I'll be graduating in June and for my gift to myself I would like to purchase a condo. With the price of rent in MD I refuse to pay anymore and put all that $ into something that would be mine. I will be working in Baltimore, any suggestions as to where and price ranges would be great. I've looked into High View at Hunt Valley but all the 1 bedrooms are gone and the two bedrooms are a little pricey.
Thanks for the feedback!
Jan 21, '08
As someone who lives in a condo and would buy another if I moved, my one piece of advice ist to be sure to check out the homeowner's association and their finances carefully. You can be hit with huge bills you must pay if the association decides to spend the money -- even if you yourself do not think the expenditure is worth it. Personally, I have paid $42,000 in "special assessments" in the last 5 years due to some major building maintenance. You need to take those possibilities into account when you figure your finances.
Also, be sure you know the rules of the community and be prepared to follow them to the letter. For example, some communities have rules about what hours of the day and which days of the week you can schedule repair work in your unit. Others may have rules about the types of draperies you can have or what you can and cannot put on your door to decorate at holiday time. Others have rules about pets or noise, etc. etc. etc. Be sure you know all of that before you buy a place.
As I said above, I really like my condo and the community I live in. But I know a lot of people who get into a condo community and don't realize what they have "signed on for" until it is too late.
Jan 21, '08
Thanks for you great advice and insight, I will be sure to make note of everything when I begin looking.
Jan 26, '08
I work near Hunt Valley and a coworker once told me that High View was a ripoff. Something about low-quality construction and unhappy residents. I don't recall the details. You always have to be very careful when buying a condo... especially in this declining market.
Jan 28, '08
Personally I'm not a fan of condos but buying one would be far better than renting if you are going to stick around a few years. You might consider Hampden or Highlandtown where townhouses are still fairly reasonable. Either one would be a fun neighborhood for a young professional. Real Estate in Balto. city has been very, very good to me but I was willing to live among rubble while making improvements.