Condos can be an affordable option
By Charles TurnerWe have clients currently that are looking to buy a condo on the west side (Beaverton preferably) but really don’t want to spend more than $80,000. When they first told me this, I kind of laughed at them and said that they didn’t stand a chance. I was really surprised when I jumped in and started looking. There are condos out there in that price range. They are not mansions nor are they necessarily in the very best neighborhoods. But I was impressed. You can buy a condo and spend under $80,000. I showed a two bedroom 1 bath unit in a complex off Allen Road, not too far from Hwy 217. Facing the green space, the unit had new paint, new flooring and newer appliances. And the complex was perfectly acceptable. You probably have a little free way noise but there are amenities such as a pool and recreation center. And the HOA fees are still only $190/mo. It is nice to know that there are still some options for affordable housing out there. My clients made an offer and hopefully it will be accepted. It is the perfect stepping stone into home ownership for them.
Here is a link to some of the condos I found today:
This brings to mind something which has been bugging me for a long time. $80,000 is too much for me, but like all those other low earners out there, I am able to rent. Since I can rent, presumably I am carrying my landlord’s ownershiup costs, as he is able to meet these costs and also keep a little profit. If I am able to meet the carrying costs, I think there should be some way (i.e. theoretically possible) I can own the roof over my head, and thus capture the equity and appreciation for myself. If homeownership is such a good thing for individuals, families, and communities, shouldn’t ownership be possible for all of us who work and bear the costs? Today there are perhaps thousands of different mortgage and financing options out there. Why haven’t all these options reached those of us at the bottom?