Your Boise mortgage resource for first time home buyers.
CNN scoured the Trulia website a while back to find a bunch of cheap condos offered for sale for less than the cost of a new Prius. As a side note, let me say that one of the biggest complaints that I hear about Trulia is the site shows homes for sale that are not really for sale. A buyer's best option for online listings still lies with those a real estate agent can obtain. And, if you need a referral in the BOise, Idaho area please let me know as I know a few good ones.
I looked through Idaho condos to see if any matched those prices and was surprised to find fewer than the number I can count on one hand priced under $30,000. But once I bumped the price from $31,000 to $50,000, more than 5 dozen popped up. Good luck trying to buy one, though. Lots of agents, especially in Idaho, don't like to work in that price range because the net commission is too low for the effort expended.
Moreover, if you're thinking you can pick up a cheap condo and rent it out, you better check with the homeowner association to find out if rentals are allowed in the complex or if the HOA determines the rental percentage allowed. Check the financial health of the HOA. Some distressed condo complexes are saturated with foreclosures and short sales, and can't collect enough money in dues to cover obligations.
While the Idaho market continues to be on unsettled ground there are some great condos to be had. That being said, be cautious and know that these are often the slowest to bounce back from a recessive market. Your home loan can be done through my office and I look forward to helping you. I’ll be more than a facilitator of paperwork however. My goal is to insure you get the right home loan to insure your new Idaho home or condo is a perfect fit for you for the long term.
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I would think at some point these condos would become good investments if the prices continue to fall. Your point about finding out about the ability to rent is certainly a valid one. I would imagine if you could rent it would make the property far more attractive to an investor.