Should I Buy a Condo?

BodyButter

BodyButter

Vital Football Legend
In the grand tradition of Vital Villa, I'm putting an important decision in the wise hands of the members here.

The nut and bolts are; I've been living here for 15 years and with the exception of one flip, I've been renting since I got here. A big part of that was starting my own business and not having the money to buy anywhere. Since around 2005, the property market has been on a bull run here but that ended in 2015.

Since 2015 prices have been stagnant without really coming down much. Property isn't moving but the expected big bust hasn't happened yet.

Business is good and I'm ready to buy. I've found a Condo that I like but I really don't know what the best thing to do is.

I can wait for the bust and the prices to come down but I'm risking not being able to get a mortgage because the banks are bust.

What do youse think?
 
Not that I can help much but what's the difference between a condo and an appartment?

 
Villan Of The North - 19/1/2018 17:13

Not that I can help much but what's the difference between a condo and an appartment?
Click to expand...

In Malaysia at least, a Condo has a swimming pool, gym, etc and an apartment doesn't. Generally, condos are bigger and have balconies.
 
BodyButter - 19/1/2018 10:27

Villan Of The North - 19/1/2018 17:13

Not that I can help much but what's the difference between a condo and an appartment?
Click to expand...

In Malaysia at least, a Condo has a swimming pool, gym, etc and an apartment doesn't. Generally, condos are bigger and have balconies.
Click to expand...

Now let me think. Should you buy somewhere with a swimming pool and a gym?

Erm .........
Hell yes, get on with it man!
 
If the prices are in a lull and you can afford it AND if you are looking to buy for a medium to long period (which I believe you are) then I don't think I'd wait in the hopes of a crash if this is a place you really like.

Sometimes I think in life we can over think things. If this is 'the one' so to speak, go for it. If you aren't in a rush and think you can get others like this at any point, then meh... difficult you could wait for a crash and buy cheaper. Is it 100% set in stone there will be a crash? How long you going to wait to find out? What if prices start to go up?!
 
Melon Donkey - 19/1/2018 21:01

BodyButter - 19/1/2018 10:27

Villan Of The North - 19/1/2018 17:13

Not that I can help much but what's the difference between a condo and an appartment?
Click to expand...

In Malaysia at least, a Condo has a swimming pool, gym, etc and an apartment doesn't. Generally, condos are bigger and have balconies.
Click to expand...

Now let me think. Should you buy somewhere with a swimming pool and a gym?

Erm .........
Hell yes, get on with it man!
Click to expand...

Full disclosure, I live in a condo at the moment so I have all of those facilities but I never use them. The kids use the pool a good bit.
 
Thanks, dudes. Surprisingly good advice.

Fear, you are right about over thinking it. Stuff about my childhood and all that.
 
As the only one who voted to wait I feel you should because you're buying at the height of the market with that said if you arent too concerned with selling maybe now is the time to buy. The big consideration is obviously can you afford to keep up with payment on what is likely an overpriced home if and when the next downturn happens.

My friend has just bought a one bed in Williamsburg, BK and I feel it is sheer impatience but property prices in NYC are almost immune so thats the other consideration. How well insulated will you be if things take a turn for the worse.

Take all this with a grain of salt, I'm 28, I'm a QS working in Manhattan and I've only started my savings journey now but it just seems to me that things are very overpriced now. As someone in construction and the last crash happenign when I was 18 going into college to do a construction degree and my family struggling a bit because of cuts I am very wary of downturns.

Homes in Ireland are crazy now because of limited supply and higher wages so things seem to be running parallel to the last crash IMO. People buying homes off of plans and NYC in another crazy construction period with hundreds of apartments under construction and not finished. Once there is oversupply and prices fall here developers will struggle and things will go down hill again.
 
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