When you are single which is better?

An apartment, a house, a condo or buying a townhouse???

Some older people have told me that when they were my age they rented apartments until they got married and bought a home with their significant other, but wished that someone older would have told them to invest in either a house or a townhouse while in their 20's instead of wasting money renting. So i'm reaching out to you orgers...which is better for a single young person to do when moving out on their own? is the person that told me this speaking the truth?

any advice available?
[Edited 12/18/06 4:54am]

If you can afford to buy, buy

I like the idea of a tent and getting back to nature.

muirdo said:

But what about the sheep, man?

susannah said:

That's the part he likes!

susannah said:

Exactly. Always better to invest than throw your money away.

That said, I simply can't afford to buy. It's so depressing. You have to be an incredibly wealthy single person to buy anything in Mpls by yourself.

I'm gonna have to find a sugar daddy one of these days.

fathermcmeekle said:

I was afraid of that!

CarrieMpls said:

I hear ya! Im not gonna be able to afford to buy for years. I wouldnt mind so much, as Im still too young imo, but all my friends seem to be able to afford it!

there are a lot of expenses and responsibilties that come with owning. its not as cut and dry as why waste money renting. if you're not ready for that kind of commitment, owning could become a burden.

jerseykrs said:

exactly.

Take for example all those folks who bought a house just before the "bubble" who are now faced with the prospects of stagnant house prices, or worse yet, deflating house prices. If they lose their jobs, they can't sell the houses with taking losses there too.

I was lucky. I bought my house 5 years ago, and it's more than doubled in value, so I can always sell it for money, though with the real estate market slow down, I dont' want to be faced with selling it quickly.

jerseykrs said:

This is so very true, being a first time buyer I suggest purchasing a Condo or Town home because with these you only have expenses of the home it's self to deal with as opposed to a house where you have to deal with the up keep of the yard as well and some places have "Homeowners Associations" the evil bastards you DO NOT want those kinds of problems, believe me.

NAnomaly said:

True story...



This is my first home.

When I moved in, on moving day I sat in the house happy with my new purchase. Then I looked around and said to myself, "Damn, I need curtains."

my personal opinion is single house - due to the fact that a single HOUSE will rise in value better ...(in general - is a better investment )

however- it really is a personal preference/LIFESTYLE decision ... for instance ... would u want to do your own yard? do you want to be able to plant barley or corn in your backyard ? (alot of condos do not allow you to do anything outside- because u own the inside ... not the outide)

i work in the real estate-related industry ... if you want to chat furthor drop me a orgnote

missfee said:

Never rent if you don't have to; you're throwing money away. And I prefer condo - you don't have to devote time to maintenance issues.

SnidelyWhiplash said:

If you buy a condo in an in-demand location, it can skyrocket in value.

CarrieMpls said:

very true. i'd buy a house as well, if i had the funds.

I'm still on the fence about this. My friend is moving up to the NY metro area after grad school, so he's in the market for a place. He wants to buy a condo for himself, but I still need more info before I consider taking the plunge in the housing game.

...
[Edited 12/18/06 7:05am]

Handclapsfingasnapz said:[quote]

CarrieMpls said:

I keep waiting for the great condo bust in Minneapolis. They've been building them left and right and you can't walk 20 feet without seeing a new development it seems (not to meniton about 50% of apartments for rent are going condo) for about 6-7 years now, I'm waiting for the market to be saturated and then maybe I'll be able to afford something.

CarrieMpls said:

i'm still surprised that they haven't tried to turn the apartment building i live in into condos or something.

fathermcmeekle said:

well if its good enough for th Welsh.....

The monthly costs of owning a home always seemed to outweigh what you have to pay for rent though. I mean, right now, I don't pay for trash, water, gas, homeowners insurance, repairs, property taxes, etc...

i own a sort of townhouse in the country, a slice of an old farm building in a hamlet. has a little bit of yard in front.

kind of the best of all worlds... there's just a small garden in front (thus the fun w/out the slavery), the quiet but not too much isolation because there are neighbors sharing the complex. thank God the neighbors were there to help when the fire came.

the first place we bought was an apartment... then when prices went through the roof, we were able to sell it, double our money and buy a larger place. i too dislike the idea of throwing money away. home prices are going down in the states right now, aren't they?

edit for punctuation issues
[Edited 12/18/06 8:21am]

Heiress said:

Ooh - good point! Make sure, if you're not going house, that there's good soundproofing. My place has very thick walls, so it's idyllically quiet and I am eternally thankful for that.

Ace said:

yeah, our house is attached, but the walls are about 40 centimeters thick, old stone & mud, besides drywall on top and the like.

and thankfully so. because our neighbors like to whoop it up - some of the locals, especially the ones of spanish descent, like to get wild & wooly... that's quite all right, because it gives us license to do so now & again as well.

it would be nice to own anything. i'm quite sick of renting. a townhouse would be nice for me. something close to or in the city.

I hate renting and paying retarded monthly condo fees is not what I would want to do.

I want a house.

i rented for a very long time
if you can do it, i would say buy

condos sound wonderful
but i wouldn't be able to stomach
forking over all those condo fees every month

buying a place like a duplex or a house with a rental suite
would be nice as the incoming rent would help pay the mortgage

i live in an affordable small city with an affordable entry housing market
and the real estate prices are appreciating

$375 mortgage
$85 taxes
$45 homeowner's insurance
$10 water heater rent
$40 water/sewer
$40 electrical
$30 to $250 depending on the month for gas/heat during my canadian summer/winter

in the year i have been in this 1948 one bedroom house
i had a $60 plumbing bill (with the knowledge that i will have to dig up the main eventually)
and a $300 furnace bill (i am pretty sure he fucked me over as a single woman )
since it is a single bedroom house it will always have a limited market
but i believe the it has appreciated about $4000 since i bought.

you need a lawn mower and need to be prepared to spend time maintaining your property.
my 140' of sidewalks need shoveling again.
i know my situation would be different in a larger city but here i am very glad to be in my own home.

emm said:

on an on an on an on.....

muirdo said:

shut it you!!

see if i ever invite you over now

emm said:

where were you going to put me...the basement?