I'm buying a condo in Baltimore, and I can't decide between a historic and a brand-new place. Which will resell better in the long run? Both places are comparatively priced (250-300K) and in the same, good location.
2007-12-15 13:28:24 · 3 answers · asked by bennji 1 in Business & Finance ➔ Renting & Real Estate
Old buildings can have pricey problems, this could result in high condo fees. Ask to see the condo association financial reports. When you resell you don't want high assoc. fees. On the other hand, new condos have lower fees because the developer keeps the costs down, but once the association is let go by the developer, fees usually go up, so don't be fooled by lower fees.
Look into how many foreclosures, vacancies and rentals are in each place. Lately lenders don't want to lend in places that have high rates of these things. This could affect resale. Especially the foreclosures... the association suffers from lost revenue when there's a foreclosure, ultimately this results in higher fees for you which in turn affects resale.
2007-12-15 15:50:07 · answer #1 · answered by checklistenup 1 · 0⤊ 0⤋
Well the historic has been getting a lot of recognition these days due to the longevity of the home and the ambiance. But just like all things it will come to an end. Are they truly new condo`s? Or are they apartment conversions. The true condo`s do OK. The conversions do not.
My bet would be for the historic.
2007-12-15 14:40:34 · answer #2 · answered by Big Deal Maker 7 · 0⤊ 0⤋
brand-new place is the best 4 u !
2007-12-15 13:36:35 · answer #3 · answered by big daddy 2 · 0⤊ 0⤋