temecula condo – bad idea?

[kirsten]

My husband and I just sold our home in Fallbrook (too much acreage/maintenance, but a great location) and we’re looking to build in a few years when we find a lot that we like. In the meantime, we’ve tossed around the idea of buying a trailer and parking it somewhere or renting a condo. We found a condo rental in Temecula (DR Horton, Temecula Lane, South 79) and when we drove by, we decided to stop by the sales office and were pretty impressed. They’re asking $220k for the model we like with plenty of upgrades, and they seemed a little desperate when we talked… I’m guessing that we could get the price a little lower with some negotiation.

It’s the perfect location for us, as I own a business in Temecula, and my husband works about 10 minutes away. If we were to purchase, we would look at it as an investment with the intention of renting it in a few years. Right now the rent is about $200 more than our mortgage payment would be. Is it really a horrid time to be buying in Temecula? I understand that the housing market probably hasn’t hit the bottom yet, but what about rents? Does anyone think that they’ll be going lower as well?

[DWCAP]

I find that many would be landlords in your poistion take a very bullish stance on rents even if they are bearish in housing. Not your fault, everyone wants what is best to them. Since you didnt post any numbers other than your proposed purchase price, I dont think alot of good responses can be made. What is rent? what is HOA? what is property tax and are there Mello Roo’s? Do you have 20% + 6 months socked away without touching the 401k, stock, or IRA type investments? Did you short sale out of your old house, loose alot, but not be able to swallow the terrible injustice of being a lowly renter? Are you making out the 401k and IRA and other investments as well?

All are important questions and very important to the answer of “is this a good buy.”

I dont know any of the numbers. Can you get a good purchase if you are willing to take the LONG LONG term and are stable in career and income. Yes you can. Is it as easy or simple or obvious as so many would be RE investors who walk into a condo complex, decide to buy and then look to see if it makes sense. No it isnt.

Without any facts or numbers it is hard to say, but caution and market understanding (including the understanding that investing in the stock market in the long run is usually far superior an investment than RE) tell me that most likey, it is better to rent. I can be wrong though.

[DWCAP]

I find that many would be landlords in your poistion take a very bullish stance on rents even if they are bearish in housing. Not your fault, everyone wants what is best to them. Since you didnt post any numbers other than your proposed purchase price, I dont think alot of good responses can be made. What is rent? what is HOA? what is property tax and are there Mello Roo’s? Do you have 20% + 6 months socked away without touching the 401k, stock, or IRA type investments? Did you short sale out of your old house, loose alot, but not be able to swallow the terrible injustice of being a lowly renter? Are you making out the 401k and IRA and other investments as well?

All are important questions and very important to the answer of “is this a good buy.”

I dont know any of the numbers. Can you get a good purchase if you are willing to take the LONG LONG term and are stable in career and income. Yes you can. Is it as easy or simple or obvious as so many would be RE investors who walk into a condo complex, decide to buy and then look to see if it makes sense. No it isnt.

Without any facts or numbers it is hard to say, but caution and market understanding (including the understanding that investing in the stock market in the long run is usually far superior an investment than RE) tell me that most likey, it is better to rent. I can be wrong though.

[DWCAP]

I find that many would be landlords in your poistion take a very bullish stance on rents even if they are bearish in housing. Not your fault, everyone wants what is best to them. Since you didnt post any numbers other than your proposed purchase price, I dont think alot of good responses can be made. What is rent? what is HOA? what is property tax and are there Mello Roo’s? Do you have 20% + 6 months socked away without touching the 401k, stock, or IRA type investments? Did you short sale out of your old house, loose alot, but not be able to swallow the terrible injustice of being a lowly renter? Are you making out the 401k and IRA and other investments as well?

All are important questions and very important to the answer of “is this a good buy.”

I dont know any of the numbers. Can you get a good purchase if you are willing to take the LONG LONG term and are stable in career and income. Yes you can. Is it as easy or simple or obvious as so many would be RE investors who walk into a condo complex, decide to buy and then look to see if it makes sense. No it isnt.

Without any facts or numbers it is hard to say, but caution and market understanding (including the understanding that investing in the stock market in the long run is usually far superior an investment than RE) tell me that most likey, it is better to rent. I can be wrong though.

[DWCAP]

I find that many would be landlords in your poistion take a very bullish stance on rents even if they are bearish in housing. Not your fault, everyone wants what is best to them. Since you didnt post any numbers other than your proposed purchase price, I dont think alot of good responses can be made. What is rent? what is HOA? what is property tax and are there Mello Roo’s? Do you have 20% + 6 months socked away without touching the 401k, stock, or IRA type investments? Did you short sale out of your old house, loose alot, but not be able to swallow the terrible injustice of being a lowly renter? Are you making out the 401k and IRA and other investments as well?

All are important questions and very important to the answer of “is this a good buy.”

I dont know any of the numbers. Can you get a good purchase if you are willing to take the LONG LONG term and are stable in career and income. Yes you can. Is it as easy or simple or obvious as so many would be RE investors who walk into a condo complex, decide to buy and then look to see if it makes sense. No it isnt.

Without any facts or numbers it is hard to say, but caution and market understanding (including the understanding that investing in the stock market in the long run is usually far superior an investment than RE) tell me that most likey, it is better to rent. I can be wrong though.

[DWCAP]

I find that many would be landlords in your poistion take a very bullish stance on rents even if they are bearish in housing. Not your fault, everyone wants what is best to them. Since you didnt post any numbers other than your proposed purchase price, I dont think alot of good responses can be made. What is rent? what is HOA? what is property tax and are there Mello Roo’s? Do you have 20% + 6 months socked away without touching the 401k, stock, or IRA type investments? Did you short sale out of your old house, loose alot, but not be able to swallow the terrible injustice of being a lowly renter? Are you making out the 401k and IRA and other investments as well?

All are important questions and very important to the answer of “is this a good buy.”

I dont know any of the numbers. Can you get a good purchase if you are willing to take the LONG LONG term and are stable in career and income. Yes you can. Is it as easy or simple or obvious as so many would be RE investors who walk into a condo complex, decide to buy and then look to see if it makes sense. No it isnt.

Without any facts or numbers it is hard to say, but caution and market understanding (including the understanding that investing in the stock market in the long run is usually far superior an investment than RE) tell me that most likey, it is better to rent. I can be wrong though.

[Doofrat]

Temecula isn’t the most desirable spot in San Diego (relatively) and condos aren’t the most desirable housing units either (relatively). I know you work there, but for “investment” purposes you should consider this.
Have you ever lived in a condo? You state that you are moving out of a house with a lot of acreage. I think you might be in for a shock. I’d rent first. After a few years of living in a condo I vowed I’d never buy a condo.

A condo is a bunch of compromises and hassles. You get your walls torn apart when the neighbor above you has a water leak. This happens several times. You have the neighbor that parks in front of your garage repeatedly because she’s just getting a few groceries out of her car and she’ll move it in a minute. You hear the neighbor upstairs vacuuming at 7:00 am. You hear the drunk husband of the upstairs neighbor climbing up the stairs at 3:00 am. You hear the neighbors next door getting busy at 1:00 am. The couple who have control of the HOA use the money to buy lawn maintenance goods which promptly disappear. This is strange because the HOA has a lawn service and the neighbors also own a new house they’re getting ready to move into.
Like the neighbors, don’t like the neighbors? Either way it doesn’t matter because you have so many neighbors that they’re always changing and you’ll get to experience them all.

[Doofrat]

Temecula isn’t the most desirable spot in San Diego (relatively) and condos aren’t the most desirable housing units either (relatively). I know you work there, but for “investment” purposes you should consider this.
Have you ever lived in a condo? You state that you are moving out of a house with a lot of acreage. I think you might be in for a shock. I’d rent first. After a few years of living in a condo I vowed I’d never buy a condo.

A condo is a bunch of compromises and hassles. You get your walls torn apart when the neighbor above you has a water leak. This happens several times. You have the neighbor that parks in front of your garage repeatedly because she’s just getting a few groceries out of her car and she’ll move it in a minute. You hear the neighbor upstairs vacuuming at 7:00 am. You hear the drunk husband of the upstairs neighbor climbing up the stairs at 3:00 am. You hear the neighbors next door getting busy at 1:00 am. The couple who have control of the HOA use the money to buy lawn maintenance goods which promptly disappear. This is strange because the HOA has a lawn service and the neighbors also own a new house they’re getting ready to move into.
Like the neighbors, don’t like the neighbors? Either way it doesn’t matter because you have so many neighbors that they’re always changing and you’ll get to experience them all.

[Doofrat]

Temecula isn’t the most desirable spot in San Diego (relatively) and condos aren’t the most desirable housing units either (relatively). I know you work there, but for “investment” purposes you should consider this.
Have you ever lived in a condo? You state that you are moving out of a house with a lot of acreage. I think you might be in for a shock. I’d rent first. After a few years of living in a condo I vowed I’d never buy a condo.

A condo is a bunch of compromises and hassles. You get your walls torn apart when the neighbor above you has a water leak. This happens several times. You have the neighbor that parks in front of your garage repeatedly because she’s just getting a few groceries out of her car and she’ll move it in a minute. You hear the neighbor upstairs vacuuming at 7:00 am. You hear the drunk husband of the upstairs neighbor climbing up the stairs at 3:00 am. You hear the neighbors next door getting busy at 1:00 am. The couple who have control of the HOA use the money to buy lawn maintenance goods which promptly disappear. This is strange because the HOA has a lawn service and the neighbors also own a new house they’re getting ready to move into.
Like the neighbors, don’t like the neighbors? Either way it doesn’t matter because you have so many neighbors that they’re always changing and you’ll get to experience them all.

[Doofrat]

Temecula isn’t the most desirable spot in San Diego (relatively) and condos aren’t the most desirable housing units either (relatively). I know you work there, but for “investment” purposes you should consider this.
Have you ever lived in a condo? You state that you are moving out of a house with a lot of acreage. I think you might be in for a shock. I’d rent first. After a few years of living in a condo I vowed I’d never buy a condo.

A condo is a bunch of compromises and hassles. You get your walls torn apart when the neighbor above you has a water leak. This happens several times. You have the neighbor that parks in front of your garage repeatedly because she’s just getting a few groceries out of her car and she’ll move it in a minute. You hear the neighbor upstairs vacuuming at 7:00 am. You hear the drunk husband of the upstairs neighbor climbing up the stairs at 3:00 am. You hear the neighbors next door getting busy at 1:00 am. The couple who have control of the HOA use the money to buy lawn maintenance goods which promptly disappear. This is strange because the HOA has a lawn service and the neighbors also own a new house they’re getting ready to move into.
Like the neighbors, don’t like the neighbors? Either way it doesn’t matter because you have so many neighbors that they’re always changing and you’ll get to experience them all.

[Doofrat]

Temecula isn’t the most desirable spot in San Diego (relatively) and condos aren’t the most desirable housing units either (relatively). I know you work there, but for “investment” purposes you should consider this.
Have you ever lived in a condo? You state that you are moving out of a house with a lot of acreage. I think you might be in for a shock. I’d rent first. After a few years of living in a condo I vowed I’d never buy a condo.

A condo is a bunch of compromises and hassles. You get your walls torn apart when the neighbor above you has a water leak. This happens several times. You have the neighbor that parks in front of your garage repeatedly because she’s just getting a few groceries out of her car and she’ll move it in a minute. You hear the neighbor upstairs vacuuming at 7:00 am. You hear the drunk husband of the upstairs neighbor climbing up the stairs at 3:00 am. You hear the neighbors next door getting busy at 1:00 am. The couple who have control of the HOA use the money to buy lawn maintenance goods which promptly disappear. This is strange because the HOA has a lawn service and the neighbors also own a new house they’re getting ready to move into.
Like the neighbors, don’t like the neighbors? Either way it doesn’t matter because you have so many neighbors that they’re always changing and you’ll get to experience them all.

[Anonymous]

Good post, doofrat. My perspective on condos is I’d never buy one unless I absolutely had to. I’d rather buy one of those freestanding “condos” that sit on a common ground of land but is a separate structure like a SFH. I’m big on having control over my situation and in a condo, like you’ve pointed out, you really don’t. You must share those walls and you are in a big building, connected to little buildings (actual apartment-condo) with all the inconveniences that come with it.

[Anonymous]

Good post, doofrat. My perspective on condos is I’d never buy one unless I absolutely had to. I’d rather buy one of those freestanding “condos” that sit on a common ground of land but is a separate structure like a SFH. I’m big on having control over my situation and in a condo, like you’ve pointed out, you really don’t. You must share those walls and you are in a big building, connected to little buildings (actual apartment-condo) with all the inconveniences that come with it.

[Anonymous]

Good post, doofrat. My perspective on condos is I’d never buy one unless I absolutely had to. I’d rather buy one of those freestanding “condos” that sit on a common ground of land but is a separate structure like a SFH. I’m big on having control over my situation and in a condo, like you’ve pointed out, you really don’t. You must share those walls and you are in a big building, connected to little buildings (actual apartment-condo) with all the inconveniences that come with it.

[Anonymous]

Good post, doofrat. My perspective on condos is I’d never buy one unless I absolutely had to. I’d rather buy one of those freestanding “condos” that sit on a common ground of land but is a separate structure like a SFH. I’m big on having control over my situation and in a condo, like you’ve pointed out, you really don’t. You must share those walls and you are in a big building, connected to little buildings (actual apartment-condo) with all the inconveniences that come with it.

[Author]

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