What kind of Girly Pad should I get? - U2 Feedback

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View Poll Results: What kind of girly pad should I get?
Buy. It's always always always better to buy no matter what. 11 47.83%
Rent! Save $$! You can buy something later. 12 52.17%
Voters: 23. You may not vote on this poll

 
 
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Old 10-20-2003, 11:06 AM   #1
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What kind of Girly Pad should I get?

I am sooooooooo bad about making major decisions, I always seem to start a poll in LS to help me.

As many of you know, I am entering the realm of singledom on Dec 1, the closing date of the sale of our house (and signing of the official separation documents).

I am now searching for my very first ever "girly pad" .

We sold our house and made a small profit, so we each have a nest egg. My options now are:

1) Use nest egg to buy a condo. I would just barely be able to afford it, but I did find a nice one right downtown. I wouldn't have much extra money (for U2 trips etc) but I would be owning it, and it's very new.

The only problem is the condos are supposed to go drastically down in value next year. Then again, maybe the great location and newness of this one would make for an easy resale.

2) Rent an apartment in the same area as the condo (there is a glut of them right now) and even though it's a tad cheesy, it's still a nice place. I'd save lots and lots of $ for later, and I could blow some of the nest egg on the U2 tour.


Heeeeelp! What should I do?
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Old 10-20-2003, 11:08 AM   #2
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with interest rates these days you cant afford not to buy
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Old 10-20-2003, 11:22 AM   #3
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Yeah, but renting may let you save money for a proper house, not a condo. Plus, renters have landlords to fix stuff. Owners have only themselves.
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Old 10-20-2003, 11:23 AM   #4
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If what you say about projected sales plummeting over the next year or two, BEWARE!

For example, there is a glut of houses for sale in Colorado...everyone bought high, expecting soaring market prices to continue - that didn't happen; instead, hundreds and hundreds of homeowners are now upside down in their loans (they owe more now than they can get for it on the market) ...

If you were living in Orange County or anywhere else in CA for that matter, I would say buy now while you can...the Toronto projection for descreasing value would keep me from buying....

My thought is that you SAVE your money NOW; place it somewhere you can gain a few $$ from interests and then let all this newness in your life pan out to see how your future will be.

Your friend,

The Other B.
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Old 10-20-2003, 11:32 AM   #5
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I concur with Mr. B - save money now, give your nest egg a chance to grow. Real estate may not be the best investment in your market. Renting will give you more flexibility.
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Old 10-20-2003, 11:33 AM   #6
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ultimately i would love to buy a condo and have actually been looking around. but i guess you could say i still haven't found what i'm looking for

i'd say rent for now, and save up to buy something that you really want and will be happy living in for years to come rather than rushing into buying something just to own it.
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Old 10-20-2003, 11:37 AM   #7
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the thing with renting is when the lease is over youve spent all that money and now youve got nothing to show for it

martha has a good point about a house, and id be wary of anything that is expected to go down in value
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Old 10-20-2003, 11:38 AM   #8
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Reversing my position yet AGAIN, maybe you should rent for a while, especially if condo prices are expected to go down drastically next year.

While owning is great, do you really want to start your new life with very little extra money?

If it were me, I would rent in the high rise, invest the extra money and see where my life is at in 6 months or a year and if prices are down, consider buying.
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Old 10-20-2003, 11:44 AM   #9
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btw when i read the thread title i thought it was about a feminine product


so why did i open it?

i like to live on the edge
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Old 10-20-2003, 11:45 AM   #10
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Maybe speak to an investment or mortgage broker. A mortgage broker will be biased but can show you real estate trends for the last few years in the area you are looking at buying in. Renting is a big money pit but due to your specific circumstances, you might want to take a bit of time and not rush in. If prices really are stagnant there, you don't have to make a decision just yet. Perhaps lock into a short term lease of say 6 months or something then go back to a broker and look at the figures again. If they don't speak for themselves, why rush it? Renting can be good for saving even more and you never know what the banks will be doing in 6 months or a year.

I voted to buy, but it seems as though there is a real estate slump right now from what you are all saying. Usually slumps are a good time to buy as prices are as low as they will get. Always buy in a slump, never when prices are on the way up. Real Estate should never drastically depreciate and while you may not see any good sales figures for this immediate time frame, unless you plan on selling up in the short term, it shouldn't necessarily be a big concern.

I'm rambling so I will shut up now lol...
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Old 10-20-2003, 11:52 AM   #11
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Quote:
Originally posted by Chizip
btw when i read the thread title i thought it was about a feminine product


so why did i open it?

i like to live on the edge
That's what we like about you Chizip - livin' on the edge
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Old 10-20-2003, 12:20 PM   #12
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well Jess, it is a double edged sword really.

I know a lot of people who own Condos in and around the downtown area and they all say the same thing...that resale of condo isnt as easy as everyone says it is..many people steer clear on condos because of the maintenance fees that come with it and the rate at which those fees increase..people just for the money that they have, would rather have a small house with some property, albeit small...

I don't think Id every consider pruchasing a condo myself, I would go for a nice duplex/semi or small detached place...

but you being a downtown city girl - you probably prefer the thought on not having to take care of house or property...but I think you need to know where you want to be in a years time..because if for whatever reason, you aren't sure where you will set up shop so to speak, hell you might decide you want to move to Temagami.....then you have invested your money..I dont know I would rent until I knew for sure where I was going to stay and be happy...
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Old 10-20-2003, 01:03 PM   #13
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UGH. This is very stressful!!! Very good points all around, and an even split on the poll.

I just got back from looking at the highrise again. It really is kind of cheesy. But man is it cheap. My mom saw it and says "DO NOT GET IT." That doesn't make life easier for me. We are going to look at the condo again and see if I adore it as much as I did yesterday.

Maybe I'd better look at a few more rental units. I want this to be OVER WITH!!!
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Old 10-20-2003, 01:08 PM   #14
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Look around a bit more just to make sure.

I'd go for renting a place.
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Old 10-20-2003, 01:10 PM   #15
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i say buy/own.
only if the mortgage payment is the same or lower than the rent payment.
and stay off the crack cocaine.

thank u
diamondbruno.
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