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Condo vs House

Do you think it is worth it to sell your house for a condo for future economics as far as leaving something for kids?

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Anonymous

Asked by Anonymous at 12:06 PM on Jun. 25, 2010 in Money & Work

Answers (8)
  • I live in a townhouse, I hate it. I would take a house over this anyday. I don't understand your question though.
    kristinas8

    Answer by kristinas8 at 12:08 PM on Jun. 25, 2010

  • No, we plan to leave our children our home... It will be worth a lot more than a condo when they sell.. We're also putting money away every week so they have something from us when we're gone. I'm not going to downsize now just to put money away when we can do that while we're able to from working....
    MrsLeftlane

    Answer by MrsLeftlane at 12:08 PM on Jun. 25, 2010

  • Don't worry about your kids. Do whatever is best for you. If you are not handy and don't like upkeep , lawn, etc go for a condo. If you have some cash left over from selling house put it into safe investments. And make sure you have money for retirement.
    elizabr

    Answer by elizabr at 12:10 PM on Jun. 25, 2010

  • No. But then I don't like condos. They are apartments that people buy. I find it infuriating when I see an apartment building go condo. A house also has land attached to it and its the land that is worth more that an apartment.
    kuriequinn

    Answer by kuriequinn at 12:10 PM on Jun. 25, 2010

  • that is very nice of you to think of leaving something to your children! all we are doing is trying to be sure that they are well equipped to take care of and provide for themselves. if they want they can run our business though!
    a house would probably be more valuable in the future though. how old are your kids now?
    happy2bmom25

    Answer by happy2bmom25 at 12:12 PM on Jun. 25, 2010

  • Condos can be very expensive, depending on the monthly assessments.
    rkoloms

    Answer by rkoloms at 12:46 PM on Jun. 25, 2010

  • You need to weigh the pros and cons of owning a home vs owning a condo. Don't base your decision on your children, all they are going to do is sell it when you are gone. An actual house is going to be more valuable than a condo, unless you are buying a condo in a very covetted area, like uptown Manhattan. In a condo you can hear your neighbors, especially the one that lives above you. You do not have to do your own lawn maintainence, but you will have to pay association fees and sometimes those are very pricey.
    slw123

    Answer by slw123 at 3:40 PM on Jun. 25, 2010

  • no, condos are a bad investment. They are constantly getting their maintenance fees increased, they're cramped (maybe not inside but they're no top of each other) and unless you live somewhere where you have no other option (a city) it's not the way to go investment wise. There are however plenty of people that condo life work for, they just don't have kids.
    mrsjonzy

    Answer by mrsjonzy at 10:59 AM on Jun. 26, 2010

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