is it advisable to buy a condo unit?

Question

i have a limited amount of money and i was thinking if i shoyuld purchase a condo of my own.

i wouyld like to know how a condo unit depreciates and when it appreciates. also, is it true that condo units will not be yours after 20 years or so?

please help me on this. thanks

Answer 1

Condos are okay, but you need to investigate the Homeowners' Association.

Answer 2

Well....since we are in a horrible housing market right now, I would say go ahead and get a condo. The only reason I say that is because people are so desperate to sell right now, they will usually come down on their selling price. Also, you really need to watch the market as far as your home appreciating or depreciating. Right now, the market is the lowest its been in a really long time and will probably stay that way for the next few years so don't count on your condo appreciating any time soon. However, would you rather pay rent and never get anything out of it, or pay a mortgage and get equity.

As far as condos not being yours after 20 years, I'm not sure where you live but in the US, that is completely untrue. Once you sign the deed, that place is all yours. Just remember that condos have associations. Notice the first 3 letters in association.....Anyways, most of them have very strict policies on what you can and cannot do to your condo. Be sure to read their policies before you purchase.