- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Home/Condo Buy or rent
Posted on 9/6/24 at 3:40 pm
Posted on 9/6/24 at 3:40 pm
Considering buying home/condo or renting while working on a project in the lake Charles area. I’ll also only be on it for 2-3 years.
What’s the boards opinion on put 20% down on a $200k-$300k 2-3 bed home or condo in the lake charles area while working on a project or just renting for ~$1500 all in with rent, utilities, etc?
Just some additional facts: single, no kids and don’t have a home anywhere else. Make around $135k a year plus will have straight time overtime and will have a nice per diem while on the project.
I’m thinking of buying just to build equity in the property then selling after the project for a real home elsewhere. I’m not sure what the all in would be with mortgage, insurance, HOA, etc. The other thought is to just rent a place and save as much as I can for after the project is over.
Thoughts?
What’s the boards opinion on put 20% down on a $200k-$300k 2-3 bed home or condo in the lake charles area while working on a project or just renting for ~$1500 all in with rent, utilities, etc?
Just some additional facts: single, no kids and don’t have a home anywhere else. Make around $135k a year plus will have straight time overtime and will have a nice per diem while on the project.
I’m thinking of buying just to build equity in the property then selling after the project for a real home elsewhere. I’m not sure what the all in would be with mortgage, insurance, HOA, etc. The other thought is to just rent a place and save as much as I can for after the project is over.
Thoughts?
10
Posted on 9/6/24 at 3:47 pm to rowbear1922
With that timeline, I’d rent.
Would hate to be tied up in a hurricane or deeply invest in the area if it’s that short term. Where is home/the move after?
Would hate to be tied up in a hurricane or deeply invest in the area if it’s that short term. Where is home/the move after?
Posted on 9/6/24 at 3:50 pm to Billy Blanks
Houston or Baton Rouge office, likely. Depends if I take another project elsewhere or not
ETA: I am debating, if I buy, to rent out after to the next round of plant baws that come after me
ETA: I am debating, if I buy, to rent out after to the next round of plant baws that come after me
This post was edited on 9/6/24 at 3:55 pm
Posted on 9/6/24 at 4:47 pm to rowbear1922
quote:
I’m not sure what the all in would be with mortgage, insurance, HOA, etc.
You'd also have to consider closing costs, realtor commission if you sell when you leave and the possibility that real estate prices go down in the short term.
Posted on 9/6/24 at 5:20 pm to fallguy_1978
quote:
You'd also have to consider closing costs, realtor commission if you sell when you leave and the possibility that real estate prices go down in the short term.
I’ve considered that. Also thinking I may just rent it out when project ends as a rental property. Pretty sure even if I buy, it’ll be less than what I’m currently paying in Houston high rise so I’d have 3 more years of savings for a downpayment on a real house elsewhere and use that as first foray into real estate
Posted on 9/6/24 at 5:39 pm to rowbear1922
Bro you can rent a house so cheap out there if you don’t mind a little drive
Posted on 9/6/24 at 5:46 pm to rowbear1922
Also is there a good resale market for condos in lake Charles?
Posted on 9/6/24 at 6:09 pm to GeauxTigers123
quote:
Also is there a good resale market for condos in lake Charles?
With the large industrial projects coming up, I’m not worried about selling it. Also, not 100% on a condo, but it would make it easier. If resale is easier in a house, I’ll buy a house
Posted on 9/6/24 at 6:11 pm to el Gaucho
quote:
Bro you can rent a house so cheap out there if you don’t mind a little drive
No chance I would rent a house. I’m single and no kids. If I rent, it’ll be a 1-bed at one of few decent places south of 210
Posted on 9/6/24 at 7:16 pm to rowbear1922
Rent
Posted on 9/6/24 at 9:13 pm to rowbear1922
You are unlikely to come out ahead only owning a home 2 years. I would definitely rent. Not worth the headache. You could be putting $6000 into a new A/C the first year. You can probably negotiate a 2 year lease for a reduced cost.
Take that $60k and make 5% on a money market while renting.
You could live with el Gaucho.
Take that $60k and make 5% on a money market while renting.
You could live with el Gaucho.
This post was edited on 9/6/24 at 9:17 pm
Posted on 9/7/24 at 3:20 am to rowbear1922
I’d by a standalone house vs condo. I had a few condos and I tell it’s a bitch to get the HOA to make any decent repairs to the outside of the unit. I’d rather be in control of my property
Posted on 9/7/24 at 10:57 am to rowbear1922
I’d rent. The vast majority of your mortgage payment for those first 2-3 years will be interest and escrow, with very little principal actually getting paid off. So any equity you build will have to come from the property value increasing. And depending on who you ask, prices will either keep going up or we have a crash on the horizon, so its a guessing game. 2-3 years isn’t enough time to come out ahead between closing costs, realtor fees when you sell, lack of monthly payment actually going to principal in those first few years, and possible costly maintenance or repairs. It would only make sense to buy if you plan to keep it as a rental after you move out.
Also, be careful with condos. They’re only as good as the HOA that runs them, especially smaller complexes that don’t have a professional management company. I’ve seen condo purchases fall through because the buyer couldn’t get financing approved due to the HOA not maintaining adequate insurance. Then if you have enough other unit owners who are behind on their HOA dues and assessments, it blows up the HOA budget and they fall behind on maintenance. HOA’s for condos have a lot of responsibilities that can get unit owners fricked over if the HOA is run by someone incompetent or other owners are behind on dues.
Also, be careful with condos. They’re only as good as the HOA that runs them, especially smaller complexes that don’t have a professional management company. I’ve seen condo purchases fall through because the buyer couldn’t get financing approved due to the HOA not maintaining adequate insurance. Then if you have enough other unit owners who are behind on their HOA dues and assessments, it blows up the HOA budget and they fall behind on maintenance. HOA’s for condos have a lot of responsibilities that can get unit owners fricked over if the HOA is run by someone incompetent or other owners are behind on dues.
This post was edited on 9/7/24 at 11:41 am
Posted on 9/7/24 at 11:06 am to Tiger Prawn
The one I’m considering is in Gray Plantstion (golf club) neighborhood. If I do buy, will try and rent out after I move out
Posted on 9/8/24 at 6:51 am to Gorilla Ball
quote:
I’d by a standalone house vs condo. I had a few condos and I tell it’s a bitch to get the HOA to make any decent repairs to the outside of the unit. I’d rather be in control of my property
If you do buy, take this advice. So much easier to sell in a pinch due to better financing products.
Posted on 9/8/24 at 7:41 am to rowbear1922
quote:
The one I’m considering is in Gray Plantstion (golf club) neighborhood. If I do buy, will try and rent out after I move out
Are you really able to rent for only $1500?
How much is the property cost you are looking to buy? Rarely are properties people are interested to buy to live in themselves also good rental ROI's, because generally rentals are older homes in established neighborhoods likely behind their prime.
Look at what homes are renting for now where you are looking to buy, if you are looking to buy say a $400k house and it rents for $2000/ month then do the ROI on that. Its not good.
If you want to buy an actual rental type home as said above in the $250k range and put some sweat equity into it, then rent than it could be a good deal long term for you.
Posted on 9/8/24 at 11:07 am to rowbear1922
Rent. Not there long enough when taking into consideration closing costs and other costs of home ownership.
Posted on 9/8/24 at 11:50 am to rowbear1922
A condo is like all headaches of renting combined with all the risks associated with home ownership.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News