How enamored should I be with my first place
March 12, 2007 6:20 AM Subscribe
First-Time Condo Buyers - How enamored were you with your first place?
So first, the background - Am looking to become a first-time home buyer here in DC. Found a good place with a great view out over the rest of town from the top of Adams Morgan.
Question is, really, how overjoyed were you with your first place when you bought it? And how's it turned out since then? Also, should I really feel like I could live out the mortgage in this place?
I seem to be getting responses that run the gamut, from "I walked in and knew I wanted to live there" to "Meh, I was really worried for a while"...
Anyway, any words of wisdom to help a first-time buyer would be greatly appreciated.
So first, the background - Am looking to become a first-time home buyer here in DC. Found a good place with a great view out over the rest of town from the top of Adams Morgan.
Question is, really, how overjoyed were you with your first place when you bought it? And how's it turned out since then? Also, should I really feel like I could live out the mortgage in this place?
I seem to be getting responses that run the gamut, from "I walked in and knew I wanted to live there" to "Meh, I was really worried for a while"...
Anyway, any words of wisdom to help a first-time buyer would be greatly appreciated.
I really loved the first flat I bought, but when I moved to the house I now live in it was more a case of "ticks all the boxes". If you're a first time buyer, and you aren't under pressure for some other reason, why would you settle for "meh, it'll do"?
I don't understand why you'd want to feel you could live out the mortgage in the first place you buy. Are you married? Do you have kids? If not, you are unlikely to be living in the same place in 10 years time unless you are buying specifically with those things in mind.
posted by crocomancer at 6:33 AM on March 12, 2007
I don't understand why you'd want to feel you could live out the mortgage in the first place you buy. Are you married? Do you have kids? If not, you are unlikely to be living in the same place in 10 years time unless you are buying specifically with those things in mind.
posted by crocomancer at 6:33 AM on March 12, 2007
1. I was initially very satisfied. The condo was just like an apartment I'd been renting, and cost a lot less.
2. Neighbors from Hell, combined with catch-up fee increases ruined it for me, and I sold after 5 years. I did make significant money when I sold, and that helped get into a better place.
3. Don't plan to live out the mortgage. You may do so, but odds are you'll want to move on for one reason or another.
posted by Kirth Gerson at 6:35 AM on March 12, 2007
2. Neighbors from Hell, combined with catch-up fee increases ruined it for me, and I sold after 5 years. I did make significant money when I sold, and that helped get into a better place.
3. Don't plan to live out the mortgage. You may do so, but odds are you'll want to move on for one reason or another.
posted by Kirth Gerson at 6:35 AM on March 12, 2007
4months - thanks for asking, I have the feeling I'm going to have this exact same question in a month or two - except Columbia Heights instead of Adams Morgan. If you have any tips for DC condo buying, feel free to send them my way...good luck!!
posted by echo0720 at 6:42 AM on March 12, 2007
posted by echo0720 at 6:42 AM on March 12, 2007
It depends on your personality, I think. Some people, usually extroverts and optimists, tend to be more spontaneous and confident in first impressions and willing to defend their decisions; others, usually more introverts with pessimistic tendencies, are less sure of their initial judgements, and more likely to question them later. There will inevitably turn out to be something not quite ideal about your place - too small, too expensive, bad light, bad parking, whatever. The first type of person buys and accepts and remembers the trade-offs he or she made and recognizes that any place is going to have downsides, you just don't know about them because you didn't buy the place. The second dwells on the problems and idealizes other options not taken. Obviously, these are extremes and there's a spectrum of personalities in between.
So, I suggest: know thyself. If you're type 1, you'll love a place at first sight and continue to like it. If you're type 2, make the decision on more rational basis and write out why you've decided on this place and remind yourself of that decision when the inevitable doubts come.
If you can't tell, I'm more of a type 2. I bought a place near Logan Circle last year and regularly fight down my doubts with reason. The road not taken always seems like a better choice when the road you're on gets bumpy.
One bit of practical advise: make your first offer low. Lower than you think is polite even. Lower than your real estate agent thinks you should. At least 10-15% off the asking price. Most condo owners in DC are deperate to sell these days.
posted by RandlePatrickMcMurphy at 6:49 AM on March 12, 2007
So, I suggest: know thyself. If you're type 1, you'll love a place at first sight and continue to like it. If you're type 2, make the decision on more rational basis and write out why you've decided on this place and remind yourself of that decision when the inevitable doubts come.
If you can't tell, I'm more of a type 2. I bought a place near Logan Circle last year and regularly fight down my doubts with reason. The road not taken always seems like a better choice when the road you're on gets bumpy.
One bit of practical advise: make your first offer low. Lower than you think is polite even. Lower than your real estate agent thinks you should. At least 10-15% off the asking price. Most condo owners in DC are deperate to sell these days.
posted by RandlePatrickMcMurphy at 6:49 AM on March 12, 2007
I was you 20 years ago. :-) I bought a co-op in Adams-Morgan in 1987. I had first seen the building in 1985 when walking out from the east side of the National Zoo down Adams Mill Road, and I thought, "Wow, it would be cool to live here!".
Fast forward 2-1/2 years, and there I was. I didn't plan it. It was just a happy accident. I was thrilled with it, and later bought a larger apartment in the same building. (That was a trade-off -- giving up the view of the Zoo vs. having more space)
The only reason why I moved was that my S.O. moved to California and I decided to go, too. Having said that, it was never in my mind to "live out the mortgage" there. 30 years is an awfully long time, and you can't anticipate what changes life will bring: Lovers. Spouses. Children. Jobs.
My advice: Find a place where you think you can be happy for at least a few years. You aren't tied down for a lifetime. The longest I've stayed in a home I've owned (so far) is about 5 years.
posted by Robert Angelo at 6:52 AM on March 12, 2007
Fast forward 2-1/2 years, and there I was. I didn't plan it. It was just a happy accident. I was thrilled with it, and later bought a larger apartment in the same building. (That was a trade-off -- giving up the view of the Zoo vs. having more space)
The only reason why I moved was that my S.O. moved to California and I decided to go, too. Having said that, it was never in my mind to "live out the mortgage" there. 30 years is an awfully long time, and you can't anticipate what changes life will bring: Lovers. Spouses. Children. Jobs.
My advice: Find a place where you think you can be happy for at least a few years. You aren't tied down for a lifetime. The longest I've stayed in a home I've owned (so far) is about 5 years.
posted by Robert Angelo at 6:52 AM on March 12, 2007
My mother moved into a condo many years ago. The biggest issue we had was that the buildings turned-out to be horribly, cheaply tossed-together (something that isn't readily apparent until the places get settled-in) This caused all sorts of issues with the management company, who moved like molasses when it came to responding to tenant complaints.
And then, the management company itself changed hands (via buyouts) several times, each time resulting in further decreased service.
Like anything, YMMV.
posted by Thorzdad at 7:09 AM on March 12, 2007
And then, the management company itself changed hands (via buyouts) several times, each time resulting in further decreased service.
Like anything, YMMV.
posted by Thorzdad at 7:09 AM on March 12, 2007
Never owned a condo, but have some thoughts from the trenches of first time ownership:
If you can "back out" and think about what you want in a place/neighborhood without considering this space in particular, I would suggest that. Once you start looking at places it's hard not to consider them as individual spaces when you think about the things you want.
Do you want a walking neighborhood?
Do you want easy access to hospitals, shopping, highways, transit, etc?
Do you want a place with lots of sun/exposure?
Do you want privacy?
Do you want a view?
What is your budget?
Asking questions about what you want/need for the next X years is the best way to find a great place that will keep you satisfied for the next X years.
I failed to do this when my ex and I bought a house. I knew one thing: I wanted a pool. She knew: she wanted a home in an area that would appreciate, she wanted a house with a yard for the dog, etc. She wanted a bunch of other things and my singular need won out. In the end we both wound up unhappy in that house. I should have listened to her. Yes, we did wind up in an area appreciating, we made money on the sale, but we could have done a lot better on *our* wants/needs. Yes, I used the pool a lot the first year. But after that it didn't bring nearly enough joy.
posted by FlamingBore at 7:23 AM on March 12, 2007
If you can "back out" and think about what you want in a place/neighborhood without considering this space in particular, I would suggest that. Once you start looking at places it's hard not to consider them as individual spaces when you think about the things you want.
Do you want a walking neighborhood?
Do you want easy access to hospitals, shopping, highways, transit, etc?
Do you want a place with lots of sun/exposure?
Do you want privacy?
Do you want a view?
What is your budget?
Asking questions about what you want/need for the next X years is the best way to find a great place that will keep you satisfied for the next X years.
I failed to do this when my ex and I bought a house. I knew one thing: I wanted a pool. She knew: she wanted a home in an area that would appreciate, she wanted a house with a yard for the dog, etc. She wanted a bunch of other things and my singular need won out. In the end we both wound up unhappy in that house. I should have listened to her. Yes, we did wind up in an area appreciating, we made money on the sale, but we could have done a lot better on *our* wants/needs. Yes, I used the pool a lot the first year. But after that it didn't bring nearly enough joy.
posted by FlamingBore at 7:23 AM on March 12, 2007
We just bought a place that we really wanted, but we knew going in that it was going to be a lot of work - as in new floors, new appliances, new paint, fixing walls. It was a foreclosure and the previous owner had just started a half-assed reno to flip it. We got it at a bargain basement price, but the work is hard.
So - we knew we wanted it when we saw it, even though it was rough-looking. After two weeks of hard work we still love it, but there's a sense of being fed up right now with the amount of work that we've done without being able to live in it yet. But the place has great bones and we'll love it again.
As for living out the mortgage, that's not something you should feel the need to plan on, I think. Check property price histories in your area - if they generally appreciate, you'll probably be able to sell later, pay off the outstanding mortgage, and still have profit left to move to your newer place.
posted by Dipsomaniac at 7:36 AM on March 12, 2007
So - we knew we wanted it when we saw it, even though it was rough-looking. After two weeks of hard work we still love it, but there's a sense of being fed up right now with the amount of work that we've done without being able to live in it yet. But the place has great bones and we'll love it again.
As for living out the mortgage, that's not something you should feel the need to plan on, I think. Check property price histories in your area - if they generally appreciate, you'll probably be able to sell later, pay off the outstanding mortgage, and still have profit left to move to your newer place.
posted by Dipsomaniac at 7:36 AM on March 12, 2007
I bought my condo about five years ago. At first, it was going to be a starter condo - I figured I'd want a bigger/nicer/whatever place in a few years. When I saw the place, I was actually kind of "meh, I'm not sure", partly because the previous owners still had their stuff in there and it looked kind of shabby. But the price was right, so I picked it up.
Now I'm in love with the place and the neighbourhood. Instead of looking into bigger condos, I'm thinking about upgrading the flooring and redecorating this place. Stuff that I didn't know that I cared about - living in a small mid-rise vs. a bigger building, that sort of thing - has become very important to me.
posted by flipper at 7:39 AM on March 12, 2007
Now I'm in love with the place and the neighbourhood. Instead of looking into bigger condos, I'm thinking about upgrading the flooring and redecorating this place. Stuff that I didn't know that I cared about - living in a small mid-rise vs. a bigger building, that sort of thing - has become very important to me.
posted by flipper at 7:39 AM on March 12, 2007
It's the first one so you're not going to have the money for the "perfect" place. However, you should feel pretty good about the place or you will likely regret the decision later. Of course if that happens just move.
posted by caddis at 7:40 AM on March 12, 2007
posted by caddis at 7:40 AM on March 12, 2007
I bought a condo about a half year back now. I liked it just fine. I didn't think it was the greatest thing ever, but it was certainly the greatest thing ever that I could afford. I still like it just fine now. Its a place I live. My friends fit in it. My fiancee is there. It hasn't falled down yet. You don't need much more than that.
If you are buying a place that can hold you and your whole family, then maybe you will live out the whole mortgage there.
posted by chunking express at 7:42 AM on March 12, 2007
If you are buying a place that can hold you and your whole family, then maybe you will live out the whole mortgage there.
posted by chunking express at 7:42 AM on March 12, 2007
I went shopping for a freestanding house but my price point was calling for some pretty hard compromises. I either had to live in the a part of town where everyone stands up off their porch to glare at you as you walk by, or take on major damage repairs, or live with some other huge minus. In the end, I happened upon a gorgeous old house that had been split into two units, and I bought one.
So I had the house/condo thing to adjust my expectations to. But it was so much nicer than every house I'd seen that I pretty much "knew I wanted to live there" right away. It's in good shape and still has lots of potential to upgrade. Nothing is seriously broken. It's slim on storage space: there is no garage, so plans for a table saw are out. But it's spacious and has a lot of charm. The location works for me too.
How enamored was I when I bought it? Well, shit. The buying process was so touch and go that at several points I'd totally walked away from it. I did want it, and it was getting to be an emotional ride, so I had to enforce some distance. I guess that means I really liked it. The day after I went to see it for the first time I stared and stared at the online pictures.
Now that we're in it's working out well. I've found some problems here and there (a couple hidden by the stagers, and one or two caused by them). I've had to start an HOA with the other owner (which is a pain in the butt - another thing to think about constantly). But I love the place and I plan on doing 101 things to fix it up.
I don't think you should ever buy unless you can stay a while. You never know what's going to happen to property prices, and right now the outlook is shit. If you sell for the same or less than you bought, you're out tens of thousands of dollars in commission & fees, perhaps last minute repairs you'll have to make. You don't want that to happen.
posted by scarabic at 8:39 AM on March 12, 2007
So I had the house/condo thing to adjust my expectations to. But it was so much nicer than every house I'd seen that I pretty much "knew I wanted to live there" right away. It's in good shape and still has lots of potential to upgrade. Nothing is seriously broken. It's slim on storage space: there is no garage, so plans for a table saw are out. But it's spacious and has a lot of charm. The location works for me too.
How enamored was I when I bought it? Well, shit. The buying process was so touch and go that at several points I'd totally walked away from it. I did want it, and it was getting to be an emotional ride, so I had to enforce some distance. I guess that means I really liked it. The day after I went to see it for the first time I stared and stared at the online pictures.
Now that we're in it's working out well. I've found some problems here and there (a couple hidden by the stagers, and one or two caused by them). I've had to start an HOA with the other owner (which is a pain in the butt - another thing to think about constantly). But I love the place and I plan on doing 101 things to fix it up.
I don't think you should ever buy unless you can stay a while. You never know what's going to happen to property prices, and right now the outlook is shit. If you sell for the same or less than you bought, you're out tens of thousands of dollars in commission & fees, perhaps last minute repairs you'll have to make. You don't want that to happen.
posted by scarabic at 8:39 AM on March 12, 2007
Live out the mortgage?? In Adams Morgan? That's the kind of place you live when you are a rich 20 or 30something working in DC. Someday maybe if kids, a spouse, or a big dog comes into your life you may decide you need something different. For a first home, I wouldn't worry about loving it or having it be the place I lived in till 2037. I'd worry about resale, and if it met my needs now.
posted by selfmedicating at 10:38 AM on March 12, 2007
posted by selfmedicating at 10:38 AM on March 12, 2007
I bought a little over a year ago and I vascillate constantly. Sometimes I love it and sometimes I hate it, but it's what I could afford in the best place I could afford it, and it is better than where I lived before. The longer I live there, the more it feels like home, and that makes it lovable anyway.
posted by dame at 11:04 AM on March 12, 2007
posted by dame at 11:04 AM on March 12, 2007
I bought a condo as my first home 6 years ago. I sold it just over a year ago and moved into my first single-family house. My take is that you should be able to envision yourself living happily in the house for 5 years or so. 30 years is fairly unrealistic for a first house, especially a condo. Its a stepping stone. You may buy many more stepping stones, it depends on the route that your life takes. The condo won't be perfect, no house ever is, but you should be in love with several things about it, and realistically able to consider whether you can manage with the compromises.
Direct answer to your question - I wasn't overjoyed like "OMG I am going to live here forever and this is my dream house!". I was more along the lines of - this place is great! I can be happy here for a few years. I love the location, the floorplan and the amenities. Not so sure the floorplan will be good in the future, but we will move on when the time comes. The time came, the neighbourhood got more popular and therefore less quiet. We got sick of dealing with an HOA, so we moved on. If you can see yourself living happily in this place for 5 years or so, then that sounds pretty good to me.
posted by Joh at 4:29 PM on March 12, 2007
Direct answer to your question - I wasn't overjoyed like "OMG I am going to live here forever and this is my dream house!". I was more along the lines of - this place is great! I can be happy here for a few years. I love the location, the floorplan and the amenities. Not so sure the floorplan will be good in the future, but we will move on when the time comes. The time came, the neighbourhood got more popular and therefore less quiet. We got sick of dealing with an HOA, so we moved on. If you can see yourself living happily in this place for 5 years or so, then that sounds pretty good to me.
posted by Joh at 4:29 PM on March 12, 2007
I bought a house in NE DC two years ago. I was never overjoyed with my particular house as much as I was overjoyed at the idea of having my own house. My house doesn't excite me a lot - I don't like that it's a row house and looks exactly like every other house on the block. I wish it was bigger, and I wish I had more yard. But I still come home and think it's totally cool that I own this.
I had an idea in my head of what my ideal house would be and it simply doesn't exist in DC in my price range. For me, living in DC is worth the tradeoff of not loving my house. If I had to do it over, I would make the same choice.
Also, make sure that you look at enough places that you can make an informed decision. If you're asking this question after the first place you looked at, you should keep looking. If you've looked at 10 places, then you will have a better idea of what's out there and whether it's likely that you will find something that you like more if you keep looking.
posted by clarissajoy at 6:50 PM on March 12, 2007
I had an idea in my head of what my ideal house would be and it simply doesn't exist in DC in my price range. For me, living in DC is worth the tradeoff of not loving my house. If I had to do it over, I would make the same choice.
Also, make sure that you look at enough places that you can make an informed decision. If you're asking this question after the first place you looked at, you should keep looking. If you've looked at 10 places, then you will have a better idea of what's out there and whether it's likely that you will find something that you like more if you keep looking.
posted by clarissajoy at 6:50 PM on March 12, 2007
I bought my condo(which had previously been a rental) four years ago in NY. It is huge, prewar and has tons of light on sunny days, but if I had to do it over, I would have:
Bought it as it was when I first saw it instead of letting the owner of the building incompetently renovate.
Made sure that the owner of the penthouse (a corrupt little shit who has one of the highest-ranking state officials in his pocket) would not be able to turn his Roman villa into a modernist nightmare (the building is not protected under the Landmarks commission).
Found out just what a money-grubbing evil prick the former super was.
Had an inspection made of the place before I bought it.
Made sure that the decent members of the condo board would get rid of the management company before they were voted out the next spring.
I looked at a townhouse last summer, but it would have needed too much work on top of what I need to do with the condo. The only thing I like about having doormen is that they accept packages while I'm out, and I'd rather live in a place more car-friendly (for pickup from UPS or the post office) if I owned a house--I'm from LA, but I absolutely refuse to drive in New York.
posted by brujita at 11:31 PM on March 13, 2007
Bought it as it was when I first saw it instead of letting the owner of the building incompetently renovate.
Made sure that the owner of the penthouse (a corrupt little shit who has one of the highest-ranking state officials in his pocket) would not be able to turn his Roman villa into a modernist nightmare (the building is not protected under the Landmarks commission).
Found out just what a money-grubbing evil prick the former super was.
Had an inspection made of the place before I bought it.
Made sure that the decent members of the condo board would get rid of the management company before they were voted out the next spring.
I looked at a townhouse last summer, but it would have needed too much work on top of what I need to do with the condo. The only thing I like about having doormen is that they accept packages while I'm out, and I'd rather live in a place more car-friendly (for pickup from UPS or the post office) if I owned a house--I'm from LA, but I absolutely refuse to drive in New York.
posted by brujita at 11:31 PM on March 13, 2007
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I'd say don't talk yourself in to something. You don't need to have a love-at-first-sight type of reaction, but any concerns you feel manageable and not like deal-breakers. I feel that you should like the place you live - there should be at least some things about it that you're really excited about, even if those are tempered overall with some compromises. I don't think anyone stays in one place for 30 years any more, but if you're on an X-year plan (where for me X = 5), you should feel good about the next X years until you're ready for phase 2.
My husband and I actually did walk in and know we wanted to live there. We'd looked at enough places that we knew it was a good deal for the money and we could live with the trade-offs (for us, an OK neighborhood and no dining room). That made us confident enough to make an immediate offer, which in turn got us a house we were very happy in.
posted by handful of rain at 6:29 AM on March 12, 2007