I’m just out of college (2 years) and am ready to purchase my first place, I have a decent amount saved for a down payment and am looking at either a house or condo.  I’m looking in either the Uptown Charlotte or in the Matthews area. 

Here are some of the pros and cons that I see with each:

Pro: In my price range and close to all that downtown has to offer (bars, restaurants, etc.).

Pro: Most of the condos are newer and have a modern feel along with all the “in” features; i.e. – stainless steel appliances, granite, large windows, etc

Con: Probably won’t appreciate as much as a house, or will it?

Con: No real outdoor space, limits on pets, grilling, etc.

Pro: Will most likely appreciate more than a house, able to make real improvements (additions, garages, etc.)

Pro:  Outdoor space, freedom of not abiding by condo rules/regulations

Con: Further away from the city – not close to nightlife, longer commute (more $$)

Con: In my price range the house will probably need some updating to be as fancy as a condo downtown

A condo is in my price range while a house is a stretch but in the long term what’s best?  I know that a house will always appreciate but is a condo a sound investment or may it just only increase in value a small amount?

I feel that you will very satisfied with a condo.  Yes they do hold there own.  You will have alot more time to own a house and so all of the other things but the condo sounds like you.

 Tami Gregory

Tami-

Thanks for your insight...can you recommend an agent in the Charlotte area or are you familiar with the area(I noticed you are in SC/NC)?

I can help you if you woud like to be put on auto notify for properties, I can do that also.  This will send you listings daily on new properties.  Just send me your info and what area you are looking and in and what price you want to be in.

 Thanks

Tami

George-

I was in the same boat as you, although it was way before the market went through the roof.  I would suggest since your young to get a Condo, it's less to worry about and allows you a lot of flexibility...no one your age really needs a house, unless you have kids, a huge extended family, etc.

I bought a condo after college and now am finally ready to buy a house in a different city, but I know that a house would have been too much for me to handle when I was in my early 20's.

Good luck, Charlotte is an awesome city!

Add up the pros and cons for condos.  Don't forget to check out how much the association fees are for the condos, and all that they include. Find out if there have been any special assessments to the owners to help pay for unexpected expenses on the exterior of the units or pool, etc. Also, unless they are brand new, find out how much the association fees have gone up in the past years. If you purchase a condo make sure that they has not been an assessment made that is currently due. If so, make sure the former owner is the one paying it and not you! I have been in the real estate business in Tennessee for over 13 years and these problems do crop up.

Dina Collins, Broker, ABR, CRS, e-PRO, GRI, HALO Realty, Hendersonville, TN, DinaCollins@DinaCollins.com

George:

As a young man out of college you need to ask yourself lifestyle questions. Remember, not only are you buying ral estate as an investment, it's also your home and you've got to love where you live! You've got the pros and cons of both types of property pretty wello covered-are you willing to spend part of your free time working to maintain a yard, or hire someone to do it? Does your leisure life lend itself to "lock it and go" or are you more of a homebody?

If you get good advice and choose wisely either a single family home or a condo can be a good investment. Watch for association fees as they can change your monthly budget!

Good luck with your home search and should you need any help, please feel free to contact me!

Dina

Thanks for the insight on condo fees/assesments.  I always factored in the condo fee but never thought to check to see how much if at all it had increased and what was upcoming for the building.

Denise

I actually enjoy maintaining a yard but am kind of more of a "lock it and go" person as you say so I'm split between what to do.  I'm leaning towards a condo but as Dina mentioned I will have to pay close attention to fees and assesments before moving forward.  Thanks for the offer to assist, once I get closer to making a decesion I may be in touch.

Thanks to everyone for the helpful advice.

Hi George,

Congratulations on planning your first home purchase!  Your probing questions indicate that you are ready to handle the responsibility of home-ownership.  The condo market in uptown Charlotte is very active.  There are hundreds of condos being built in and around Center City, which makes for a wonderful buyer's market.  There are well over 10k residents downtown and that figure is expected to rise to 27k within the next decade.  You also have many choices as you consider purchasing new construction or resales.

The biggest con to purchasing a condo uptown is that if you decide to resale in a year or so, there will be much competition due to the current building boom--which could affect days on market and your selling price.  Another con is that square footage will most likely be less in an uptown condo than in a home for a comparable price.  As you check out those condos, you will see that some are allowing sufficient common areas to accommodate pets and grilling, etc.  Another point to consider is that some condos feel like apartments, so do your research. 

The biggest pro to purchasing a condo is to be in a maintenance-free, fun area close to all the action of uptown. But spend some time uptown morning, noon and night during the week and on week-ends to make sure that is the lifestyle you desire.  As you go further out from Center City to the South End, SouthPark, Ballantyne, Matthews, etc, you will still have a great selection of condos and townhomes--new construction and resales.  You can also find single family residences that offer lawn maintenance as part of HOA dues. 

Again, I commend you on your research and if I can answer any questions or direct you to websites, please feel free to contact me.  I would also like to put you in touch with our in-house mortgage broker (without obligation of course).  He'll give you some great insights and right now he is offering some great incentives.  I wish you the best.

PAT STITT,  Realtor/Broker;  Prudential Carolinas Realty   Ballantyne Office    3420 Torringdon Way, Suite 200,    Charlotte, NC 28277

Cell 704-516-3291,  e-mail:  pat.stitt@prucarolinas.com,  web:  www.patstitt.prucarolinas.com

Pat

You brought up a good point about Uptown Charlotte and all the new building, I guess that is another fear that I had in the back of my head (and you made me realize) is that with all this new construction there could be a lot of competition in the coming years...soo many issues to graple with!  It's good to hear that downtown is still growing, hopefully that would help with resale if lots of people are moving in to the area.

Thanks much for your advice.

George

Hi All-

Just wnated to let everyone know that I took the plunge and finally bought a place in Uptown Charlotte (it's a condo).  Thanks for all your help, insight, etc. 

Pat, I would have contacted you but a friend of my mother's was the agent selling the property - small world.

Thanks again to all!

George,

Congrats on your purchase! It is so exciting buying a home especially your first!

Heather

Hi George,

Congratulations on your Uptown condo purchase!  Your decision was based on much research and it's so exciting to see a young person be so responsible.  I hope you enjoy the "Center City" life--I know it will be a great experience. 

Please do not hesitate to contact me if I can help you with any real estate needs in and around the Charlotte Metro area.  I have a cute townhouse listed just into SC for $135,900.  The taxes are low, great Ft Mill schools and 3 minutes from Pineville, 20 minutes or less from uptown Charlotte, close to several major roads, great shopping and restaurants.  After Christmas, I will be listing an all-brick ranch on one acre of land in the Weddington area in an established wooded neighborhood.  It has about 2500 sq ft with 3 large bedrooms and  2 full baths.  Fewer rooms allow for larger and more open spaces which could easily accommodate handicapped accessible.   If you know anyone looking, please give them my contact information.  My website is www.patstitt.prucarolinas.com and my cell number is 704-516-3291.

Congratulations again, Pat Stitt   Prudential Carolinas Reality 704-516-3291

Both appreciate as long as you hang in there; maybe they don't appreciate at the same rate, but you might get other benefits that are not quantifiable like the easy of maintaining a condo rather than a house. No lawn care, close proximity to the night life.  I agree with another forum member and that is if you don’t have kids yet or extended family, go with your price range. Also, by your own description, I think you favor the condo idea. Good luck to you.

Hi  George

Get a Home because