Bam Posted April 25, 2007 Report Share Posted April 25, 2007 I wanted to set this up as a poll but couldn't find the option for that, so oh well. We're thinking about buying something around the end of the year, after our lease is up and are finding tons of condo's in our price range, and some houses. We want to stay in the NW side of Cols, like Worthington, Powell, Dublin, Hilliard, Westerville, Polaris, Lewis Center, etc. We think $125k is a good range to stay in. We'd like either 2 bedrooms and a basement or at least 3 bedrooms. Must be 2 full baths. I'm looking for people that have experience in the Columbus area with houses/condos and what you guys think? I hear Condo's are bad investments and whatnot, little appreciation over years etc, but at this point in our lives we're both so busy with work and school, I'm kind of afraid of all the extra responsibility of owning a home and the upkeep. But then again, I haven't found out the average price of Condo fees that would offset the price of houses. I'd say we'd probably stay in this place 3-5years. Maybe more, but definitely not less unless something crazy happened. We're most likely going to put 10% down, unless we can get our parents to help chip in and get us to 20%, but we're just talking at this point. School districts are of importance, we've got a soon to be 2year old so she'll be starting kindergarten in 3 years... thanks for any thoughts on which to go with, the market in general, area's to avoid or check out, etc etc. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted April 25, 2007 Report Share Posted April 25, 2007 I own a house.. it's nice not having to have neighbors that are just a few sheets of drywall away. as far as condo's not appriciating... one of my co-workers bought his 5 years ago for 50k off of sawmill and he said that his neighbor has his for sale and is in closing for a purchase price of 120k and it's the same condo... so depending on the area, a condo can be just as lucrative if not more than a house. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted April 25, 2007 Report Share Posted April 25, 2007 We live in the Village of Galloway Ridge. It is located between Doherty and Alton Darby, and Broad and Feder. It is a free standing Condo (you know...a house) We have 2 bedrooms + a loft. Detatched 2 car garage. About 1300 sq ft. If you would be interested, we would sell for UNDER your price there KillJoy Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Author Report Share Posted April 25, 2007 Also, can anyone explain to me "Points" or paying points on a mortgage? I'm totally lost. Thanks Steve, get me an address so I can mapquest because I have no clue where that is. Quote Link to comment Share on other sites More sharing options...
Joe Posted April 25, 2007 Report Share Posted April 25, 2007 Points is basically the fee that the mortgage broker is charging you for getting you the mortgage. When I bought my house, the financial institution charged me points, and that went to the purchase of my home. They said its basically money they gave me to pay the builder. All in all it boils down to more money out of my pocket. Shop around, and find a mortgage without points. At least thats how I understand it...... Quote Link to comment Share on other sites More sharing options...
KillJoy Posted April 25, 2007 Report Share Posted April 25, 2007 Also, can anyone explain to me "Points" or paying points on a mortgage? I'm totally lost. Thanks Steve, get me an address so I can mapquest because I have no clue where that is. I thought so It is right next to Hilliard KillJoy Quote Link to comment Share on other sites More sharing options...
Hwilli1647545487 Posted April 25, 2007 Report Share Posted April 25, 2007 Points is basically the fee that the mortgage broker is charging you for getting you the mortgage. When I bought my house, the financial institution charged me points, and that went to the purchase of my home. They said its basically money they gave me to pay the builder. All in all it boils down to more money out of my pocket. Shop around, and find a mortgage without points. At least thats how I understand it...... Points is where you prepay money down in order to get a lower interest rate. You are basically prepaying interest. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Author Report Share Posted April 25, 2007 Thanks Joe, yeah I'd prefer no points because its an added cost, but I didn't know if it saved money elsewhere somehow? Steve, no address/more info? PM me man, address, price, condo/any fees, etc... Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Author Report Share Posted April 25, 2007 Points is where you prepay money down in order to get a lower interest rate. You are basically prepaying interest. Oh so if I wasn't planning on staying in this house for a long period of time it wouldn't make sense to do this, correct? Quote Link to comment Share on other sites More sharing options...
KillJoy Posted April 25, 2007 Report Share Posted April 25, 2007 PM me man, address, price, condo/any fees, etc... PM (x2) sent KillJoy Quote Link to comment Share on other sites More sharing options...
black00ws6 Posted April 25, 2007 Report Share Posted April 25, 2007 We own both a condo and a house. They each have their advantages/dis. Have you looked in upper albany? We have some friends that bought a free standing condo for 130-140k 4 years ago and the exact same ones in her neighborhood are selling in the 180 range. reading > me.. just saw u want to stay in NW area. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Author Report Share Posted April 25, 2007 We own both a condo and a house. They each have their advantages/dis. Have you looked in upper albany? We have some friends that bought a free standing condo for 130-140k 4 years ago and the exact same ones in her neighborhood are selling in the 180 range. Haven't checked there, but it sounds like we're 4 years to late to get in around our price range. Thanks though, where's your condo? I've been to the house, its definitely very nice. Quote Link to comment Share on other sites More sharing options...
Guest Ponyfreak Posted April 25, 2007 Report Share Posted April 25, 2007 The US government bought my loan from my bank and owns my house. I own everything else. Quote Link to comment Share on other sites More sharing options...
black00ws6 Posted April 25, 2007 Report Share Posted April 25, 2007 Haven't checked there, but it sounds like we're 4 years to late to get in around our price range. Thanks though, where's your condo? I've been to the house, its definitely very nice. It's right across the street actually.. we own it but my wifes mom lives there. I'll check on the price ranges and pm you info.. your best bet would be to go to their clubhouse and see the ones for sale. Quote Link to comment Share on other sites More sharing options...
sol740 Posted April 25, 2007 Report Share Posted April 25, 2007 I've owned both. I bought a fixer upper condo when I was 20. Built up my credit for 4 more years and fixed up everything real nice. New appliances, fixtures, paint, carpet, trim, and sold it for a hefty profit. I turned around put that down on a house I had built in Blacklick. I liked my condo after I had done most of the work making it decent again, but theres nothing quite like owning a home. No crappy neighbors banging on the walls cause the music, and an overall feeling of privacy. Not to mention the additional 1200 sq ft I gained in the switch. The only thing I hate is the yardwork. If I wasn't so cheap I'd pay somone else to it. Though every time I consider it, I feel guilty ... like I should be throwing that money at my car instead, and I'm right. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Author Report Share Posted April 25, 2007 Oh I agree, if it were the same cost or even slightly higher for the home I'd RATHER have that, BUT when you work 9-5 M, W, F, and either Sat/Sun and go to school full time on Tues/Thurs from 10am - 8pm and your fiancee is gone from 6am-9pm M-TH, and 6am-4pm friday, then you have a daughter as well, there really is no time to do anything around the house, ya know? Quote Link to comment Share on other sites More sharing options...
87GT Posted April 25, 2007 Report Share Posted April 25, 2007 Matt you have seen the outside of my house at least. It is a fixer upper and it is taking time to do it. I bought it for 75K and now it appraised at 90K in just a year... so it all depends. If you are going to look for a house to buy pick a neighborhood somewhere. Look at all the houses around the area. Go to the auditors website and check the value on them. If possible try to buy a house off someone that is selling it because of an estate they own. They usually will sell it for less then it is worth. Especially if it has been for sale for months. But then you will need more free time to take care of the house. I had townhouses and apartments before I bought the house. It is cool to not have to take care of any repairs, yard work etc... For some people that is what they want. Maybe you should do that since you are so busy. My beef with that is the distance between neighbors. At 3 in the morning I want to play loud music. In my last attached townhouse that didn't turn out well since my neighbors had a little baby. Also I wanted to do some paining and install shelves and whatnot. And none of this was allowed. Just my 2 cents. Quote Link to comment Share on other sites More sharing options...
Wease Posted April 25, 2007 Report Share Posted April 25, 2007 We want to stay in the NW side of Cols, like Worthington, Powell, Dublin, Hilliard, Westerville, Polaris, Lewis Center, etc. We think $125k is a good range to stay in. To be honest, I haven't seen much for houses in that range in Powell, Dublin, or Worthington. I own a house outside of Powell and most houses up here are $200K+ at least. Before I moved up this way, I lived in Galloway and my house sold for $114K back in 2002. It was a decent house; 2 car garage, split level, oversized yard, but I didn't like my neighbors or the neighborhood. Hence, I left. You could also check out Pickerington. Granted, it's not in the area you want, but a buddy of mine lives out there and he got a newer house for like $160K. Decent neighborhood, it's just way the fuck out there... Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 Points is where you prepay money down in order to get a lower interest rate. You are basically prepaying interest. Howard is on the right track with this here. However, very few people pay point to buy the rate down. Doing it this way can help you if your plan is to stay in the home long term. Typically it's the 40 + year olds that would do this for the home they plan on retiring in. In reverse of my example in the other thread I'l use this one. 6.5% = PAR rate. to get 6.125% it would cost you 1.75 points ( fake #'s do not quote me). So on a $150,000 loan, it would cost you $2625.00 out of pocket to get the 6.125%. The payment @6.5% would have been $948.10 per month. At 6.125%, your payment would be $911.42. It's a difference of $36.68 per month. Now if you stayed with that mortgage for 30 years, it's a savings of$13,204.80 for buying it down. over all savings, -$2625, is $10,579.80. Most encounter points in a similar way to what Joe described. See my write up in this thread http://www.columbusracing.com/forums/showthread.php?t=36228 Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted April 25, 2007 Report Share Posted April 25, 2007 My sister and I invested and bought six condo's all right in a row back in 1990 and so far as investing....they've paid for themselves and then some. We were turning $250 per unit per month in rental profit from day one....and that went up our rental charges eventually went all the way up to $975mo. Not to mention refinancing that saved us tons of money. We've sold all but one, she lives there. $45-48k per back in 1990 and started selling them one at a time 3 years ago $110-$125k each depending on the upgrades we put in. Personally, you can't go wrong buying one. Get one in a decent area and save money while your there. Use the money you save up for a down payment on a house in 5yrs. Once you find a home, if you can't sell the condo, no worries, just put what you have down and rent it. I've never been without a renter ever in the many years we had them. Area is key. To this day I look back on how we started out and a simple condo was a pretty safe investment for us to get into the market. I hear Condo's are bad investments and whatnot, little appreciation over years etc, but at this point in our lives we're both so busy with work and school, I'm kind of afraid of all the extra responsibility of owning a home and the upkeep. But then again, I haven't found out the average price of Condo fees that would offset the price of houses. I'd say we'd probably stay in this place 3-5years. Maybe more, but definitely not less unless something crazy happened. We're most likely going to put 10% down, unless we can get our parents to help chip in and get us to 20%, but we're just talking at this point. School districts are of importance, we've got a soon to be 2year old so she'll be starting kindergarten in 3 years... thanks for any thoughts on which to go with, the market in general, area's to avoid or check out, etc etc. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted April 25, 2007 Report Share Posted April 25, 2007 My old roomate bought a "condo" right off Hard and Sawmill road. Basically it was a townhouse (standard 2 bedroom, 1.5bath) in a complex that was 20% condo's and 80% renters. It wasn't a bad first place considering he only paid like 75-80k for it. After the 125$ monthly condo's association fee we only paid about 600/month for it. I dont know what your eact price range is but if your ever around Hard road, by Kilbourne HS, they just built condo's down there, next to a really nice MI subdivision. They look (probably are) pretty expensive but I have no idea what the condo's are going for. Though, its in the NW side, and Worthington school district. which were two things you wanted. EDIT: also, considering your age and what your schedule is like, why not go with a condo. If you cant turn around and sell it in a few years just sublet it. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted April 25, 2007 Report Share Posted April 25, 2007 Sounds like right in the area mine were at. Dublin Schools, Columbus Taxes.....that's the one thing I like about my house too My old roomate bought a "condo" right off Hard and Sawmill road. Basically it was a townhouse (standard 2 bedroom, 1.5bath) in a complex that was 20% condo's and 80% renters. It wasn't a bad first place considering he only paid like 75-80k for it. After the 125$ monthly condo's association fee we only paid about 600/month for it. I dont know what your eact price range is but if your ever around Hard road, by Kilbourne HS, they just built condo's down there, next to a really nice MI subdivision. They look (probably are) pretty expensive but I have no idea what the condo's are going for. Though, its in the NW side, and Worthington school district. which were two things you wanted. Quote Link to comment Share on other sites More sharing options...
Rotarded1647545491 Posted April 25, 2007 Report Share Posted April 25, 2007 We live in the Village of Galloway Ridge. It is located between Doherty and Alton Darby, and Broad and Feder. It is a free standing Condo (you know...a house) We have 2 bedrooms + a loft. Detatched 2 car garage. About 1300 sq ft. If you would be interested, we would sell for UNDER your price there KillJoy Hi neighbor! Both the Demented Little Man and I live around the corner in houses in Galloway Ridge. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted April 25, 2007 Report Share Posted April 25, 2007 Sounds like right in the area mine were at. Dublin Schools, Columbus Taxes.....that's the one thing I like about my house too My mom just bought a house on the other side of Hard, by the Library. Not sure if she still pays Columbus Taxes but I do know it's Worthington schools. I went to Kilbourne and had a bunch of friends in that area, as well as living right off Smokey rd. Kind of an odd area district wise. Quote Link to comment Share on other sites More sharing options...
Chad is Dead Posted April 25, 2007 Report Share Posted April 25, 2007 I own a condo and it looks like I'm going to be making money off it. I bought it as a hud though. Quote Link to comment Share on other sites More sharing options...
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