Should I buy a 85k condo just to get the $7500 first time home buyer tax credit?

AlwayzRight · Jan 13, 2009

Would probably only live in it for a couple years and than either sell it or rent it out. Assessed at 92k. Last sold for 104k 2 years ago...on the market now for 85k.

Thoughts?

Betallsports · Jan 13, 2009

AlwayzRight said:
Would probably only live in it for a couple years and than either sell it or rent it out. Assessed at 92k. Last sold for 104k 2 years ago...on the market now for 85k.

Thoughts?

This is By Far a Buyers Market, and if You have the funds. Plus Looking for an Investment, I say go for it.

gtc08 · Jan 13, 2009

this kid is funny. complains about being in debt due to college loans. then asks what to major in going into more debt, now he's asking about buying a condo on here.

AlwayzRight · Jan 13, 2009

gtc08 said:
this kid is funny. complains about being in debt due to college loans. then asks what to major in going into more debt, now he's asking about buying a condo on here.

So keep throwing my money away on rent???.....Looking at it as an investment.

Fishhead · Jan 13, 2009

If not mistaken, one has to pay this 7500 tax credit back.

If this is the case, the answer to your question is no.

Maggiore · Jan 13, 2009

Fishhead said:
If not mistaken, one has to pay this 7500 tax credit back.

If this is the case, the answer to your question is no.

You do have to pay this $7500 back. It is basically an interest free loan from the IRS. You will have a $500 tax on your return for the next 15 years to pay back the $7500. With inflation, you still will benefit from taking the credit.

romer · Jan 13, 2009

Wow where do you get a condo for 85k? Most condos around here are 120k at least.

AlwayzRight · Jan 13, 2009

Maggiore said:
You do have to pay this $7500 back. It is basically an interest free loan from the IRS. You will have a $500 tax on your return for the next 15 years to pay back the $7500. With inflation, you still will benefit from taking the credit.

Yep getting 7500 dollars now is worth alot more today

AlwayzRight · Jan 13, 2009

romer said:
Wow where do you get a condo for 85k? Most condos around here are 120k at least.

Iowa

Jetplane · Jan 13, 2009

Iowa? U can get a condo for like god damn 40k lol... i have one for 80. I sold one for 60.

shdw01 · Jan 13, 2009

$7500 in an interest free loan is not worth buying a house in itself....nice little bonus if you are buying the house anyways...other than that....don't waste your time.

BEANTOWNJIM · Jan 13, 2009

CONDOS ARE FOR SUCKERS YOUR BETTER OFF BUYING A TRAILOR THAN A CONDO.WAIT AND SEE HOW MUCH YOUR CONDO FEES ARE PER MONTH I HAVENT MET A PERSON YET THAT WAS HAPPY BUYING A CONDO.

IF YOU LIVE IN THE BOSTON AREA YOU PAY FOR SNOW REMOVAL,FLOWERS,MAINTANCE,TRASH THINGS YOU COULD DO ON YOUR OWN YOU HAVE TO PAY EXTRA FEES FOR WITH THE CONDO ASSOCIATION.BELIEVE ME BOYS CONDOS ARE FOR SUCKERS.

THE CONDO FEES KEEP GOING UP IF YOU HAVE A MAJOR PROBLEM LIKE A MAIN BOILER EVERYBODY PAYS TO FIX IT.

hno:

AlwayzRight · Jan 13, 2009

BEANTOWNJIM said:
CONDOS ARE FOR SUCKERS YOUR BETTER OFF BUYING A TRAILOR THAN A CONDO.WAIT AND SEE HOW MUCH YOUR CONDO FEES ARE PER MONTH I HAVENT MET A PERSON YET THAT WAS HAPPY BUYING A CONDO.

IF YOU LIVE IN THE BOSTON AREA YOU PAY FOR SNOW REMOVAL,FLOWERS,MAINTANCE,TRASH THINGS YOU COULD DO ON YOUR OWN YOU HAVE TO PAY EXTRA FEES FOR WITH THE CONDO ASSOCIATION.BELIEVE ME BOYS CONDOS ARE FOR SUCKERS.

THE CONDO FEES KEEP GOING UP IF YOU HAVE A MAJOR PROBLEM LIKE A MAIN BOILER EVERYBODY PAYS TO FIX IT.hno:

I think $80 a month fees is a hell of alot cheaper than than the maintenance you would put in a house and you dont have to shovel snow or mow the lawn....

BEANTOWNJIM · Jan 13, 2009

80 A MONTH WHAT HAPPENS IF THE WHOLE DEVELOPMENT NEEDS A NEW ROOF OR HAS A MAJOR GAS LEAK WHO PAYS FOR THOSE PROBLEMS. ANY PROBLEMS YOUR STUCK THE FEES WILL ALWAYS GO UP EVEN IF YOU DONT HAVE THE WORK DONE.:think2:

AlwayzRight · Jan 13, 2009

BEANTOWNJIM said:
80 A MONTH WHAT HAPPENS IF THE WHOLE DEVELOPMENT NEEDS A NEW ROOF OR HAS A MAJOR GAS LEAK WHO PAYS FOR THOSE PROBLEMS. ANY PROBLEMS YOUR STUCK THE FEES WILL ALWAYS GO UP EVEN IF YOU DONT HAVE THE WORK DONE.:think2:

...The association PAYS for it..fees will go up in time with inflation but they will also have to stay competitive with similar complexes in the area...

Should I buy a 85k condo just to get the $7500 first time home buyer tax credit?

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