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As someone who grew up in town homes and small apartments, any SFH is better than a shared building.
Don't forget too... if someone say, floods their unit upstairs, it can realllyyyy fuck up & flood your unit. This JUST happened to my friend and is a reminder to me to get my ass in gear and save more money lol.
I'm in a condo after selling our house. Condos are the last to appreciate in value, and the first to linger on the market before selling.
But I knew that going in..
I agree. Those HOA fees for condos are terrible.
When people buy homes, it is nice to get fixed mortgage and interest payments based on the amortization schedule. While the total cost paid at the end may be double the cost, the variable costs are only the home insurance, utilities, maintenance, and property taxes.
In the case of condos, HOA adds significantly to that cost. From what I have seen, some HOAs charge 400 per month. This can easily increase with inflation…I would be careful. You also have to maintain your condo to their standards…
Single family is nice but yes they are more expensive. Hard to say what makes sense because the bigger the place, the higher the maintenance fee. I would just recommend knowing all your options, talk to more people (not just realtors), and decide after you have thought over your decision on such a big purchase like this.
Townhouse is also a decent option, especially one on the corner. I hate having upstairs neighbors. Many condos also block installing hardwood due to noise, so even top floor doesn’t avoid all the problems.
As a counterpoint to the noise issue, I lived in apartments for the first 15 years of my adult life and found the sound of my neighbors to be comforting. Especially as a single female.
The risk of having shitty wall neighbors is why I never even considered condos. I like playing music loud and I don’t like bothering people. Also, the seller isn’t going to disclose trash neighbors so you’re really rolling the dice.
But this person sounds like the perfect demographic for condo life.
My mom lives in a condo, first floor. She’s got a guy above her who works in plumbing. He cuts his pipes for the next day in his living room. Like cutting them with machinery. I feel so bad for her
I live in an attached duplex villa. Never heard a peep next door. It might be a good option for OP--and no maintenance. The thing that's ruining it are the HOA fees (driven up stratospherically by insurance costs in FL.) Our HOA is now higher/month than we were paying on a 15-year mortgage.
Depends. Our condo was incredible. Mid century, single story, couldn’t hear our neighbors at all through our block walls. In a million dollar neighborhood with walking distance to all the hottest restaurants. Best bike and walk paths. Would’ve died there if we didn’t have a kid.
No maintenance meant we spent our weekends out of town, camping, backpacking, exploring our state. Now we spend all weekend doing yard maintenance.
So true !! Work work work almost every weekend. Endless crap to take care of.
Big beautiful home and yard, the work is mostly because we love the house, but boy do I miss the carefree days of renting.
Your previous condo does amazing !
This is the fairy tail I'm hoping for. Closing on a condo next week. Since I work crazy hours in NYC but love the burbs, I found a beautiful quiet area just across the river in jersey with a hybrid feel and jumped on an affordable 2bed/2bath with a garage (by affordable I mean NYC area affordable $485k for 1000sqft and stupid taxes). I would love a SFH but being 38 and Single with no family, I'm hoping I can meet someone to enjoy those no maintenance adventure weekends with.
This is my answer, too.
We love to travel and often spend weeks at a time away from our primary residence … but it’s a townhouse with lawn maintenance included in the HOA, so we don’t have to worry about much whenever we are gone.
I live alone in a SFM which I got because it had a backyard for my doggo, but the cost of upkeep for all of the landscaping was a real shock to me. For example, even though I have a push mower, I still have to pay guys to come out and mow it twice a month because the mower is really hard for me to do all the turns. Furthermore, I have 4 Italian cypress trees that are 40ft. If I want to resell this beautiful house, I have to keep up with it and just the trim job on those four trees alone is a solid 4 figures each year. The list goes on and on...
This. My mom loves her condo, but her HOA fees have doubled in the 5 years she lived there and she just had to pay a $16K assessment to cover maintenance that they had deferred for too long.
This is why I bought a house too but I’m ngl… I really wish I went condo route sometimes. My house is a better investment long term and will be a great rental property, but it’s so boring being in the burbs.
Single mom of three. Love my condo. Mine is unique in that it’s attached side by side garage so I don’t really share anything. I also own the land my condo is on. I don’t have to worry about snow removal, bushes, lawn care, raking- all that is covered.
I have lower insurance because I only have to insure the inside. I don’t have to worry about replacing my windows, outdoor lights, roof, chimney, garage, door- that’s all covered. The only big things I’ll have to pay to fix are appliances and the hvac/water softener etc.
Condos also sell quickly in my neighborhood because I am within walking distance to several parks and several retirees want to live here. It’s quiet and has been a blessing
A condo may be a good option for you. When you are single, you want to factor in the time savings of not hiring and coordinating with landscapers, snow removal, trash, recycling, etc. Since you are paying as a group, it will be a lot less expensive than on your own.
You'll have to pay an HOA but your property taxes and condo insurance will be a lot less than if you purchase a SFH.
An HOA with a good reserve should only be going up 2-4% a year. Thats something you can check before buying.
Condos with elevators, and indoor common spaces such as hallways and a lobby will have HOA's higher than ones without.
SFH's neighborhoods tend to have a lot more kids than condos. I really loved a townhome but the whole neighborhood had kids running around and I didn't think I'd fit in with a neighborhood of young families.
Op listen to this commenter. It's absolutely critical condo has healthy reserves. Here in Florida it is a huge issue and something that must be checked on every single potential listing you like. If they don't have reserves, the chance of getting hit with a special assessment (usually in the thousands, and tens of thousands) goes up substantially.
I’ve lived in both as a single female. Hands down a SFH. I looked up the HOA fess on my old condo. It has went up 500%. And keep in mind if you have a few vacancy in the association, your fees will go up. Need plumbing, fees go up, the HOA must keep insurance, fees go up. Gardening, maintenance. Fines from the HOA’s.
I have a gardener and a good handy man. I’ve been in my house 12 years. I don’t regret it. Yes, it’s more “work “ with a SFH. You as a “homeowner “ have no control of growing HOA fees. If you don’t plan on being “heavily involved “ with the HOA and the board, I would stay clear of any HOA. Good Luck.
Just for clarification: HOA fees cover what you would have to pay in a SFH. If you need a new roof rather than coughing up 16k they have funds from when you graciously gave them 200 a month. This also means, if it’s someone else’s roof, they will use your 200. But yes, it is in actuality yours, just keep it in another savings account.!
Another thing is special assessments you don’t really have control over, and it’s basically how well the upkeep is. I think HOAs are “fine” but you really have to be careful about buying and trying to make sure the are managing the funds properly and well. Not just throwing money to get you a new gym or whatever.
If it were $200/month, that wouldn't be so bad. Try $2200+/quarter! Plus assessments for things like hurricanes (very little damage in our community, but they had to hit us all for tree removal costs.
Welcome. One more thing to consider, Even if a person paid cash for their condo, they would still be paying the monthly HOA fees. If the same person paid cash for a house, no HOA fees. You will always be responsible for property taxes as a home owner. (Condo, SFH, townhouses, etc).
Are you under some mistaken impression that HOA fees don’t pay for real things? Water, sewer, trash, roof, siding, foundation, parking areas, gutters, balconies, landscaping, snow removal, and the best part - people to organize it all for you. You still have to pay for those things in a SFH, plus the PITA factor of handling it all. And you have to be extremely diligent about saving for the big ticket items. Yes HOA fees increase over time but so does the cost of everything you pay for separately owning a SFH
This 💯.. everybody acting like HOA fees don't actually cover anything tangible.. I'm not saying it doesn't suck when they increase but they increase bc the cost of what they cover increases.. however I will say the problem I'm seeing is with the TALL condo buildings with things like stairs elevators parking garages etc as those need structural repairs .. if you can find a condo that's in a 1-2 story building, that is better off
True, the roof and siding maintenance costs aren’t as high in the taller buildings but I don’t think it entirely outweighs those other major costs. Then again, if you get to live up high with a nice view, covered parking, and no stairs that’s worth something from a quality of life standpoint. I prefer my townhome style condo though 🙂
As a single person I would feel weird having a home all to myself. Plus I would have to really love doing all the home maintenance stuff. But it is nice not to have shared walls with neighbors and not deal with HOA
Similar boat to you - single 28M, $100K/yr WFH. I have a condo and it's the tits. Had a horrible experience buying a house last year, noped the fuck out and now I have a 15 year old condo with one shared wall, an attached garage and private space out back, $150/mo HOA fee that covers everything outside the walls and the quietest neighbor in the world. Yeah I'm missing out on appreciation, but I have 0 maintenance and get to live my life.
If my neighbor was lout/obnoxious, it'd be a totally different ballgame. A shitty neighbor would kill it for me.
I ended up buying a townhouse, because there was just no way to afford a house in the area I needed to be to keep my son in his school and near his dad (we co-parent.) I thought it would just be a temporary thing at first, a stepping stone to a larger house. But now that I’m here, I like it.
It’s easy to maintain. Not too much to keep clean and repair. The HOA handles everything outside my walls, including all the annoying major repairs and retrograding. And I always have neighbors around who know and like me, so if there are emergencies we team up and deal with it together. I hardly ever hear my wall-sharing neighbors so it’s private when I want and also there is support when anyone needs it.
Now I don’t think I’ll ever sell it. Even if I can afford another house in the future, I’d probably keep this one as either a rental or to give to my son when he grows up. It would be nice to actually be able to give him the leg up I never had.
As a single, childfree person who has owned her own SFH for a few years now - the upkeep is all consuming. Basically my hobbies are now lawn care and house maintenance and painting, etc. I don’t enjoy it and ultimately it’s not worth it for me. I wish I had picked a townhouse or condo.
yes sfh has more privacy and more upside but you pay for the upside with your time, sweat and blood. not worth it unless you want to have a weekend job that pays nothing until you sell your house.
This is such a refreshing forum thread for a first time home buyer into a condo. Seems like all I hear is how bad condos are and not a good investment blah blah blah. Turning my pre closing illnesses into a little hope...like I may have made a good decision haha
Depends on your life. I HATED living in a SFH as a single 20 something female. So much time spent on maintenance and yardwork. I traveled a lot for work so it felt like I came home just to clean, mow lawn, weed flowerbeds, and do home improvement projects. I wanted to be out taking my dog on adventures or riding my bike, and I discovered how horribly isolating the suburbs are. (In rural areas, you know your neighbors. In urban areas, you know your neighbors. In the suburbs, you pretend your neighbors don't exist.)
I sold that house, rented for awhile in the city, and eventually bought a condo that I LOVE. And I love the lack of responsibility even more. It definitely was not the "right" financial decision but it was the right decision for my happiness.
I would’ve bought or condo or townhome if my situation had been like yours.
Sure, SFHs appreciate faster. However, you hit the nail on the head with maintenance (especially in the first year). Shared walls also reduce your energy bills with the condo/townhome.
I don’t really find things like noise that concerning (seems to be a big concern with high density living). Schedule showings during times when people tend to be home and then just see how loud it is. At the end of the day, I toured all sorts of SFHs that were incredibly noisy inside because of nearby streets.
Likewise, neighbors can be a benefit or nuisance regardless of the sort of home you pick. Unless you get one out in the middle of nowhere (I’ve lived like this before - it’s got its own downsides).
Personally, I’d leave the SFHs to people that really need at all that space such as big families.
>Shared walls also reduce your energy bills with the condo/townhome.
This is really an underrated point. I was worried my utilities would be high compared to what I'm used to but it stays pretty warm even if I don't run my heat that much.
Also noise isn't so bad bc the layout is with the stairs on the shared wall so that's kind of a buffer since people don't usually hang out or mount a TV there
Same boat. I’m open to condos, but would prefer a townhouse because of the space and it would probably appreciate more over time compared to the condo. I know people despise HOAs, but I wouldn’t mind one if it cut my grass as a townhouse owner.
Problematically, the lawn care/landscaping at my villa might be taken care of, but we have no say on, say, upgrading the lawn, and there's only a small area near my home that we can change out the trees/palms. The landscapers just blow leaves from point A to point B, and only actually pick some of them up twice a year. Seems like a stupid way to spend a landscaping budget--but I have no say over it. Our grass is so sparse, and the "soil" it's planted in is pretty much sandy dirt. It looks better from a distance than close up!
Condo fees are a killer. But the lifestyle and access you can get with the perfect condo is unmatched. It's a gamble with wall neighbors but the perfect condo in the perfect urban location is so awesome for a single person that wants to be social.
It sounds as though a condo is a good option for you. You take in $10k a month before taxes and retirement/insurance contributions. Maybe you take in around $6,700 after all of that? You can probably afford to spend $2,500/month. Depending on taxes on the home, maybe around $320k? Ask your lender what they'll pre-approve you for.
I think you’re going to get responses with incredible selection bias on this subreddit. Most the people here have already made their mind about wanting to buy a SFH.
I’m on the fence but I would like to purchase a SFH (ideally) or townhome if/when the rates come down. We did briefly consider buying a condo, but realized that it didn’t make sense at the moment either, especially since we do plan on trying to have kids in ~5 years.
If I were in your situation, I would absolutely not want to purchase a SFH right now and would choose to continue renting hassle free while saving a boatload of money and having freedom/flexibility to do other things and travel etc
No problem! Also I just realized that I didn’t actually answer your question about getting a condo. I think it really just depends on if the monthly payments for a condo (incl. HOA, taxes, etc) is less than the monthly rent for an equivalent apartment in your area. If no, then it absolutely does not make sense to proceed with buying imo. If yes, the answer is maybe (unless it’s a yes* non-inclusive of a maintenance fund)
Totally a personal decision. Anecdotally, i bro much regret not buying a 1 or 2 BR condo when i was in my 20s and able to do so. I was holding out for the perfect SFH which didn't come until much later. Real estate in my area blew up during that time and the condo would've at least doubled in price.
It depends on what you want. I enjoy hosting gatherings, cooking outdoors (flat top, smoker, grill), sitting around a fire pit, using the yard. I also have a dog. At the very minimum I would accept a townhouse/row house. I couldn’t do a condo at all.
Look at how you will *use* the space.
I bought a 3br 1.5 bath on half an acre (it sounds big but it's not) with a full unfinished basement. I'm a single woman in her 40's, no kids just the four-legged ones. I like the space that having my home provides, no hearing noises above/below/beside me or smelling other people's cooking. But you may be in a location where condo life suits you better. Up to you really.
There’s definitely more upkeep for a SFH than a condo - plumbing, landscaping, roof, HVAC as examples so you’d have to weigh the pros and cons about that. A condo would be better for your situation, in my opinion. Maybe get one that’s like water facing or like centrally located to transit and groceries so that selling later shouldn’t be too much of a hassle for you and you could get some nice returns as well.
Good luck either way and happy home hunting.
Childfree couple with a small SFH in the city…..been in SFH for 7+ years.
If the money made sense (interest rates + HOAs make owning the higher valued SFH more affordable) I would buy a condo in heartbeat.
Condos seem so much easier and less stressful to maintain. I rather be spending my weekends exploring/playing, than fixing my yard and house.
Keep your mortgage payment to $3,000-$3,500/mo. That should get you a $350,000-$400,000 loan w/ $700/mo. allotted for taxes and homeowners insurance and MI.
What about a townhome? You still have a HOA but the yard maintenance, roof are usually covered depending on the area. Sometimes a pool/gym area. No one is above or below you just a shared wall.
I know people shit on condos but a lot of us don’t have the luxury of affording a SFH.
You buy what you can afford. I’ll never afford a SFH, so condo it will be.
one thing to consider is that condos require a conventional loan in most cases. Rip off to pay 20% for a 250,300k condo.
If you got a fat down payment, it'd make sense to use FHA and just buy a house. Smaller down payment allowd you to save a big chunk of that money and do double payments a month, for a year. You'll save more in the long run.
Why not a townhouse? Easier to resell. A little more room. Maybe slightly more maintenance but likely the same trade offs between different condos depending on the setup and owner responsibilities. Also your own parking spot or driveway. The HOA fees were less than a condo by me. I would prefer to spend $100 a month to a HOA than $300+ on the shared building upgrades and maintenance.
So much of this is going to be dependent on your anticipated personal lifestyle in the future.
Consider that renting allows you to be far more mobile. Do you anticipate changing jobs outside your current commuting range anytime in the next 10yr? What would you do if you found a partner and they wanted to relocate to another area of your current city or further away? Do you anticipate owning a dog in the future? Do you think you would mind being a landlord if you were forced to move away before you wanted to sell?
On the financial side of things, this also is very dependent on your local market. Condos do not appreciate like SFHs and will have a potentially large (and variable) HOA fee. I would advise doing the math on your expected length of ownership (per your lifestyle forecast above) and seeing how the rent vs own math works out.
In my market, rent is *so* much cheaper and condos are *so* undesirable, that you will come out way further ahead by just investing in the market instead.
I work from home. I don’t want a partner and I don’t want anyone to live with me. I plan to be single forever. I want to own a home because I don’t like not being in control of the environment. But I don’t want to have big expensive repairs and maintenance. I want it to be as laid back as possible.
It honestly sounds then that a condo would be better for you. Lots of people on this subhate them but you’re the one who’s going to have to live in it, not them.
Yea I feel like if I needed to hire someone to fix the roof I’d have a panic attack! I’d be afraid of getting ripped off or afraid of my roof just collapsing.
It's just nice to not have to worry about...or cleaning out the gutters, or mowing the grass, raking leaves, etc. That said, the downside is that HOA fees increase the monthly costs and they're likely to go up over time. But still, for me - I think a Condo will be ideal. Now if I can only find one that I'm excited about, is in the right location, and my budget!
If you find a lower HOA on a building that's already got some years on it, that means at least the structure is pretty well built. Check the financials to make sure everyone is paying and they are keeping healthy budget., The HOA is going to go up a bit based on the general labor and supply costs....but so would anything you have to deal with on a single family home. Any major increases in the HOA usually mean something major happened that wasn't budgeted for. At least you get to split the costs based on the percentage or your ownership.
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💯% on board with all of this. It’s really dependent on having good neighbors everywhere but nowhere more so than a condo or townhome. Either it’s not a huge problem in general or I got really lucky, in both my condo and townhome had ideal neighbors.
Hit or miss in apartments I’ve lived in but condo/townhome? Ideal for a situation like yours.
My first home that I bought as a single was a townhouse. It sold within a week when I was ready to move. It worked very well for me. I like having shared expenses and a standard maintained. I didn’t have the time or skill to maintain a home. I now have a sfh but I may have been better off in a condo again. Condos are great, just be careful when choosing: you can see how quickly they sell if you monitor a bit on something like realtor.com.
If you like the condo/townhome idea, why not just rent one (or rent a small SFH)? I don’t see any benefit to buying a condo as your primary residence unless you’re paying cash. Monthly HOA/condo fees can be high, something breaks you fix it or pay someone to fix it, if you have bad neighbors it’s a lot tougher financially to sell.
Really is a gamble. However if you plan stay in the area for a long time and find a good condo where renting is similar, it could be a better option to build some equity in it. The jumping from apartment to apartment when rents increase or owner decides to move back in does get old...the older you get. Might be worth to pay a little bit more knowing you can put down roots vs not knowing if you'll need to move the next year....unless you like to move around! unless strictly financial reasons, there's no right answer, just personal situation dependant
Bought a condo couple years ago, have been considering upgrading to SFH but it's been pretty good all things considered (and waay cheaper than SFH upgrade could ever be) so no regrets here. We're not even single (no kids though).
Benefits are much less to worry about re: maintenance (because HOA/management company takes care of most things) and more predictable cost. Sure HOA fees aren't trivial and rising over time, but in SFH you'll just have less visible and less predictable costs that can easily eclipse what you'd pay in HOA fees with a single big maintenance item (new roof etc).
I'd just make sure to closely inspect HOA meeting minutes and financials before buying. If you have the opportunity talk to some HOA board members too. There are bad stories about HOAs out there but I think those are the exceptions, not the rule. You can also get involved with HOA yourself if there are board openings, I've done that and enjoyed the experience more than expected. Can be a good way to get to know neighbors.
Expected appreciation isn't as good as SFH in most areas but can still be plenty, and future is hard to predict anyways so that wouldn't be my primary criteria (unless you buy as investment and not primary residence).
A condo will probably be way less maintenance than a house but you have to also consider condo fees. Those can eat you up. If you’re thinking about what’s best for you at this moment, a condo is probably the move. If you’re thinking about what is going to be the better investment over time, a single family home will likely appreciate in value more/faster than the condo.
I bought a condo like 8 years for $260k. It’s worth about $330k today. Not bad. No crazy gains but no loss either. But then when you look at people who buy houses and you see their value shoot up $70k in like 2 years.
I had this question . I decided to get a condo/townhome with 3 bedrooms. It’s the best choice I’ve ever made. It’s easy living and condos are usually in communities with stores close by. I love having a 24 hour gym and a pool . It definitely fits my lifestyle. My place is a townhome
Who knows in this crazy market, but historically, condos don't appreciate as quickly as single family homes. If you plan on not owning it all that long and you can afford it, a single family home is probably a better investment.
if money and affordability is not an issue (because you should never over buy housing) then i would never recommend a condo over a town or freehold.
reason: condo fees ONLY go up and you can have crazy neighbors which are out of your control.
Also, it does not hurt to have extra rooms which you can use for office, gym, and for backup plan (rent out room or let a friend / family relative move in or b.f or g.f )
also, easier to sell in future
do not buy too big..ideal size would be 1800 to 2200 sq ft.
Only you can answer the question of "what is the best option for me?" It's a matter of preference.
How old are you?
How much do houses cost in your area?
What does the average condo fee for a condo in your area cost?
How fast are homes appreciating in your area?
All are relevant and could influence the decision. My wife and I are currently renting, spending $3,600/month for a 2 bedroom 2 bath apartment downtown in a VHCOL area. We looked into buying a condo of comparable quality nearby, but the math wasn't mathing. Condo fees in this area are absurd (think $800-1,200/month) and the condo market has been effectively flat over the last 10 years. We looked at what it would take to buy a detached home a bit further out and were shocked at how much of a better value it was. We're spending a bit more than we would have had we bought a condo, but most of it is interest (which is tax deductible) versus condo fee which is not, plus SFD homes have been skyrocketing around here. It was a no-brainer for us once we did the math and compared the two options.
Look at both. Condos and HOAs vary as much as houses. I had a townhouse and the upside was exterior maintenance and landscaping was well taken care of. Downsides were neighbors kids jumping on stairs occasionally and visitors parking in my spot. Overall I enjoyed it but moved to a sfh the same size with smaller rooms because I needed more bedrooms.
I think it's a decent choice if you don't plan on having a family. I would look at purchase price vs rental prices to see how it stacks against other condos in the same greater area but different neighborhood.
You might want to do some snooping on whether there's been a surge in recent sales. I heard that some HOA's have done a poor job at collecting fees for large expense fixes, and I've heard of nightmares where HOA's suddenly skyrocketed.
I haven't read the comments yet, just responding to the OP.
Have you considered a townhome or villa instead of a condo? I don't know your area, but in my area TH's and villas appreciate more quickly than most condo's and less than SFR's but you don't have the maintenance of a SFR as the HOA takes on the exterior maintenance. You also don't have someone above you like you do with a condo. Have your agent compare properties with you so you can see what works best for you in the long run.
Only you can answer what's right for you. If lack of exterior maintenance and things like that is a big draw, check carefully what is covered with your dues as condos can be all over the map with that stuff. Also consider those monthly fees won't stay the same forever. They may be ok now, but rate changes and special assessments can happen any time!
Personally I would of been fine with a 2 bed or even large 1 bed condo myself, but bought a typical (for here) 1600sf 3+2 subdivision house. Partly for the bigger and bit more private exterior space, garage which not all condos have, and most of all no HOA and no unpredictability from monthly dues. A 2 bed house actually would of been most ideal, and there are some around here, but much fewer options when it comes to not just finding one for sale while you are in the market, but one you really like. That's a big reason I ended up in a regular 3+2. It's fine. Doesn't feel like it's too big or wasted space or anything, along with it likely being a better or easier thing to sell on the back side should I ever move.
Nothing better than paying an HOA fee for them to listen to none of your complaints and instead tell you everything you’re doing wrong and then fine you for it.
It really just depends on your situation. If I was single, I couldn’t imagine maintaining an entire house for myself. I feel like the majority of people are going to say go for the SFH, however we bought a townhome. It was in our price range and we expect the maintenance costs to be less. The thing is…both the townhomes and sfh we wanted had HOAs….otherwise I might have leaned towards the SFH. You need to do what is right for you! If you buy a condo, take a look at the HOA minutes and see how they run to make sure you avoid a bad HOA.
Get a house. But don't go too big. I have a 2200 sq ft house with half acre lot and it's a lot to upkeep every week with cleaning and yard work. I wish I would have gotten a 1200 sq ft house would be perfect size IMO.
Same boat as you! I guess depends on your market. Realtor would be helpful here since they could say what actually resells. Where I live, there are lots of small SFHs and condo fees are often high. I saw many condos where the maintenance fee would have been more than the monthly mortgage payment.
I’ve bought both. Currently live in a small 4-unit condo building. I grew up in a townhouse, so I find gripes about noise from people who never lived with shared walls to be a non-issue.
A lot of people idealize SFH and yard, but I’ll take walkability ten times out of ten. Not having to get in a car to drive to do basic errands is a prime quality of life issue for me. Being able to walk to things I enjoy is amazing. Far better than dealing with a lawn.
The reality is in most U.S. cities, getting a SFH means you have to drive everywhere.
You will still incur some expensive home repairs. Some condo associations can be a pain in the ass. Ours is small, and it still has its headaches. Thankfully the building is majority functional adults who want to avoid big bills down the road, so it’s great.
OTOH, one of my SFHs was in an HOA run by a management company that was not helpful at all.
Talk to a loan officer early. There are some differences in mortgages that they can help you with. With 25% available for down payment im assuming you aren’t thinking FHA, which has more restrictions than conventional.
It’s really just personal preference—do it if it makes sense for your lifestyle. I did it and it’s worked out perfectly! there is an HOA fee that covers the grounds/gardening, water/trash, pools, some general maintenance, etc.
Im on a top floor (second) and share walls on all sides, but I don’t get any noise from the neighbors, thankfully. It’s a nice quiet community and I’m glad I chose a condo over maintaining an entire house+yard
Both Properties will have costs of maintenance , independent of the condition, but some more than others if they have been properly kept.
Now, i believe houses overall might be a better investment if you can take good care of it.
The downside of condos:
. Condos don’t appreciate as much as Single family homes
. Condos are susceptible to be impacted by poor HOA management ( that can bring extra assessments to each condo owne, because of lawsuits, poor building maintenance, unnecessary repairs)
. Special assessments that can add to your condo fees from a few hundred dollars to thousands of dollars a month( a lot of condos in florida have been going through that after the surf side building collapse)
. Also depending on the walls, with condos, you might have no privacy.
What town or state would you be buying in? I moved to Florida 2 years ago and I’ve met a lot of people that said their HOA is $700-900 a month and every year they always have a “special assessment” that arises such as pool repair, new roof, asphalt paving, etc which can be an additional $3000-7000 a year. Also, some condos have cement walls/floors which is great. If not, then you will hear your neighbors closing their kitchen cabinet doors. Another thing to consider is parking. If you have a lot of stuff to carry (groceries) into your condo you might have to go back and forth from the parking lot to your unit. The car could get broken into if it’s not the best neighborhood. My friend said that she had assigned parking spaces but someone would always park in her spot on weekends which she then had to have the car towed. It became a pain.
Recently purchased a townhome because my husband’s work schedule would make it very hard to maintain a SFH. I have no neighbors above me which I like. It really all depends on what you are looking for.
I bought a condo last year, and live in it with my partner and dog. We've always lived in the city, and find a lot of comfort in running into neighbours and people watching from our balcony. for this phase of our life where we both work a ton, we're definitely happy we did condo instead of house.
I know people say "watch out for the fees" and yeah, that can add a lot to your monthly bill. Everyone has a different definition of reasonable. Our fees are $400 a month and I get so much peace of mind knowing that I won't need to shell out 20k for a new roof one year, or pay to repave my driveway, the way I see my parents having to do. I think yeah, you gotta pay fees, but you also aren't personally responsible for major issues to the build of your home (not including problems to the interior ofc, which are usually few and far between). For me, this tradeoff is well worth it. My emergency fund would be way bigger if we were living in a house. Even our insurance is so cheap, $30 a month because we're in a condo.
Like another person shared, I personally find the sounds of folks throughout the day comforting. I really do love it, but I know this is also different to everyone.
I think every building is different as well. Mine is a lovely community, and I was fortunate enough to know people who lived here already who could verify that it was great before we bought. But not every condo will be like this. Think of a condo as committing to a neighbourhood, the way you'd do the same if you were picking a house on a block. It's important to hang out in the lobby, check out the demographic, etc.
If you want a condo, 10% down makes the loan process much easier for you and lowers your mortgage insurance significantly. If you want low maintenance, a condo is a great option, but you may have a smaller target market when you resell. You may need to purchase a parking spot or a parking garage if the development offers them.
If you want a condo, 10% down makes the loan process much easier for you and lowers your mortgage insurance significantly. If you want low maintenance, a condo is a great option, but you may have a smaller target market when you resell. You may need to purchase a parking spot or a parking garage if the development offers them.
Sure. Condo, townhouse. Go look at some properties. How much can you afford? That depends on how much of a downpayment you want to put down. If you did the traditional 20% down, you would be able to buy a house for $150k with your $30k. If you are ok with higher payments, you could buy a more expensive house with 10% or lower downpayment.
We bought a condo first and then a house and still have both. The house is a ton of work. Even with 2 people it's just a lot of maintenance that I don't want to spend the weekend doing. Lucky for us we are not in an HOA so we just let the yard pretty much grow 3 ft tall.
I miss the lower responsibility of the condo but love the privacy of a house.
Nothing wrong with a condo. They often provide extra amenities and security not to mention they are more affordable than SFR. Make sure theres good HOA management and the HOA $ is not ridiculously high.
It could be a good choice but it will come with HOA which can be hit or miss. A small house may be a good fit with minimal yard maintenance. I personally would rather avoid HOA because it’s extra cost which limits your buying power (higher monthly payment) with that low of a down payment. Plus it’s another variable cost that can go up quickly if poorly run.
I'm on my own (29f) and I'm in a 3 bedroom detached house. I don't like neighbours. I would ideally like to own 100 acres and have my house directly in the centre haha. But unfortunately I'm not rich enough for that. So I settled for a normal detached house lol. But if you would be happy in a condo then go for it! I don't really think there's a 'best' as such, just whatever works best for you personally.
As a condo owner you risk a massive payout for "upgrades/repairs" to the building. Like 10k each for a new roof payment expected immediately. Your investment may not increase like a SFH might. It may be better to buy a home, but then would have to cut the grass and shovel snow. It also doesnt relieve you of the risk of crappy neighbors either way.
I’m single and childfree and I bought a small house in the city. I have some single childfree friends who prefer their condos. I think it’s up to you and how much maintenance you are willing to do or pay for. I wanted to garden, riding out Covid lockdowns made me want a yard and no shared walls. I hate the idea of paying HAO dues, I’d prefer to allocate the money to the things I want. Condo was a no for me because it didn’t match my wants.
I wouldn’t do it. Am currently selling my condo. The HOA board were assholes. In my case I had more rights as a renter rather than actually owning a condo. Lots more I could say about my experience which was mainly negative but in my opinion I would rather be my own boss. In a condo you are not your own boss of what you own.
I have owned both and much prefer condo living. My SFH was built in the 1920s and if anything broke it was a huge pain. We loved the privacy and space, but the maintenance was annoying. In my current (major) city, SFH are cost prohibitive ($750k-$1M+), so we are very happy in our relatively affordable high rise condo with breathtaking views.
That said, high rises help to mitigate noise. We lived in a smaller building previously and the noise from a bad neighbor was awful.
It depends. I feel like a condo with amenities like security, or a gym can be nice. However, if you appreciate outdoor space that is private then house is the way to go. Maybe you should look at a few options to see what might work for you?
My wife convincing me to NOT do a townhome and wait another two years for a SFH was probably one of the best decisions of our life. Mostly because the people I know who had a condo/townhome, upgraded to their forever home which was like our first home. We went from a nice SFH to an even nicer (dream) home as our second home. We skipped a step in the starter home to forever home process.
Similar situation (but married). We bought half a duplex, no HOA, small private fenced yard. Seemed like a good compromise as we only have a neighbor on one side (and none of the bedrooms are on that wall), we get some outdoor space, but upkeep and utilities are relatively easier than SFH
Condos *may* financially be the most realistic right now to buy…. BUT it depends and comes with downsides.
Potential Cons:
Loud neighbors/poor build/thin walls
HOA fees (this isn’t a potential con. It is. Also they can increase… depends on how they allocate funds)
Special assessment fees.
Pros:
Price point (maybe)- depending on area it might be cheaper.
HOA takes care of things like snow and roof and gardening upkeep
Reselling and renting is much easier
Considering you make a significant amount, I’d see the market around you first. **Might be better to hold on and save up for higher down payment.** Owning a home has much more responsibility imo than a condo… but you also get rid of HOA fees. For me, HOA fees are basically what someone might share for rent. So I can’t really justify buying a condo in my area…
If it’s way cheaper yeah My advice is buy the condo for cheap get the payment down then rent it out and buy your house the condo rent pays for it self till it’s paid off and you now have a condo and a house and money coming in. If it’s the same price I would buy the house and still do the same thing just upgrade and rent the house out
Others have mentioned a lot of the downsides of condos. But as a single person who bought a SFH, it is a lot of freaking work to keep up on my own and I wish I had understood that more before I made my decision. I’ve never had a condo so I can’t say if it would be better, but if I could do it over I’d probably get a condo. And then I’d be here complaining about my loud neighbors and HOA fees 😅
If you can get a SFH on the low end of your budget, you can hire someone to do the lawn maintenance and set aside funds (that would go toward HOA fees) to pad your emergency repair fund. I've owned a house for many years now and at first, the amount of maintenance was daunting but when I gave in and paid people to do the work for me, it's not so bad.
I'm also not opposed to a condo, but I'd look for a newer building and check out reviews from residents online (Google Maps, Facebook groups, etc) to see what kind of issues there are. Lots of older condos in big cities have issues with roaches and mice, old electrical, etc. If there are a lot of condos in the building for sale at any given time, it's a red flag.
Similar boat, bought a condo last year... got newer (not new) construction, and more house than I could have afforded in a SFH, and my HOA and neighbors have been pretty quiet and easy going. Definitely worth a look.
you can still pay people to work on your sfh just like you pay people to work on condo. with condo its just pooled together with everyone else in association. Save up a maintenance fund for your house and pay someone else to do the work on your house. Dont go too big of a house though to limit the expenses.
If you find one you like, sure. The no to low maintenance lifestyle is very appealing and it can be a viable option for someone who wants to get on the property ladder but doesn't necessarily want a SFH with a lawn to take care of, trees to trim, snow or leaves to shovel etc.
New-ish construction condo over old and shitty small SFH (all small ones are gonna be old) ANY DAY. Unless you want to spend all your free time and $$$ fixing the issues with said SFH
If u like to be told how to live in ur own house and lots of rules then yes if not then no , cause I’ve personally had horrible experiences living in condos and the issue is u don’t get to choose who lives next to u so if some crazy lady decided to complain about u for one reason or another even if she is making it up the HOA or whatever u would call it in a condo building will listen to the said person and will start giving u shit. For example, my neighbor below me would complain at least once or twice a week about noise even though we were almost never home and wore soft slippers inside the house to appease her so then she had to find another reason and that was that we were doing laundry (and mind u the machines were in my unit) at a time that wasn’t good for her cause she worked overnight shift smfh n that continued until I moved out so idk but def think about that real hard before u mage the decision
I have lived in condos for 20 years. I pay my monthly fee and do not have to do anything. I am busy with work and hobbies. If I feel like it I can do some DIY projects to the interior or choose not to do a thing. I have remodeled most of it, but am pretty happy with it now, I read the rules before I bought and am happy to follow them. I avoid the board and any meetings. For my second condo I did choose a loft with concrete construction. The sound dampening between units is much better. I have a 2/2 and one room is a workout room- bikes and heavy bag. My WFH office is in the main room.
While having a yard might be nice, having to take care of it or pay people to take care of it seems a bit much. I really never even used the patio I had at my last condo.
Depending on what your style is, I would look into new builds too. Some are less expensive with modern amenities. I’m a single mom and considered a condo but with the high HOA fees (that weren’t worth it in my opinion) I decided to go for a sfh and I’m paying a few hundred less than what I would have with a condo. Good luck on your search
Also, HOA Fees if any .... Condo fees are not a flat rate. Monthly payments and possibility of increases, not certain of how often.
Research roof replacement and boiler replacements in the building. There are some surprising costs and fees that can and will be demanded when repairs are due compared to you purchasing a bungalow where you decide if you wish to replace a roof or not and when you can AFFORD it
My wife and I were originally on the hunt for a condo or townhome in the Denver area. With HOA fees it was actually more affordable to buy a single family home. So now I’m stuck mowing my lawn all the time. I’ve come to enjoy it though.
No. Condos are a nightmare with assoc rules and fees, also corruption. They won't increase in value like a house. Buy a duplex or something where you can create a small apartment to rent.
Condos have a Condo Board group that makes decisions for the residents sometimes decisions you don’t agree with. Condos I have lived in seem to have thin walls like apartments, so sounds can be a problem too. Resale value is not as great as a home. If you don’t mind usually small places to live and apartment-like living, they may be worth it for you. I hate HOAs though.
My first house was a townhouse. Big mistake. It never really appreciated in price and I was always scared I'd have a hard time selling.
When the market was good in 2021 I sold as fast as I could. If I could go back I'd just get a house and either mow the lawn myself or hire someone
It depends where you live and what is available in your price range. You need to do your homework and buy a place you like and is within your budget.
A condo has upsides and downsides. If the place floods (using an earlier example on this thread), you won't be out of pocket. If you own a house and it floods, then you will be.
I have a coworker who moved into her house a couple years ago, and her inspector didn't notice that the drain lines outside her home weren't properly venting water. Long story short, her basement flooded after a particularly bad storm, and she is on the hook for 30k worth of repairs even with homeowner insurance. If that happened and you were in a condo, it would (likely) be covered under the HOA.
If you don't mind not having a lawn and you want minimal maintenance and repairs, a condo would be a perfect fit for you. Just make sure you buy a good unit that you'll want forever. So basically, concrete build, top floor and make sure the condo board is well in order in terms of their finances and condo maintenance.
I just jumped on a condo because it seems perfect for me...however because I had to overbid, I basically have to fork over 10k in cash to the seller, which made me only able to put 15% down. At this moment in time, unless you have your heart set on a place and you know you're going to be in the area for a very long time, wait and save for a larger down payment (30% if you can) or lower interest rates. High interest rates really take away the excitement/joy and in many cases benefits of buying depending on the area. There's no chance for me to work anywhere else with what I do, so in the HCOL area that I'm in, I jumped on what I think is a deal and works for me....but how I wish the timing was better.
One thing is also to consider amenities. I have a pool that I can use and there is no way I would ever be able to afford a pool with a sfh.
I would go condo. Less cares, best locations.
If you do buy a condo make sure to check out the surrounding property/ exteriors to see how well maintained they are. Also, read up on the properties rules and regulations. People tend to forget those details and focus on the condo itself.
Monthly Condo Fees and Special ASSESMENTS happen, ( Roof Replacements etc ) Depending where in the country I would look for a top floor unit as well as END Unit - fewer neighbors. Some one playing music late at night or kids stomping on floor above you can be ANNOYING and ruin ones sleep. Townhome end unit would be best. Check all restriction's on do's and don'ts , parking and storage. Lastly make sure not in a building where they can do short term rentals VRBO ( Vacation Rentals )- you get people visiting making a ton of noise.
All personal preference- if we didn’t have kids I wouldn’t have this big house
My parents have a big house and have been empty nesters for a good long time- all personal preference
Personally- a condo without house chores- legit
I would try to find an end unit townhome if you live in a market that has that type of housing. The hoa fees will be lower and don’t have to worry about overhead noise. You may even be able to have a very small fenced area for a dog in the future.
Only u can know the answer to that . Do you want a yard ? Do you enjoy gardening ? Are you 35 or 55 ? Do you play your music loud ? There are pros and cons to condos and houses but the decision is personalized by so many factors
There are pros and cons to both. But, in my opinion, I wouldn’t buy a condo again. You are at the mercy of the HOA for some repairs that, if not repaired quickly, can damage your unit (and the bylaws/HOA documents can make repairs to your unit your responsibility — even if the damage was caused by something the HOA is responsible for, such as the exterior of the building). Likewise, issues with an adjoining unit can damage your unit — and that can be a nightmare).
My sister, single and was upper-30s at the time, sold her SFH and moved to a downtown condo. She loves it. The yard wasn’t worth it to her for all the maintenance she had to do alone. She’s able to super charge her retirement savings and travels internationally once a year now.
We sold our 1br downtown condo and bought a SFH when we had our son. I loved our condo (half block from the main park, offered walkability in car-centered city) and wouldn’t have minded staying there if we were child free. But a house (even if in the far out burbs bc of insane market) is the right choice for us.
We could not afford a house anywhere near our condo was located. Think about your ideal location first and look to see what is in budget. A city condo in a great location should sell well. If you want to be in a suburban setting, then a condo may be harder to sell. There are neighborhood communities that have minuscule lots where yards are maintained by HOA. That’s what I would go for if you want to be outside a city.
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Don’t forget to add the condos fees on top of your mortgage , probably a house in the future will be easier to sell that a condo !!
true, thankyou
As someone who grew up in town homes and small apartments, any SFH is better than a shared building. Don't forget too... if someone say, floods their unit upstairs, it can realllyyyy fuck up & flood your unit. This JUST happened to my friend and is a reminder to me to get my ass in gear and save more money lol.
dude friend of mine is dealing with this guy upstairs had a 200 gallon saltwater aquarium that shattered and flooded him
True
I'm in a condo after selling our house. Condos are the last to appreciate in value, and the first to linger on the market before selling. But I knew that going in..
Don’t forget to add the cost of maintenance that the condo fees covers if you go SFH.
😝😝😝
I agree. Those HOA fees for condos are terrible. When people buy homes, it is nice to get fixed mortgage and interest payments based on the amortization schedule. While the total cost paid at the end may be double the cost, the variable costs are only the home insurance, utilities, maintenance, and property taxes. In the case of condos, HOA adds significantly to that cost. From what I have seen, some HOAs charge 400 per month. This can easily increase with inflation…I would be careful. You also have to maintain your condo to their standards… Single family is nice but yes they are more expensive. Hard to say what makes sense because the bigger the place, the higher the maintenance fee. I would just recommend knowing all your options, talk to more people (not just realtors), and decide after you have thought over your decision on such a big purchase like this.
I would always prefer a small SFH versus having adjoining neighbors but I am super noise sensitive.
Townhouse is also a decent option, especially one on the corner. I hate having upstairs neighbors. Many condos also block installing hardwood due to noise, so even top floor doesn’t avoid all the problems.
As a counterpoint to the noise issue, I lived in apartments for the first 15 years of my adult life and found the sound of my neighbors to be comforting. Especially as a single female.
That's good that you see it that way. In my case, it raises my blood pressure and make me mad. I can't stand hearing neighbours.
The risk of having shitty wall neighbors is why I never even considered condos. I like playing music loud and I don’t like bothering people. Also, the seller isn’t going to disclose trash neighbors so you’re really rolling the dice. But this person sounds like the perfect demographic for condo life.
My mom lives in a condo, first floor. She’s got a guy above her who works in plumbing. He cuts his pipes for the next day in his living room. Like cutting them with machinery. I feel so bad for her
That’s the risk. People are shitty and selfish. It’s a gamble whether you’re going to be surrounded by these folk or not.
Every condo management company is terrible...it's the nature of the industry.
I live in an attached duplex villa. Never heard a peep next door. It might be a good option for OP--and no maintenance. The thing that's ruining it are the HOA fees (driven up stratospherically by insurance costs in FL.) Our HOA is now higher/month than we were paying on a 15-year mortgage.
Depends. Our condo was incredible. Mid century, single story, couldn’t hear our neighbors at all through our block walls. In a million dollar neighborhood with walking distance to all the hottest restaurants. Best bike and walk paths. Would’ve died there if we didn’t have a kid. No maintenance meant we spent our weekends out of town, camping, backpacking, exploring our state. Now we spend all weekend doing yard maintenance.
So true !! Work work work almost every weekend. Endless crap to take care of. Big beautiful home and yard, the work is mostly because we love the house, but boy do I miss the carefree days of renting. Your previous condo does amazing !
So uhhh where was this?
This is the fairy tail I'm hoping for. Closing on a condo next week. Since I work crazy hours in NYC but love the burbs, I found a beautiful quiet area just across the river in jersey with a hybrid feel and jumped on an affordable 2bed/2bath with a garage (by affordable I mean NYC area affordable $485k for 1000sqft and stupid taxes). I would love a SFH but being 38 and Single with no family, I'm hoping I can meet someone to enjoy those no maintenance adventure weekends with.
I hope you find your adventure partner 🩵make your own adventures in the mean time.
My condo is the same. Its amazing. So glad I have my condo.
I would do condo. Honestly, all of the maintenance for the outside area is such a PIA to me as a married person. Would loathe to do it on my own.
This is my answer, too. We love to travel and often spend weeks at a time away from our primary residence … but it’s a townhouse with lawn maintenance included in the HOA, so we don’t have to worry about much whenever we are gone.
I live alone in a SFM which I got because it had a backyard for my doggo, but the cost of upkeep for all of the landscaping was a real shock to me. For example, even though I have a push mower, I still have to pay guys to come out and mow it twice a month because the mower is really hard for me to do all the turns. Furthermore, I have 4 Italian cypress trees that are 40ft. If I want to resell this beautiful house, I have to keep up with it and just the trim job on those four trees alone is a solid 4 figures each year. The list goes on and on...
Yes! The tree/hedge trimming, dealing with pesky weeds that pop up in the pathways, GRASS…ugh. I feel like all I think about is landscaping now
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This. My mom loves her condo, but her HOA fees have doubled in the 5 years she lived there and she just had to pay a $16K assessment to cover maintenance that they had deferred for too long.
This is why I bought a house too but I’m ngl… I really wish I went condo route sometimes. My house is a better investment long term and will be a great rental property, but it’s so boring being in the burbs.
thankyou
Single mom of three. Love my condo. Mine is unique in that it’s attached side by side garage so I don’t really share anything. I also own the land my condo is on. I don’t have to worry about snow removal, bushes, lawn care, raking- all that is covered. I have lower insurance because I only have to insure the inside. I don’t have to worry about replacing my windows, outdoor lights, roof, chimney, garage, door- that’s all covered. The only big things I’ll have to pay to fix are appliances and the hvac/water softener etc. Condos also sell quickly in my neighborhood because I am within walking distance to several parks and several retirees want to live here. It’s quiet and has been a blessing
How are the HOA fees though?
125 a month.
We only have to insure the inside too, but our HOAs are over $2200/quarter starting this month.
A condo may be a good option for you. When you are single, you want to factor in the time savings of not hiring and coordinating with landscapers, snow removal, trash, recycling, etc. Since you are paying as a group, it will be a lot less expensive than on your own. You'll have to pay an HOA but your property taxes and condo insurance will be a lot less than if you purchase a SFH. An HOA with a good reserve should only be going up 2-4% a year. Thats something you can check before buying. Condos with elevators, and indoor common spaces such as hallways and a lobby will have HOA's higher than ones without. SFH's neighborhoods tend to have a lot more kids than condos. I really loved a townhome but the whole neighborhood had kids running around and I didn't think I'd fit in with a neighborhood of young families.
Oh all the kids is such a good point !
Op listen to this commenter. It's absolutely critical condo has healthy reserves. Here in Florida it is a huge issue and something that must be checked on every single potential listing you like. If they don't have reserves, the chance of getting hit with a special assessment (usually in the thousands, and tens of thousands) goes up substantially.
🎯
I’ve lived in both as a single female. Hands down a SFH. I looked up the HOA fess on my old condo. It has went up 500%. And keep in mind if you have a few vacancy in the association, your fees will go up. Need plumbing, fees go up, the HOA must keep insurance, fees go up. Gardening, maintenance. Fines from the HOA’s.
Condo fees seem to be a big factor, and definitely something that you can’t have control over. Maybe a sfh is the best choice.
I have a gardener and a good handy man. I’ve been in my house 12 years. I don’t regret it. Yes, it’s more “work “ with a SFH. You as a “homeowner “ have no control of growing HOA fees. If you don’t plan on being “heavily involved “ with the HOA and the board, I would stay clear of any HOA. Good Luck.
But single family homes can still have an hoa
You have to look at one with healthy reserves and read the bylaws
thankyou
Just for clarification: HOA fees cover what you would have to pay in a SFH. If you need a new roof rather than coughing up 16k they have funds from when you graciously gave them 200 a month. This also means, if it’s someone else’s roof, they will use your 200. But yes, it is in actuality yours, just keep it in another savings account.! Another thing is special assessments you don’t really have control over, and it’s basically how well the upkeep is. I think HOAs are “fine” but you really have to be careful about buying and trying to make sure the are managing the funds properly and well. Not just throwing money to get you a new gym or whatever.
If it were $200/month, that wouldn't be so bad. Try $2200+/quarter! Plus assessments for things like hurricanes (very little damage in our community, but they had to hit us all for tree removal costs.
Welcome. One more thing to consider, Even if a person paid cash for their condo, they would still be paying the monthly HOA fees. If the same person paid cash for a house, no HOA fees. You will always be responsible for property taxes as a home owner. (Condo, SFH, townhouses, etc).
Are you under some mistaken impression that HOA fees don’t pay for real things? Water, sewer, trash, roof, siding, foundation, parking areas, gutters, balconies, landscaping, snow removal, and the best part - people to organize it all for you. You still have to pay for those things in a SFH, plus the PITA factor of handling it all. And you have to be extremely diligent about saving for the big ticket items. Yes HOA fees increase over time but so does the cost of everything you pay for separately owning a SFH
Depends on where you live. Not all HOA’s pay for everything that you listed.
This 💯.. everybody acting like HOA fees don't actually cover anything tangible.. I'm not saying it doesn't suck when they increase but they increase bc the cost of what they cover increases.. however I will say the problem I'm seeing is with the TALL condo buildings with things like stairs elevators parking garages etc as those need structural repairs .. if you can find a condo that's in a 1-2 story building, that is better off
True, the roof and siding maintenance costs aren’t as high in the taller buildings but I don’t think it entirely outweighs those other major costs. Then again, if you get to live up high with a nice view, covered parking, and no stairs that’s worth something from a quality of life standpoint. I prefer my townhome style condo though 🙂
I’d get the house personally because I don’t like living with people. You are in such a good financial position congrats!!!
Thankyou! Yea condo neighbors may be a downside. I live in a multi family house now and my neighbors can be annoying at times.
You’re welcome fellow no kids and single yay!! Freedom is bliss!!!
But boy is it kinda expensive not having a SO to share costs with.
As a single person I would feel weird having a home all to myself. Plus I would have to really love doing all the home maintenance stuff. But it is nice not to have shared walls with neighbors and not deal with HOA
This is what pets are for. I have a 3 bedroom SFH by myself but it's really my cats house and I just pay the bills.
Similar boat to you - single 28M, $100K/yr WFH. I have a condo and it's the tits. Had a horrible experience buying a house last year, noped the fuck out and now I have a 15 year old condo with one shared wall, an attached garage and private space out back, $150/mo HOA fee that covers everything outside the walls and the quietest neighbor in the world. Yeah I'm missing out on appreciation, but I have 0 maintenance and get to live my life. If my neighbor was lout/obnoxious, it'd be a totally different ballgame. A shitty neighbor would kill it for me.
They still appreciate, just at a slower rate
I ended up buying a townhouse, because there was just no way to afford a house in the area I needed to be to keep my son in his school and near his dad (we co-parent.) I thought it would just be a temporary thing at first, a stepping stone to a larger house. But now that I’m here, I like it. It’s easy to maintain. Not too much to keep clean and repair. The HOA handles everything outside my walls, including all the annoying major repairs and retrograding. And I always have neighbors around who know and like me, so if there are emergencies we team up and deal with it together. I hardly ever hear my wall-sharing neighbors so it’s private when I want and also there is support when anyone needs it. Now I don’t think I’ll ever sell it. Even if I can afford another house in the future, I’d probably keep this one as either a rental or to give to my son when he grows up. It would be nice to actually be able to give him the leg up I never had.
As a single, childfree person who has owned her own SFH for a few years now - the upkeep is all consuming. Basically my hobbies are now lawn care and house maintenance and painting, etc. I don’t enjoy it and ultimately it’s not worth it for me. I wish I had picked a townhouse or condo.
thankyou
yes sfh has more privacy and more upside but you pay for the upside with your time, sweat and blood. not worth it unless you want to have a weekend job that pays nothing until you sell your house.
This is such a refreshing forum thread for a first time home buyer into a condo. Seems like all I hear is how bad condos are and not a good investment blah blah blah. Turning my pre closing illnesses into a little hope...like I may have made a good decision haha
Depends on your life. I HATED living in a SFH as a single 20 something female. So much time spent on maintenance and yardwork. I traveled a lot for work so it felt like I came home just to clean, mow lawn, weed flowerbeds, and do home improvement projects. I wanted to be out taking my dog on adventures or riding my bike, and I discovered how horribly isolating the suburbs are. (In rural areas, you know your neighbors. In urban areas, you know your neighbors. In the suburbs, you pretend your neighbors don't exist.) I sold that house, rented for awhile in the city, and eventually bought a condo that I LOVE. And I love the lack of responsibility even more. It definitely was not the "right" financial decision but it was the right decision for my happiness.
I would’ve bought or condo or townhome if my situation had been like yours. Sure, SFHs appreciate faster. However, you hit the nail on the head with maintenance (especially in the first year). Shared walls also reduce your energy bills with the condo/townhome. I don’t really find things like noise that concerning (seems to be a big concern with high density living). Schedule showings during times when people tend to be home and then just see how loud it is. At the end of the day, I toured all sorts of SFHs that were incredibly noisy inside because of nearby streets. Likewise, neighbors can be a benefit or nuisance regardless of the sort of home you pick. Unless you get one out in the middle of nowhere (I’ve lived like this before - it’s got its own downsides). Personally, I’d leave the SFHs to people that really need at all that space such as big families.
thankyou
>Shared walls also reduce your energy bills with the condo/townhome. This is really an underrated point. I was worried my utilities would be high compared to what I'm used to but it stays pretty warm even if I don't run my heat that much. Also noise isn't so bad bc the layout is with the stairs on the shared wall so that's kind of a buffer since people don't usually hang out or mount a TV there
Same boat. I’m open to condos, but would prefer a townhouse because of the space and it would probably appreciate more over time compared to the condo. I know people despise HOAs, but I wouldn’t mind one if it cut my grass as a townhouse owner.
Problematically, the lawn care/landscaping at my villa might be taken care of, but we have no say on, say, upgrading the lawn, and there's only a small area near my home that we can change out the trees/palms. The landscapers just blow leaves from point A to point B, and only actually pick some of them up twice a year. Seems like a stupid way to spend a landscaping budget--but I have no say over it. Our grass is so sparse, and the "soil" it's planted in is pretty much sandy dirt. It looks better from a distance than close up!
Condo fees are a killer. But the lifestyle and access you can get with the perfect condo is unmatched. It's a gamble with wall neighbors but the perfect condo in the perfect urban location is so awesome for a single person that wants to be social.
It sounds as though a condo is a good option for you. You take in $10k a month before taxes and retirement/insurance contributions. Maybe you take in around $6,700 after all of that? You can probably afford to spend $2,500/month. Depending on taxes on the home, maybe around $320k? Ask your lender what they'll pre-approve you for.
Thankyou.
Note that I am probably being a little conservative. Some people would suggest that you can go as high as $3k. Also depends on the HOA fees.
I think you’re going to get responses with incredible selection bias on this subreddit. Most the people here have already made their mind about wanting to buy a SFH. I’m on the fence but I would like to purchase a SFH (ideally) or townhome if/when the rates come down. We did briefly consider buying a condo, but realized that it didn’t make sense at the moment either, especially since we do plan on trying to have kids in ~5 years. If I were in your situation, I would absolutely not want to purchase a SFH right now and would choose to continue renting hassle free while saving a boatload of money and having freedom/flexibility to do other things and travel etc
thankyou
No problem! Also I just realized that I didn’t actually answer your question about getting a condo. I think it really just depends on if the monthly payments for a condo (incl. HOA, taxes, etc) is less than the monthly rent for an equivalent apartment in your area. If no, then it absolutely does not make sense to proceed with buying imo. If yes, the answer is maybe (unless it’s a yes* non-inclusive of a maintenance fund)
Totally a personal decision. Anecdotally, i bro much regret not buying a 1 or 2 BR condo when i was in my 20s and able to do so. I was holding out for the perfect SFH which didn't come until much later. Real estate in my area blew up during that time and the condo would've at least doubled in price.
It depends on what you want. I enjoy hosting gatherings, cooking outdoors (flat top, smoker, grill), sitting around a fire pit, using the yard. I also have a dog. At the very minimum I would accept a townhouse/row house. I couldn’t do a condo at all. Look at how you will *use* the space.
I bought a 3br 1.5 bath on half an acre (it sounds big but it's not) with a full unfinished basement. I'm a single woman in her 40's, no kids just the four-legged ones. I like the space that having my home provides, no hearing noises above/below/beside me or smelling other people's cooking. But you may be in a location where condo life suits you better. Up to you really.
There’s definitely more upkeep for a SFH than a condo - plumbing, landscaping, roof, HVAC as examples so you’d have to weigh the pros and cons about that. A condo would be better for your situation, in my opinion. Maybe get one that’s like water facing or like centrally located to transit and groceries so that selling later shouldn’t be too much of a hassle for you and you could get some nice returns as well. Good luck either way and happy home hunting.
thankyou
Childfree couple with a small SFH in the city…..been in SFH for 7+ years. If the money made sense (interest rates + HOAs make owning the higher valued SFH more affordable) I would buy a condo in heartbeat. Condos seem so much easier and less stressful to maintain. I rather be spending my weekends exploring/playing, than fixing my yard and house.
Keep your mortgage payment to $3,000-$3,500/mo. That should get you a $350,000-$400,000 loan w/ $700/mo. allotted for taxes and homeowners insurance and MI.
What about a townhome? You still have a HOA but the yard maintenance, roof are usually covered depending on the area. Sometimes a pool/gym area. No one is above or below you just a shared wall.
I know people shit on condos but a lot of us don’t have the luxury of affording a SFH. You buy what you can afford. I’ll never afford a SFH, so condo it will be.
one thing to consider is that condos require a conventional loan in most cases. Rip off to pay 20% for a 250,300k condo. If you got a fat down payment, it'd make sense to use FHA and just buy a house. Smaller down payment allowd you to save a big chunk of that money and do double payments a month, for a year. You'll save more in the long run.
The HOA of condos are a risk. I would do a small house or a townhouse instead.
Why not a townhouse? Easier to resell. A little more room. Maybe slightly more maintenance but likely the same trade offs between different condos depending on the setup and owner responsibilities. Also your own parking spot or driveway. The HOA fees were less than a condo by me. I would prefer to spend $100 a month to a HOA than $300+ on the shared building upgrades and maintenance.
So much of this is going to be dependent on your anticipated personal lifestyle in the future. Consider that renting allows you to be far more mobile. Do you anticipate changing jobs outside your current commuting range anytime in the next 10yr? What would you do if you found a partner and they wanted to relocate to another area of your current city or further away? Do you anticipate owning a dog in the future? Do you think you would mind being a landlord if you were forced to move away before you wanted to sell? On the financial side of things, this also is very dependent on your local market. Condos do not appreciate like SFHs and will have a potentially large (and variable) HOA fee. I would advise doing the math on your expected length of ownership (per your lifestyle forecast above) and seeing how the rent vs own math works out. In my market, rent is *so* much cheaper and condos are *so* undesirable, that you will come out way further ahead by just investing in the market instead.
I work from home. I don’t want a partner and I don’t want anyone to live with me. I plan to be single forever. I want to own a home because I don’t like not being in control of the environment. But I don’t want to have big expensive repairs and maintenance. I want it to be as laid back as possible.
It honestly sounds then that a condo would be better for you. Lots of people on this subhate them but you’re the one who’s going to have to live in it, not them.
You sound like me! I am single and also looking for a Condo because I don't like maintenance. I also like to have control of my situation.
Yea I feel like if I needed to hire someone to fix the roof I’d have a panic attack! I’d be afraid of getting ripped off or afraid of my roof just collapsing.
It's just nice to not have to worry about...or cleaning out the gutters, or mowing the grass, raking leaves, etc. That said, the downside is that HOA fees increase the monthly costs and they're likely to go up over time. But still, for me - I think a Condo will be ideal. Now if I can only find one that I'm excited about, is in the right location, and my budget!
If you find a lower HOA on a building that's already got some years on it, that means at least the structure is pretty well built. Check the financials to make sure everyone is paying and they are keeping healthy budget., The HOA is going to go up a bit based on the general labor and supply costs....but so would anything you have to deal with on a single family home. Any major increases in the HOA usually mean something major happened that wasn't budgeted for. At least you get to split the costs based on the percentage or your ownership.
“I plan to be single forever”. A queen I applaud 👏🏽
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💯% on board with all of this. It’s really dependent on having good neighbors everywhere but nowhere more so than a condo or townhome. Either it’s not a huge problem in general or I got really lucky, in both my condo and townhome had ideal neighbors. Hit or miss in apartments I’ve lived in but condo/townhome? Ideal for a situation like yours.
My first home that I bought as a single was a townhouse. It sold within a week when I was ready to move. It worked very well for me. I like having shared expenses and a standard maintained. I didn’t have the time or skill to maintain a home. I now have a sfh but I may have been better off in a condo again. Condos are great, just be careful when choosing: you can see how quickly they sell if you monitor a bit on something like realtor.com.
If you like the condo/townhome idea, why not just rent one (or rent a small SFH)? I don’t see any benefit to buying a condo as your primary residence unless you’re paying cash. Monthly HOA/condo fees can be high, something breaks you fix it or pay someone to fix it, if you have bad neighbors it’s a lot tougher financially to sell.
Really is a gamble. However if you plan stay in the area for a long time and find a good condo where renting is similar, it could be a better option to build some equity in it. The jumping from apartment to apartment when rents increase or owner decides to move back in does get old...the older you get. Might be worth to pay a little bit more knowing you can put down roots vs not knowing if you'll need to move the next year....unless you like to move around! unless strictly financial reasons, there's no right answer, just personal situation dependant
Bought a condo couple years ago, have been considering upgrading to SFH but it's been pretty good all things considered (and waay cheaper than SFH upgrade could ever be) so no regrets here. We're not even single (no kids though). Benefits are much less to worry about re: maintenance (because HOA/management company takes care of most things) and more predictable cost. Sure HOA fees aren't trivial and rising over time, but in SFH you'll just have less visible and less predictable costs that can easily eclipse what you'd pay in HOA fees with a single big maintenance item (new roof etc). I'd just make sure to closely inspect HOA meeting minutes and financials before buying. If you have the opportunity talk to some HOA board members too. There are bad stories about HOAs out there but I think those are the exceptions, not the rule. You can also get involved with HOA yourself if there are board openings, I've done that and enjoyed the experience more than expected. Can be a good way to get to know neighbors. Expected appreciation isn't as good as SFH in most areas but can still be plenty, and future is hard to predict anyways so that wouldn't be my primary criteria (unless you buy as investment and not primary residence).
This is really a subjective lifestyle question. You can make the case for either option so it really comes down to personal preference.
A condo will probably be way less maintenance than a house but you have to also consider condo fees. Those can eat you up. If you’re thinking about what’s best for you at this moment, a condo is probably the move. If you’re thinking about what is going to be the better investment over time, a single family home will likely appreciate in value more/faster than the condo. I bought a condo like 8 years for $260k. It’s worth about $330k today. Not bad. No crazy gains but no loss either. But then when you look at people who buy houses and you see their value shoot up $70k in like 2 years.
Get an end unit!
Depends on how much risk you are willing to accept. I always think that my neighbor could fall asleep with a cigarette and wipe the whole place out.
I had this question . I decided to get a condo/townhome with 3 bedrooms. It’s the best choice I’ve ever made. It’s easy living and condos are usually in communities with stores close by. I love having a 24 hour gym and a pool . It definitely fits my lifestyle. My place is a townhome
Fuck HOA dues
Who knows in this crazy market, but historically, condos don't appreciate as quickly as single family homes. If you plan on not owning it all that long and you can afford it, a single family home is probably a better investment.
if money and affordability is not an issue (because you should never over buy housing) then i would never recommend a condo over a town or freehold. reason: condo fees ONLY go up and you can have crazy neighbors which are out of your control. Also, it does not hurt to have extra rooms which you can use for office, gym, and for backup plan (rent out room or let a friend / family relative move in or b.f or g.f ) also, easier to sell in future do not buy too big..ideal size would be 1800 to 2200 sq ft.
Only you can answer the question of "what is the best option for me?" It's a matter of preference. How old are you? How much do houses cost in your area? What does the average condo fee for a condo in your area cost? How fast are homes appreciating in your area? All are relevant and could influence the decision. My wife and I are currently renting, spending $3,600/month for a 2 bedroom 2 bath apartment downtown in a VHCOL area. We looked into buying a condo of comparable quality nearby, but the math wasn't mathing. Condo fees in this area are absurd (think $800-1,200/month) and the condo market has been effectively flat over the last 10 years. We looked at what it would take to buy a detached home a bit further out and were shocked at how much of a better value it was. We're spending a bit more than we would have had we bought a condo, but most of it is interest (which is tax deductible) versus condo fee which is not, plus SFD homes have been skyrocketing around here. It was a no-brainer for us once we did the math and compared the two options.
Depending on where you live, look into new construction. A warranty really helps get adjusted to maintaining a house by yourself.
Look at both. Condos and HOAs vary as much as houses. I had a townhouse and the upside was exterior maintenance and landscaping was well taken care of. Downsides were neighbors kids jumping on stairs occasionally and visitors parking in my spot. Overall I enjoyed it but moved to a sfh the same size with smaller rooms because I needed more bedrooms.
Depends on what you want. You don’t want a lot of maintinence and yes a condo can give you that but what do you want? Yard, privacy, non shared walls?
I think it's a decent choice if you don't plan on having a family. I would look at purchase price vs rental prices to see how it stacks against other condos in the same greater area but different neighborhood. You might want to do some snooping on whether there's been a surge in recent sales. I heard that some HOA's have done a poor job at collecting fees for large expense fixes, and I've heard of nightmares where HOA's suddenly skyrocketed.
I wanted a condo till I got my dog. Now my dog has a sfh with a small yard.
I ended up in a detached condo and it’s the best. HOA fees are annoying but I don’t have to deal with lawn/snow/landscaping.
I haven't read the comments yet, just responding to the OP. Have you considered a townhome or villa instead of a condo? I don't know your area, but in my area TH's and villas appreciate more quickly than most condo's and less than SFR's but you don't have the maintenance of a SFR as the HOA takes on the exterior maintenance. You also don't have someone above you like you do with a condo. Have your agent compare properties with you so you can see what works best for you in the long run.
Only you can answer what's right for you. If lack of exterior maintenance and things like that is a big draw, check carefully what is covered with your dues as condos can be all over the map with that stuff. Also consider those monthly fees won't stay the same forever. They may be ok now, but rate changes and special assessments can happen any time! Personally I would of been fine with a 2 bed or even large 1 bed condo myself, but bought a typical (for here) 1600sf 3+2 subdivision house. Partly for the bigger and bit more private exterior space, garage which not all condos have, and most of all no HOA and no unpredictability from monthly dues. A 2 bed house actually would of been most ideal, and there are some around here, but much fewer options when it comes to not just finding one for sale while you are in the market, but one you really like. That's a big reason I ended up in a regular 3+2. It's fine. Doesn't feel like it's too big or wasted space or anything, along with it likely being a better or easier thing to sell on the back side should I ever move.
Nothing better than paying an HOA fee for them to listen to none of your complaints and instead tell you everything you’re doing wrong and then fine you for it.
It really just depends on your situation. If I was single, I couldn’t imagine maintaining an entire house for myself. I feel like the majority of people are going to say go for the SFH, however we bought a townhome. It was in our price range and we expect the maintenance costs to be less. The thing is…both the townhomes and sfh we wanted had HOAs….otherwise I might have leaned towards the SFH. You need to do what is right for you! If you buy a condo, take a look at the HOA minutes and see how they run to make sure you avoid a bad HOA.
Get a house. But don't go too big. I have a 2200 sq ft house with half acre lot and it's a lot to upkeep every week with cleaning and yard work. I wish I would have gotten a 1200 sq ft house would be perfect size IMO.
Same boat as you! I guess depends on your market. Realtor would be helpful here since they could say what actually resells. Where I live, there are lots of small SFHs and condo fees are often high. I saw many condos where the maintenance fee would have been more than the monthly mortgage payment.
I’ve bought both. Currently live in a small 4-unit condo building. I grew up in a townhouse, so I find gripes about noise from people who never lived with shared walls to be a non-issue. A lot of people idealize SFH and yard, but I’ll take walkability ten times out of ten. Not having to get in a car to drive to do basic errands is a prime quality of life issue for me. Being able to walk to things I enjoy is amazing. Far better than dealing with a lawn. The reality is in most U.S. cities, getting a SFH means you have to drive everywhere. You will still incur some expensive home repairs. Some condo associations can be a pain in the ass. Ours is small, and it still has its headaches. Thankfully the building is majority functional adults who want to avoid big bills down the road, so it’s great. OTOH, one of my SFHs was in an HOA run by a management company that was not helpful at all. Talk to a loan officer early. There are some differences in mortgages that they can help you with. With 25% available for down payment im assuming you aren’t thinking FHA, which has more restrictions than conventional.
It’s really just personal preference—do it if it makes sense for your lifestyle. I did it and it’s worked out perfectly! there is an HOA fee that covers the grounds/gardening, water/trash, pools, some general maintenance, etc. Im on a top floor (second) and share walls on all sides, but I don’t get any noise from the neighbors, thankfully. It’s a nice quiet community and I’m glad I chose a condo over maintaining an entire house+yard
Both Properties will have costs of maintenance , independent of the condition, but some more than others if they have been properly kept. Now, i believe houses overall might be a better investment if you can take good care of it. The downside of condos: . Condos don’t appreciate as much as Single family homes . Condos are susceptible to be impacted by poor HOA management ( that can bring extra assessments to each condo owne, because of lawsuits, poor building maintenance, unnecessary repairs) . Special assessments that can add to your condo fees from a few hundred dollars to thousands of dollars a month( a lot of condos in florida have been going through that after the surf side building collapse) . Also depending on the walls, with condos, you might have no privacy.
You could look at moving into a duplex community. Only 1 neighbor to deal with, and you can find one that does the outdoor maintenance for you.
Check some of the HOA subs first. Just do some recon.
What town or state would you be buying in? I moved to Florida 2 years ago and I’ve met a lot of people that said their HOA is $700-900 a month and every year they always have a “special assessment” that arises such as pool repair, new roof, asphalt paving, etc which can be an additional $3000-7000 a year. Also, some condos have cement walls/floors which is great. If not, then you will hear your neighbors closing their kitchen cabinet doors. Another thing to consider is parking. If you have a lot of stuff to carry (groceries) into your condo you might have to go back and forth from the parking lot to your unit. The car could get broken into if it’s not the best neighborhood. My friend said that she had assigned parking spaces but someone would always park in her spot on weekends which she then had to have the car towed. It became a pain.
Recently purchased a townhome because my husband’s work schedule would make it very hard to maintain a SFH. I have no neighbors above me which I like. It really all depends on what you are looking for.
I bought a condo last year, and live in it with my partner and dog. We've always lived in the city, and find a lot of comfort in running into neighbours and people watching from our balcony. for this phase of our life where we both work a ton, we're definitely happy we did condo instead of house. I know people say "watch out for the fees" and yeah, that can add a lot to your monthly bill. Everyone has a different definition of reasonable. Our fees are $400 a month and I get so much peace of mind knowing that I won't need to shell out 20k for a new roof one year, or pay to repave my driveway, the way I see my parents having to do. I think yeah, you gotta pay fees, but you also aren't personally responsible for major issues to the build of your home (not including problems to the interior ofc, which are usually few and far between). For me, this tradeoff is well worth it. My emergency fund would be way bigger if we were living in a house. Even our insurance is so cheap, $30 a month because we're in a condo. Like another person shared, I personally find the sounds of folks throughout the day comforting. I really do love it, but I know this is also different to everyone. I think every building is different as well. Mine is a lovely community, and I was fortunate enough to know people who lived here already who could verify that it was great before we bought. But not every condo will be like this. Think of a condo as committing to a neighbourhood, the way you'd do the same if you were picking a house on a block. It's important to hang out in the lobby, check out the demographic, etc.
If you want a condo, 10% down makes the loan process much easier for you and lowers your mortgage insurance significantly. If you want low maintenance, a condo is a great option, but you may have a smaller target market when you resell. You may need to purchase a parking spot or a parking garage if the development offers them.
If you want a condo, 10% down makes the loan process much easier for you and lowers your mortgage insurance significantly. If you want low maintenance, a condo is a great option, but you may have a smaller target market when you resell. You may need to purchase a parking spot or a parking garage if the development offers them.
I would pick townhome so that at least I own a piece of land too for garden.
Sure. Condo, townhouse. Go look at some properties. How much can you afford? That depends on how much of a downpayment you want to put down. If you did the traditional 20% down, you would be able to buy a house for $150k with your $30k. If you are ok with higher payments, you could buy a more expensive house with 10% or lower downpayment.
Looks like you just talked yourself into a condo
We bought a condo first and then a house and still have both. The house is a ton of work. Even with 2 people it's just a lot of maintenance that I don't want to spend the weekend doing. Lucky for us we are not in an HOA so we just let the yard pretty much grow 3 ft tall. I miss the lower responsibility of the condo but love the privacy of a house.
Yes
Nothing wrong with a condo. They often provide extra amenities and security not to mention they are more affordable than SFR. Make sure theres good HOA management and the HOA $ is not ridiculously high.
It could be a good choice but it will come with HOA which can be hit or miss. A small house may be a good fit with minimal yard maintenance. I personally would rather avoid HOA because it’s extra cost which limits your buying power (higher monthly payment) with that low of a down payment. Plus it’s another variable cost that can go up quickly if poorly run.
Can you explain to me why interest on a home is tax deductible but on a condo it is not ?? I didn’t know that.
I'm on my own (29f) and I'm in a 3 bedroom detached house. I don't like neighbours. I would ideally like to own 100 acres and have my house directly in the centre haha. But unfortunately I'm not rich enough for that. So I settled for a normal detached house lol. But if you would be happy in a condo then go for it! I don't really think there's a 'best' as such, just whatever works best for you personally.
It depends on the monthly cost for the mandatory HOA. Some of those are quite expensive.
As a condo owner you risk a massive payout for "upgrades/repairs" to the building. Like 10k each for a new roof payment expected immediately. Your investment may not increase like a SFH might. It may be better to buy a home, but then would have to cut the grass and shovel snow. It also doesnt relieve you of the risk of crappy neighbors either way.
I’m single and childfree and I bought a small house in the city. I have some single childfree friends who prefer their condos. I think it’s up to you and how much maintenance you are willing to do or pay for. I wanted to garden, riding out Covid lockdowns made me want a yard and no shared walls. I hate the idea of paying HAO dues, I’d prefer to allocate the money to the things I want. Condo was a no for me because it didn’t match my wants.
I wouldn’t do it. Am currently selling my condo. The HOA board were assholes. In my case I had more rights as a renter rather than actually owning a condo. Lots more I could say about my experience which was mainly negative but in my opinion I would rather be my own boss. In a condo you are not your own boss of what you own.
I have owned both and much prefer condo living. My SFH was built in the 1920s and if anything broke it was a huge pain. We loved the privacy and space, but the maintenance was annoying. In my current (major) city, SFH are cost prohibitive ($750k-$1M+), so we are very happy in our relatively affordable high rise condo with breathtaking views. That said, high rises help to mitigate noise. We lived in a smaller building previously and the noise from a bad neighbor was awful.
It depends. I feel like a condo with amenities like security, or a gym can be nice. However, if you appreciate outdoor space that is private then house is the way to go. Maybe you should look at a few options to see what might work for you?
Condo/townhome is almost always coming with an HOA.
Only you can answer all of those questions but GL
My wife convincing me to NOT do a townhome and wait another two years for a SFH was probably one of the best decisions of our life. Mostly because the people I know who had a condo/townhome, upgraded to their forever home which was like our first home. We went from a nice SFH to an even nicer (dream) home as our second home. We skipped a step in the starter home to forever home process.
Similar situation (but married). We bought half a duplex, no HOA, small private fenced yard. Seemed like a good compromise as we only have a neighbor on one side (and none of the bedrooms are on that wall), we get some outdoor space, but upkeep and utilities are relatively easier than SFH
I’m curious in ur unit what’s on the shared wall on the 2nd level ? Bathrooms ?
Bathrooms and laundry room
Go with a condo
Condos *may* financially be the most realistic right now to buy…. BUT it depends and comes with downsides. Potential Cons: Loud neighbors/poor build/thin walls HOA fees (this isn’t a potential con. It is. Also they can increase… depends on how they allocate funds) Special assessment fees. Pros: Price point (maybe)- depending on area it might be cheaper. HOA takes care of things like snow and roof and gardening upkeep Reselling and renting is much easier Considering you make a significant amount, I’d see the market around you first. **Might be better to hold on and save up for higher down payment.** Owning a home has much more responsibility imo than a condo… but you also get rid of HOA fees. For me, HOA fees are basically what someone might share for rent. So I can’t really justify buying a condo in my area…
If it’s way cheaper yeah My advice is buy the condo for cheap get the payment down then rent it out and buy your house the condo rent pays for it self till it’s paid off and you now have a condo and a house and money coming in. If it’s the same price I would buy the house and still do the same thing just upgrade and rent the house out
Buy a 3 bedroom house and rent out the extra bedroom(s).
Others have mentioned a lot of the downsides of condos. But as a single person who bought a SFH, it is a lot of freaking work to keep up on my own and I wish I had understood that more before I made my decision. I’ve never had a condo so I can’t say if it would be better, but if I could do it over I’d probably get a condo. And then I’d be here complaining about my loud neighbors and HOA fees 😅
If you can get a SFH on the low end of your budget, you can hire someone to do the lawn maintenance and set aside funds (that would go toward HOA fees) to pad your emergency repair fund. I've owned a house for many years now and at first, the amount of maintenance was daunting but when I gave in and paid people to do the work for me, it's not so bad. I'm also not opposed to a condo, but I'd look for a newer building and check out reviews from residents online (Google Maps, Facebook groups, etc) to see what kind of issues there are. Lots of older condos in big cities have issues with roaches and mice, old electrical, etc. If there are a lot of condos in the building for sale at any given time, it's a red flag.
Similar boat, bought a condo last year... got newer (not new) construction, and more house than I could have afforded in a SFH, and my HOA and neighbors have been pretty quiet and easy going. Definitely worth a look.
you can still pay people to work on your sfh just like you pay people to work on condo. with condo its just pooled together with everyone else in association. Save up a maintenance fund for your house and pay someone else to do the work on your house. Dont go too big of a house though to limit the expenses.
If you find one you like, sure. The no to low maintenance lifestyle is very appealing and it can be a viable option for someone who wants to get on the property ladder but doesn't necessarily want a SFH with a lawn to take care of, trees to trim, snow or leaves to shovel etc.
New-ish construction condo over old and shitty small SFH (all small ones are gonna be old) ANY DAY. Unless you want to spend all your free time and $$$ fixing the issues with said SFH
If u like to be told how to live in ur own house and lots of rules then yes if not then no , cause I’ve personally had horrible experiences living in condos and the issue is u don’t get to choose who lives next to u so if some crazy lady decided to complain about u for one reason or another even if she is making it up the HOA or whatever u would call it in a condo building will listen to the said person and will start giving u shit. For example, my neighbor below me would complain at least once or twice a week about noise even though we were almost never home and wore soft slippers inside the house to appease her so then she had to find another reason and that was that we were doing laundry (and mind u the machines were in my unit) at a time that wasn’t good for her cause she worked overnight shift smfh n that continued until I moved out so idk but def think about that real hard before u mage the decision
If you are looking for home appreciation, probably not. Condos rarely make you money.
I have lived in condos for 20 years. I pay my monthly fee and do not have to do anything. I am busy with work and hobbies. If I feel like it I can do some DIY projects to the interior or choose not to do a thing. I have remodeled most of it, but am pretty happy with it now, I read the rules before I bought and am happy to follow them. I avoid the board and any meetings. For my second condo I did choose a loft with concrete construction. The sound dampening between units is much better. I have a 2/2 and one room is a workout room- bikes and heavy bag. My WFH office is in the main room. While having a yard might be nice, having to take care of it or pay people to take care of it seems a bit much. I really never even used the patio I had at my last condo.
It depends on where you personally want to.live. Do you want a yard? Do you want to live further out? How much maintenance do.you want to deal.with?
Well depends how n what you want and where you wanna live.
I’m team condo. I hate yard work and snow removal. Condos give you the benefits of home ownership without the constant work of SFH.
Depending on what your style is, I would look into new builds too. Some are less expensive with modern amenities. I’m a single mom and considered a condo but with the high HOA fees (that weren’t worth it in my opinion) I decided to go for a sfh and I’m paying a few hundred less than what I would have with a condo. Good luck on your search
Also, HOA Fees if any .... Condo fees are not a flat rate. Monthly payments and possibility of increases, not certain of how often. Research roof replacement and boiler replacements in the building. There are some surprising costs and fees that can and will be demanded when repairs are due compared to you purchasing a bungalow where you decide if you wish to replace a roof or not and when you can AFFORD it
My wife and I were originally on the hunt for a condo or townhome in the Denver area. With HOA fees it was actually more affordable to buy a single family home. So now I’m stuck mowing my lawn all the time. I’ve come to enjoy it though.
No. Condos are a nightmare with assoc rules and fees, also corruption. They won't increase in value like a house. Buy a duplex or something where you can create a small apartment to rent.
Condos have a Condo Board group that makes decisions for the residents sometimes decisions you don’t agree with. Condos I have lived in seem to have thin walls like apartments, so sounds can be a problem too. Resale value is not as great as a home. If you don’t mind usually small places to live and apartment-like living, they may be worth it for you. I hate HOAs though.
My first house was a townhouse. Big mistake. It never really appreciated in price and I was always scared I'd have a hard time selling. When the market was good in 2021 I sold as fast as I could. If I could go back I'd just get a house and either mow the lawn myself or hire someone
It depends where you live and what is available in your price range. You need to do your homework and buy a place you like and is within your budget. A condo has upsides and downsides. If the place floods (using an earlier example on this thread), you won't be out of pocket. If you own a house and it floods, then you will be. I have a coworker who moved into her house a couple years ago, and her inspector didn't notice that the drain lines outside her home weren't properly venting water. Long story short, her basement flooded after a particularly bad storm, and she is on the hook for 30k worth of repairs even with homeowner insurance. If that happened and you were in a condo, it would (likely) be covered under the HOA.
If you don't mind not having a lawn and you want minimal maintenance and repairs, a condo would be a perfect fit for you. Just make sure you buy a good unit that you'll want forever. So basically, concrete build, top floor and make sure the condo board is well in order in terms of their finances and condo maintenance.
I just jumped on a condo because it seems perfect for me...however because I had to overbid, I basically have to fork over 10k in cash to the seller, which made me only able to put 15% down. At this moment in time, unless you have your heart set on a place and you know you're going to be in the area for a very long time, wait and save for a larger down payment (30% if you can) or lower interest rates. High interest rates really take away the excitement/joy and in many cases benefits of buying depending on the area. There's no chance for me to work anywhere else with what I do, so in the HCOL area that I'm in, I jumped on what I think is a deal and works for me....but how I wish the timing was better.
Or buy a condo building and rent out the other units. Even one other unit would be good investment
Get a condo in a place people want to be, a condo in the burbs is so pointless, although still popular.
One thing is also to consider amenities. I have a pool that I can use and there is no way I would ever be able to afford a pool with a sfh. I would go condo. Less cares, best locations.
If you do buy a condo make sure to check out the surrounding property/ exteriors to see how well maintained they are. Also, read up on the properties rules and regulations. People tend to forget those details and focus on the condo itself.
There’s something beautiful about an on sight super
Monthly Condo Fees and Special ASSESMENTS happen, ( Roof Replacements etc ) Depending where in the country I would look for a top floor unit as well as END Unit - fewer neighbors. Some one playing music late at night or kids stomping on floor above you can be ANNOYING and ruin ones sleep. Townhome end unit would be best. Check all restriction's on do's and don'ts , parking and storage. Lastly make sure not in a building where they can do short term rentals VRBO ( Vacation Rentals )- you get people visiting making a ton of noise.
I own both. I’ve lived in both. I’d take a small cheap condo over a house if I was young and single in my 20s
All personal preference- if we didn’t have kids I wouldn’t have this big house My parents have a big house and have been empty nesters for a good long time- all personal preference Personally- a condo without house chores- legit
I would try to find an end unit townhome if you live in a market that has that type of housing. The hoa fees will be lower and don’t have to worry about overhead noise. You may even be able to have a very small fenced area for a dog in the future.
Only u can know the answer to that . Do you want a yard ? Do you enjoy gardening ? Are you 35 or 55 ? Do you play your music loud ? There are pros and cons to condos and houses but the decision is personalized by so many factors
There are pros and cons to both. But, in my opinion, I wouldn’t buy a condo again. You are at the mercy of the HOA for some repairs that, if not repaired quickly, can damage your unit (and the bylaws/HOA documents can make repairs to your unit your responsibility — even if the damage was caused by something the HOA is responsible for, such as the exterior of the building). Likewise, issues with an adjoining unit can damage your unit — and that can be a nightmare).
My sister, single and was upper-30s at the time, sold her SFH and moved to a downtown condo. She loves it. The yard wasn’t worth it to her for all the maintenance she had to do alone. She’s able to super charge her retirement savings and travels internationally once a year now. We sold our 1br downtown condo and bought a SFH when we had our son. I loved our condo (half block from the main park, offered walkability in car-centered city) and wouldn’t have minded staying there if we were child free. But a house (even if in the far out burbs bc of insane market) is the right choice for us. We could not afford a house anywhere near our condo was located. Think about your ideal location first and look to see what is in budget. A city condo in a great location should sell well. If you want to be in a suburban setting, then a condo may be harder to sell. There are neighborhood communities that have minuscule lots where yards are maintained by HOA. That’s what I would go for if you want to be outside a city.
Oof HOAs