Monday, August 20, 2007

Parental Condo Update...

I'm a little nervous because my parents are buying another condo. Yes this is without selling either of their other homes. It makes me nervous because they are taking out a mortgage at their age. I'm really frustrated and banging my head on the table.

I just don't get it, they don't like the house I grew up in because they let it rot. So it needs a lot of work and my parents hate doing home maintanence. So they just would prefer to sort of leave it behind and move into something new and worry about it later.

It's just financial decisions like this that worry me. Poor financial planning. One example the condo they almost purchased in Februaryof this year was $377k for a 1 bedroom on the 30th floor. Now they are purchasing a 31st floor 1 bd for $349k. I was constantly yelled at over the phone by my mom (she's going through late menopause), about how much they wanted to buy that condo.

Now when I bring up they almost paid $30k more for a condo 1 floor below she says "Oh the market's coming down." And yet they still are interested in buying. She says things with a serious disconnect that if they had to flip it they could sell it breaking even. Also that she had to rent for 8 months at $1500/month so she lost money renting. Nevermind that the condo lost almost that much in value.

I haven't quite figured my parents out yet but one the way after talking with my mom I nearly reached through the phone because she said "well the housing market can't go down, all the realtors say it's an island. When does RE go down?" Well I hope things work out.

1 comment:

Anonymous said...

Why don't you worry about your own condo and leave your parents alone. Obviously, they know what they have been doing without your help. It's their money. Their life. You sound like a real winner with your own condo problems. You have serious design and construction flaws. You need to install a gas insert because the unit isn't heated correctly. How much is that costing you? Plus now, your tiled bathroom is a mess and going to cost you because it was never done correctly. Who knows what else is lurking inside your walls. You hate your neighbors. You hate the condo board. You have to hire an attorney several times regarding retaining walls or whatever. Your DH wants to move but you say no because it's cheaper than renting.(you'll probably wind up divorced by the end of the year).

You have student loans, spend over $400 a month going out to eat, you charged up all your new furniture, spent over $1000 for a weekend trip. Do you have any financial sense at all?

What kind of person continues to live in condo hell and then goes off and advises other people how to live in their condos?
Why don't you just stick to handling your own mess. And a mess it certainly is. When it comes time to sell, you have to divulge all these problems to the next owner. Once they hear the news, they'll run for the hills as far away from your unit as possible. If it is a nightmare for you, whatever makes you think someone else will want your nightmare?
Please don't run off a 50 page dissitation of your financial justifications because lady, you're nowhere!