info helps
Posted on 6/11/16 at 7:02 pm to spacewrangler
(no message)
This post was edited on 1/10/21 at 1:16 pm
Posted on 6/11/16 at 7:09 pm to DarthTiger
I mean we became friends with our neighbors so we always went to each other's parties but they liked to play music pretty loud throughout the day and never really noticed it in ours.
Posted on 6/11/16 at 8:24 pm to spacewrangler
quote:
Ex. Current 30YRfixed $130k PP, 5% down . 3.75% (0points) with PMI; $614
What's the yield spread on that? I've been out of the business since 2006.
Posted on 6/11/16 at 10:54 pm to DarthTiger
Like others have said, it really depends on your lifestyle.
Me personally, I'm living in a condo for the first time in my life and I fricking hate it. Thankfully I close on my house Wednesday and I'll be out of this bitch.
Im on the first floor, people above me sound like they rearrange their furniture three or four times a day, guy next to me likes to get up at five and play his guitar on the patio, having a dog (Aussie) in a condo also sucks, he just can't get enough play time here. Parking can also be a pain if you don't have designated spots or can't rent a garage. We have a garage but it's only for one car. Half the time one of us has to park at the other end of the complex.
Lastly condo's and tow homes don't have the best resale value. If you plan on using it as strictly investment and know you will be able to rent it out then it might not be that bad of an idea. Not knowing much about your area can you find a decent home for 130-150?
Me personally, I'm living in a condo for the first time in my life and I fricking hate it. Thankfully I close on my house Wednesday and I'll be out of this bitch.
Im on the first floor, people above me sound like they rearrange their furniture three or four times a day, guy next to me likes to get up at five and play his guitar on the patio, having a dog (Aussie) in a condo also sucks, he just can't get enough play time here. Parking can also be a pain if you don't have designated spots or can't rent a garage. We have a garage but it's only for one car. Half the time one of us has to park at the other end of the complex.
Lastly condo's and tow homes don't have the best resale value. If you plan on using it as strictly investment and know you will be able to rent it out then it might not be that bad of an idea. Not knowing much about your area can you find a decent home for 130-150?
Posted on 6/12/16 at 9:52 am to Shunface
(no message)
This post was edited on 1/10/21 at 1:16 pm
Posted on 6/12/16 at 11:10 pm to Shunface
Don't have a condo, but at my last garbage apartment, someone below me must have had a sumo wrestling contest every night that shook my floor every damn night.
Posted on 6/13/16 at 2:20 pm to CRDNLSCHMCPSN11
(no message)
This post was edited on 1/10/21 at 1:16 pm
Posted on 6/13/16 at 2:35 pm to DarthTiger
Moody is growing, but still pretty rednecky. I'd be worried about renters living on either side of you. Nothing against renters, but they are typically a little more disrespectful than owners in my experience. I lived a townhome(rented a bedroom from a friend that owned it) and we had renters next door that caused all kinds of problems. The walls were thick enough we never really hears them, but they always had guests coming and going, using our parking spots(sort of a shared driveway), had loud parties in the shared backyard, smoked in their house so the smell got into ours, etc.
We had owners on the other side, and had no problems out of them.
We had owners on the other side, and had no problems out of them.
Posted on 6/13/16 at 5:43 pm to DarthTiger
I thought I was done with crappy apartments when I bought my house years ago. Then out of nowhere, I found out my job was going to be eliminated. And here I am stuck living in apartments again. At least you didn't have false fire alarms at 5:00 in the morning at your place. At the place I lived before that, the walls were built so bad I could hear neighbors getting it on at night. And someone died in their car right next to where I parked mine. And annoying kids messing with my car when I was away.
Damn, I hate life sometimes.
Damn, I hate life sometimes.
This post was edited on 6/13/16 at 5:48 pm
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