I just bought a co-op - like a condo, but with more headaches. I'm pretty ambivalent about it, mostly because the apartment I rented for the last 7 years was huge, cheap, perfectly located and I could do whatever I wanted to it. The only reason I moved is that the landlord sold the building.
Everyone tells me how much I am going to love being an owner. So far, it's no different than what I was doing, except the improvements I'm doing will benefit me, and not someone else, which is good. But I am paying about $250 more per month for a place that's about half the size (approx 500 sq ft - dlkksk8fan, that's small!).
There's also the fact that, unlike a house, no matter how fabulous I make this place inside, there are some things I can't change: the size, the landscaping, the door to the hallway, the neighbors - things that can have a dramatic effect on the resale value of a property. I know you can't change the neighbors in a house either, but you don't have to ask their permission to make noise remodeling inside your house on a Sunday afternoon. My place was gravely in need of work when I bought it, and when it's fully refinished I anticipate being able to sell it for maybe$25-30K more than I bought it. Compare that to my friends who bought a house, spent a summer landscaping the backyard, put in a $4K fence, did minor decor upgrades inside, and sold their house for a $75K profit 2 years later. Just something to think about.
I don't mean to sound all negative about it - I am enjoying the process of making this place what I want it to be, and since I already had to make all repairs myself, it wasn't a huge adjustment for me. But if there was any way I could have afforded it, I would have bought a house.
guinevere
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My house is over 1500 sq. ft. and it's quite large to me. I can't imagine living in a bigger house -- there'd just be more places for the clutter to pile up...
