What kind of Girly Pad should I get?

[Mrs. Edge]

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?

 

[Chizip]

with interest rates these days you cant afford not to buy

 

[martha]

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.

 

[Mr. BAW]

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.

 

[nbcrusader]

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.

 

[ABEL]

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.

 

[Chizip]

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

 

[BAW]

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.

 

[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

 

[Angela Harlem]

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...

 

[nbcrusader]

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

 

[guaca]

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...

 

[Mrs. Edge]

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!!!

 

[LarryMullen's POPAngel]

Look around a bit more just to make sure.

I'd go for renting a place.

 

[diamond]

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.

 

[ILuvLarryMullen]

I thought it was going to be about feminine hygine products too

 

[Northeast]

Renting is not a good investment.............you dump your money into something and get nothing for it. We just stopped renting and bought a house, so much better!!!! Able to save more money too.

 

[Northeast]

I thought it was going to be about feminine hygine products too

HA HA HA I DID TOO!!!!!!!!!!!!!!!!!!11

 

[nbcrusader]

Owning is better than renting, especially in light of the US tax system. I'm not familiar with Canada's tax system.

Renting may be better is you expect property values to be stagnant or go down - especially if you can increase savings.

 

[guaca]

for the most part

owning is the way to go rather than renting..why throw money away..if you are spending it might as well be on an investment where there is some return..totally true couldnt agree with you more..but when you have a major life change..and you have a lot of decisions to weigh, I am not sure why you would want to hunker down, and make another huge life decision..when you dont even know where you want to be in a years time...if the plan is to stay where you are....that that is where you are happy and want to settle into then fine..owning is definitely the way to go..just seems like a lot of sudden changes..and no real grounding just yet...

so just think before you leap is all Im saying...

but either way...you'll be able to make popcorn and watch Gone with the Wind in pajamas and slippers..so both work for me...

 

[Northeast]

What got me about renting is you couldnt' do anything about the place you lived in....if you hated your white walls too bad, you couldnt' paint them. If you hate the carpet...too bad, most places you cannot have pets, it sucked.

 

[Mrs. Edge]

Here it is illegal to not let you have pets in a rental unit, and I think you can paint if you want to pay for it yourself. Most places paint it white in between.

I just saw a place for rent that had a HUGE sunlit indoor swimming pool, and the place itself was immaculate (and on the 30th floor with a balcony) but it was FULL of senior citizens!! I felt like I was in an old folks home. It was almost across the street from where I work though. The other problem was the living room wall was mirrored! That is just too cheesy for me. But that pool....

The mortgates on the condos are very reasonable, it's the FEES that kill me. If I do buy a condo, I am hoping that I will buy in such a desirable area that it would resell easily in a year if I needed to.....but I'm still weighing all the options.

I really want to get this over with though, I want to stop stressing about it.

BTW, sorry about the misleading title!

 

[BAW]

BTW, sorry about the misleading title!

 

[cass]

I'm not much good at decisions either. I would hate to be in your shoes right now.
I am so impressed with how smoothly your seperation has gone. Props to Mr Edge. I can't help think of my friend SD, when I read your posts. She was totally ripped off by her ex. She was with him for 20+ years, raised their two children to successful adulthood,then he ran of with a 20 year old music pupil of his and HE ended up keeping both their beautiful properties. She got screwed...big time....imho. She's heartbroken...thank goodness for the buddhist community.( I had to get that off my chest, he's a colleague of my hub's and I just about get an ulcer when I see him.)
Anyway to rent or not to rent?...get some advice from someone informed and trustworthy. The idea of not having the responsibility of repairs etc. sounds luxurious and tempting, but I think if you choose wisely and buy in an area that is on the up, you shouldn't go wrong. Boy if I'd had some spare moola for property investment a few years ago, I'd be a millionaire now. I can hardly believe what has happened to property prices around here. It makes me GO AWAY developers.( something else i had to get off my chest)Thanx.

Ask your dad or someone you really trust and listen to your instincts
Good luck jess

 

[Salome]

I agree with all being said here
real estate prices aren't favourable
interest rates are favourable

that's why I tell clients who ask me for advice to get the place they want regardless whether it means renting or buying

since a logical decision can't be made
just follow your heart

 

[sharky]

I would say rent for now. It sounds like you have barely enough to put down for a mortgage. you then have to factor in closing fees, lawyer fees and all the stuff you have to buy for the place. no use buying a place when you can't afford furniture to put in it.

yes, rent is like throwing away money [don't remind me] but I say rent a cheap place for a year that will give you enough room to save some cash. That way you still have some money for the extra fees or if something happens like you lose your job or something.

 

[Mr. BAW]

I've been thinking about my response; save your money and come to Orange County... we need a good fundraiser..our team doesn't have a fundraiser....Mr. and Mrs. B will sponsor you!!!

 

[WildHoneyAlways]

I've been renting for almost 5 years now and I can't seem to justify it any longer. I am looking forward to investing in something I can actually touch. I say buy.

 

[martha]

but it was FULL of senior citizens!! I felt like I was in an old folks home.

Quiet, safe neighbors!!!

Think about it. You probably won't ever have to go down the hallway to tell them to turn their stereos down, or stop the loud party!

 

[martha]

save your money and come to Orange County...

I vote for this.


But you'll have to save up a shitload of cash for the rent here. Don't even think you can afford to buy.