2007-07-17 10:11:38 · 9 answers · asked by lvly4628 1 in Business & Finance ➔ Renting & Real Estate
Hi,
The house is in the Boston, MA area and the mortgage broker was telling me about IO mortgage, but after seeing the answers to the IO I don't think this will be a good idea.
The main reason I was asking was because I was told this is way to much for a condo by some family members.
2007-07-17 10:36:11 · update #1
Oh and the HOA dues are $200.00 month
2007-07-17 10:37:24 · update #2
That's pretty much the average cost for a decent condo in Boston - and Boston will only go up and up for sure in the future. So I think it's a wise investment, if you can afford it. Also, 3500 sq ft is huge!
2007-07-17 11:10:07 · answer #1 · answered by Anonymous · 1⤊ 1⤋
lol wow u got it like that! Can I move in with u... I'll cook and wash ur clothes or something, lol jk... Honestly; you're talking about an investment property.... I hope that it's in a city/location that has high equity. This condo could be worth a lot in the long run. Be ready to pay HOA dues every month even if it is paid off. Where I live now I can get a home the same size for less than half the price; but that's because i'm from the country and we got it like that. Good luck to ya.... remember my offer :)
2007-07-17 10:19:19 · answer #2 · answered by rosepassions 3 · 0⤊ 0⤋
That is hard to say without knowing what market you are in, the current housing values in this area, and what type of financing your obtaining (if any). 3,500 square feet seems like a good size condo and the price doesn't seem unreasonable, but again it will seriously depend upon the market you are in. Also, what comes with the condo in terms of association fees and such?
2007-07-17 10:17:27 · answer #3 · answered by dzwreck 4 · 1⤊ 0⤋
I think the essence of the question is whether a high price for a condo in and of itslef will mean it is more likely to go down or have slower appreciation. The answer is the price has nothing to do with the direction of the market as a whole.
2007-07-17 10:20:30 · answer #4 · answered by Fafeom 3 · 0⤊ 1⤋
It all depends on what area or state are you in... A same house can cost 1 million in CA or NYC but it can be a same house and can be worth only $100,000 if its in Some state like MI
so where is your property?
2007-07-17 10:17:14 · answer #5 · answered by Thats_me 3 · 1⤊ 0⤋
no i want house do u have 1
2007-07-17 10:21:59 · answer #6 · answered by ***** 2 · 1⤊ 0⤋
I would have concerns about reselling it and that the HOA fees would be high.
2007-07-17 10:18:26 · answer #7 · answered by Landlord 7 · 0⤊ 1⤋
It would all depend on where the location is...
Ekoni@yahoo.com
2007-07-17 10:20:22 · answer #8 · answered by EDDIE K 1 · 0⤊ 0⤋
No.
2007-07-17 10:31:57 · answer #9 · answered by acermill 7 · 0⤊ 0⤋