I have enough to buy either but which one is better, which one is a better investment in the long run ?
2006-11-19 12:35:19 · 2 answers · asked by Kevan 1 in Business & Finance ➔ Renting & Real Estate
I don't think there is a generic answer that satisfies your question. If you overpay for either a house or condo, you will get a lousy return on your investment. Also, note that the supply of condos in NYC is relatively low also as most of the apartments for sale are co-op units. If you buy a condo, I would recommend buying at least a two bedroom apartment. 1BR and studio apartments aren't as good for resale.
2006-11-19 14:16:26 · answer #1 · answered by Andrew H 4 · 0⤊ 0⤋
It is better to purchase a house than a cond. Heres is why Homes are to be investments that gain profit for you. If you are to invest in a condo the only way you can get equity is if the whole area's value goes up or by paying down the mortgage. Buying a home on the other hand you can make small to large renovations that will build your equity faster. Also an individual home sale is more likly to go up than a condo sale. That will have an affect on your appraisal value. On top of the money value you should think of privacy and other factor of your particular style of living you may enjoy in a home over a condo or vice versa. Also feel free to log onto http://www.justgetaloan.net for a fast free pre-qualification with loan programs on low rates, great terms and service. Also fee free to contact me at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net
2006-11-20 08:17:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋