And The Luck Goes On

[Raider Nation Fisher]

My lovely condo board has finally decided to address the issue of the water leaks on the property. After four years of problems with inflated water bills due to leaks, they have decided to replace every line in the complex. All for the low price of 36grand. Which breaks down to a monthly increase of the 250 dollar a month association dues by 275 dollars for the next two months. Ain't life grand? Foreclosure has never sounded better then it does now.

This is the same board that caused our property values to drop 50grand by making the units unsaleable with a lawsuit, which drug out for three years.

I'm glad all this is gonna be behind me soon. I talk with my accountant and attorney on Wednesday. I'm done with condo living. Hello apartment living.

[Sam]

Buy a single family dwelling one day and enjoy all of the problems by yourself.

 

Sorry to hear about the condo issues. Hope they get settled and you can move on.

[Fishing Rhino]

Why throw your money away on rent?  Around here monthly rental fees are about the same as a mortgage payment for similar properties.  Been a while since I had a mortgage, but the mortgage payment included an escrow payment to cover the cost of property insurance.  Unless the government changes things, the interest you pay to the bank on a mortgage is a tax deduction.  You'll need to do a little homework to see if itemizing deductions or taking the standard deduction based on what you earn is better.

 

We used to itemize before my wife retired because she had a lot of work related, deductible expenses.  Now it's better for us to take the standard deduction, by a wide margin.  It also avoids filing several forms and then having those audited, which has happened.  In every case the IRS was satisfied when we provided supporting documentation.

 

Now may be a good time to buy.  Property values around here are on the rise, and realtors are seeing a lot more activity recently.  In any case, if you hold onto your property for several years, you should get some, maybe all of your money back.  The only thing you may get back if you rent is a security deposit.

 

But you do have the hassle of dealing with plumbers, electricians (ok, you can handle the electrical issues), and other tradesmen when something needs repair.  You'll also need to maintain the grounds, such as mowing the lawn, which the landlord may do if you rent.

 

Another plus, if you own is that you can do whatever you want with the property as long as it complies with local building codes.  Want a different color trim, want to add or remove a closet, want to tear down a wall, or put up another partition, make a game room in the basement or add some dormers to make a couple of bedrooms in what was an attic, you can do it.  You may need to get a building permit for some renovations, but it's your choice.

[slonezp]

http://youtu.be/MYcqToQzzGY

[Root beer]

I don't believe I ever live in a neighborhood with homeowners association. Why in the hell should I pay a group of people to tell me how to deal with my property?

[Raider Nation Fisher]

I don't believe I ever live in a neighborhood with homeowners association. Why in the hell should I pay a group of people to tell me how to deal with my property?

Others may disagree with me, but HOAs are the scourge of society. They do have a purpose. However when one hits a power trip then your screwed. You have very little recourse against them. The problem with a town home community. Not much of a choice except an HOA. Granted I bought the town home with the intention of flipping it. The housing bubble busted right after and I got stuck with it. I gambled on it and lost. Still I'm gonna be out of it before long though. I can't wait to have this behind me.

Im taking a new view on it now. I'm going at it off a business perspective. I watch these companies and corporations dump bad investments all the time. Sure there are penalties involved, but life still goes on. This may be a blessing in disguise.