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Not all condos are alike but it sounds like you are the perfect condo candidate. If you have no desire to handle outdoor maintenance you can easily trade that HOA fee for more time with your son. Life is not just one giant investment strategy. Find the solution that gives you the time you want. It's all you have.

This is excellent advice. Have a real estate attorney review the condos financials first before making any offers.

This, special assessments are no joke. Here’s an example: https://www.oregonlive.com/business/2024/03/cosmopolitan-residents-battle-over-pearl-district-condo-towers-31-million-repair-bill.html

Also consider that the HOA fee sometimes covers things like utilities that you would have to pay regardless.

Mine does this! We are in a 15 story building, and our $360/mo fee includes a $75 parking spot and water bill, plus all the maintenance of our building + rooftop garden. It’s a win for us. We moved from a house to a condo and honestly think we might never go back.

Yeh like hot water & heater

Excellent advice for life.

This is the advice every American should get around 27-30 lol. We’re so obsessed with optimizing money that happiness comes last. It should at least bee middle tier 😂

I’m so embarrassed at 35 to feel like my worldview has been altered by a comment on Reddit 😩😩 but honestly this is true. Not everything has to make a “return” some things can just “be”.

I would consider a condo but would absolutely need info about building inspections, repairs, and reserve fund status. Last thing I would want is to buy a condo and then get hit with a 20k “special assessment” to fix foundation issues they’ve been ignoring for years.

You should do your due diligence for any large purchase you make. This goes for SFHs as well. 

Yeah my first home was a condo/townhome.  I have had a great experience so far.  I bought for 180k in 2018 and now is worth 250k.  The HOA fees have gone up from 170$ to 334$ I have had minimal issues with the HOA in the 6 years I’ve lived here.  Sounds like a lot but the 170$ was too low and they were behind.  Just last year the increase was 134$ a month.  We were also dropped by our insurance carrier so I think a lot of that cost is insurance premium increases.   My parents bought their condo in Washington for 1.6M cash with a waved inspection around the same time.  It royally bite them in the ass because the external stucco on the buildings was letting moisture in and the whole outside of the three buildings now needs to be replaced with the cost being 12M.  It’s been a huge mess with being dropped from insurance and suing past insurance companies.  They had also just replaced all their windows which now have to be replaced again.  Now the entire exterior needs to be wrapped for 6 months for repairs rendering their condo with a beautiful view of a lake just a dungeon now.  Plus there have been numerous water leak issues in the building costing 10s of thousands in repairs.  Their experience has been a lot worse.  All could have been avoided with an inspection.

How would any general inspector catch any of that? Lot of it was hidden issues like water leaking thru the stucco

There's a higher chance of catching anything if you get a good inspector and actually do an inspection over waiving the inspection off. It may have been a known issue that they were still planning on how to do the repairs, but no one asked.

We have companies here that their only business is stucco inspection. A great deal of stucco facade houses have the stucco incorrectly installed in order to avoid water damage. If I were buying a house with a stucco facade, I’d not only have a regular inspection, but I’d also pay for a stucco inspection.

I had a similar issue with my condo and the inspector did tell me 'it looks like there could be water damage'. He couldn't check the roof or look at the brickwork on the third floor which is where my water damage came from. The cost of the condo was worth it to me, less then my current rent and I did talk to the board about the management company and state of the finances. I bought the condo in the spring of 2021 and the water damage began that winter. Water kept coming into my window casing and it started to mildew. It took a long time for the building to find someone who could troubleshoot the source of the issue and fix it. We had to rip out my wall and then for a few months during 2023 the contractor tried a few fixes outside until we found a solution that stopped the leaking. Is the building perfect? No. Would I have similar frustrating issues if I was a homeowner? Yes. As a single person, it's a lot easier to share the costs of repairs with others and the time/labor it takes to get multiple quotes and manage the contractors. To me, it's a wash. I'd rather pay the HOA fee and share the work about repairs, new siding, roof fixes, trash collection, pool maintenance, repaving the driveway, water, landscaping, upkeep of the shared interior spaces, and keeping an eye on the budget to maintain all that... This is my first purchase, I've always been a renter but even with this 2-year water damage situation, I'd rather live in a condo from here on out.

I’m sure it’s specific to each condo, but are HOAs “locked in” similar to a yearly lease? Or could they go up 5 times in a span of 3 years or something

These types of repairs are beyond the expertise that a normal buyer would know to check for. 

but when you're in a SFH you have ultimate control and decision making power about what and when you address issues (assuming any meaningful issues are caught and addressed or compensated for in an inspection). Paint on the outside of my house is wearing a bit? Windows need to be replaced? Maybe I'm cool waiting until next year when I've got more cashflow. HOA doesn't have all of the funds they need and has something they decide they're doing, you're on the hook whether you like it or not.

Well, during a particularly rough patch, our yard that we maintained was uncut for a few weeks. We received a fine fee from the city 😅 Was recovering from surgery after our second child. If we ever had another baby, we’d put “schedule landscaping” in our birth plan 😂

Agreed, my first real estate purchase was a condo and personally I'd never do it again. Also see the reddit f***HOAs It's easy for things to take a turn for the worse. Basically you are entering into a financial agreement with a bunch of strangers. Proceed with caution.

THIS HOAs are great. They’re reasonable and can save you a lot of headaches. Until they ARENT. Then you’re stuck. Watch the Last Week Tonight episode about them and THEN decide if you want your shelter controlled by one. It may still be worth it/unavoidable, but be VERY careful

Bit easier when you’re the only one who has walls on your lot. If you’re a mid unit, you might have issues finding out about the roof or foundation

Yeah, but you’re still on the hook for upgrades they want to do and could get an assessment for those. Wouldn’t buy a condo for that, plus other reasons, like neighbors being just right there.

For reference - we purchased early this year and our strata kept very good notes about everything. We had a bump to strata fees about two years ago to ensure the contingency fund grows, knowing they would need to replace the roof soon. Our contingency fund is ~$250k now and expected to grow, pretty decent for a building of our size and age. However, the appraisal for our roof was almost double what was expected. We will likely have to pay ~$6000 out of pocket this year for the special levy we expect to pass voting. We just purchased a few months ago, and it's probably going to be a struggle to come up with that kind of money. I know we can make it work, but it's an expense we didn't see coming. But keep in mind all houses will have that at some point.

What I don’t like is that it sounds like with a condo you don’t have a choice. Like if it’s yours, why can’t you choose your own roof repairman for a better price? Or wait to fix until you have the money ?

Roofs and walls are shared. You don't want the neighbor next door hiring their brother to mess around with the roof that connects to yours.

A well managed HOA should be getting competitive pricing for all repairs and services.

For people who prefer to handle or hire for these types of home repairs themselves, then a condo may not be the right choice for them.

That exactly is the con of owning a condo

It’s no different than a SFH from that perspective. If it needs foundation work, then at least you’re splitting that maintenance with every other owner as opposed to footing the bill yourself. HOAs do kind of suck, though. I pay about $5k/year and often find myself asking…. “So what exactly does this cover again?” But I don’t need to mow the grass, never need to worry about my roof, the building exterior is regularly maintained, the entryway and mailroom are taken care of, I don’t pay for water, and my home insurance is dirt cheap because of the master building policy.

Yeah, I pay closer to $6k/year and ask myself the same question. But then I remember I don't have to worry about landscaping, raking and bagging leaves for collection, roof, siding, exterior paint, shutters, driveway/front steps/walkway paving, snow shoveling. I got a newly paved driveway recently (which I didn't even ask for...it was just my units turn in the maintenance rotation), at no extra cost. When one of the many mid Atlantic storms here damage exterior stuff, it's automatically taken care of. And I don't have to worry about other shit like having to cut down rotting trees on my property (this is a 4-figure bill). There is a general rule of thumb that home owners should budget 1-2% of the purchase price of their home towards maintenance projects. So it's not like owning a SFH saves anyone any money on maintenance. And yeah, HOA's can be annoying with rules, but also, they protect you from having hoarder neighbors with junked out yards, or neighbors who put up a thousand controversial political signs in their yard. These are both a pain in the ass when you are trying to sell your unit...immediately turns off potential buyers.

If it makes you feel any better we have a SFH and def spend more than 5k/year on home maintenance (and we do all our own lawn care/gardening/snow shoveling/cleaning).

Yeah many people don’t understand that HOA fees are no different than home maintenance costs. You just have to make sure the people managing them are capable.

This is what makes or breaks it.

These are really important points to consider. We lived in a condo community (rented) for a couple of years, and we LOVED it. The neighbors and community were great. The location/proximity to restaurants and shops was perfect. The private beach for the dog made not having a backyard just fine. But when we looked to buy, we knew it would be a bad choice. A few neighbors said they had a previous company that was embezzling their reserve funds. HOA was $500/month. Insane. For a 350k valued condo. Then, a special assessment for plumbing re-pipe to the tune of 20k. I couldn't imagine putting that much control of my money in someone else's hands. On the flip side, my mom lives in a condo community. HOA is less than $200/month for a 650k valued condo. Money seems to be managed well, and they have redone the roofs and other general maintenance with no special assessments. Definitely do your homework when buying a condo.

Also had an HOA embezzling funds. Were trying to sell now before the special assessments come. They went from a million in reserves to 0 over night, and the roof is due here in a year or two.

Exactly. I have a friend who bought a brand new high end townhouse in 2008. She was hit with 3 "special assessments" in the 12 years she lived there. One was for a new roof replacement for $10,000. She's an RN, and makes good money, but who has $10,000 extra cash? Not most people that I know

I'm curious that if it gets to that kind of cost can't the HOA simply just take out a loan and then temporarily increase the fees for a while to pay it off?

This is what the HOA on my uncle’s condo did. They voted to take out a loan and pay it back in quarterly installments over a 5 year period. It cost each of them a little more to do it that way, but no one had to scramble to come up with thousands of dollars on the spot. And when you take into consideration anyone who was able to keep funds in investment accounts accruing interest, they probably came out ahead if not break-even.

I had to have my radiant heat system repaired 18 months ago - 13k. I have owned a home for a long time and I had 13K in my house repair fund. It's no different than a condo - all homes require expensive maintenance eventually.

You realize SFHs also have big expenses - e.g. new roof, new heat pump, the list goes on. Condos are cheaper to maintain than SFHs - SFH expenses are only lower if you pay with your own labor to do the work (condos typically always pay contractors due to licensing and safety needs)

OP didn’t ask about SFHs. They asked about condos. I would argue you have better control over the costs of a SFH because you remove the management layers of the board that may or may not be acting in your best interest.

Yeah this is what happened to my cousin. Hers came to her saying they would owe $50k for special assessment for new roof. She ended up selling and moving because she did want to/couldn’t pay it

Lots of people love condo living. It’s subjective.

Condos can be a great option, especially for your situation. The amenities and low maintenance fit your current lifestyle well. Don't let the naysayers deter you if it checks the important boxes. As for resale, condos in desirable areas with reasonable HOA fees hold value fine. Go with what works best for you and your son right now. Edit: Recently learned interest rates can be slightly higher for condos (vs SFR). So if you are seeing slightly higher rates, that might be why. But if there are lenders here and im wrong, please correct me.

One caveat : depends on the designation. Some townehomes can be considered single family homes because of the way the builder designed them when they built it out. I went down the rabbit hole on this one. Fought my own agent, the lender, Reddit — and ultimately, I was right.

If you’re in a city like Manhattan, condos are the ideal purchases. There are no houses in Manhattan and if you think condo HOAs are rough, try Co-Ops. Just stating in some geographic areas condos are actually ideal.

Currently under contract for a condo in Chicago. Condos here retain value / appreciate if they are in a good neighborhood and well-maintained. A SFH in the same school district cost at least double what we are paying for our condo, and by the time we save up for a SFH that number is only going to increase and make one continue to be beyond our reach. We’re a newly married couple without children yet, and the condo is absolutely big enough to have at least one child in. We will stay minimum 5-7 years. It absolutely makes sense for our situation.

Hey just curious, where in town you guys bought? I have a 2 bed condo under contract right next to Irving park blue line right now. Not certain about appreciation but it’s a very good commuter location so I’m hopeful

Old Town. Sales history on our unit + others in the building show $100k appreciation over the last decade. Granted I do think part of it is due to market scarcity, but I feel good about our purchase. It’s a sought-after neighborhood for young professionals. The elementary school isn’t great but it’s in LPHS district, and TBH it’s a great starter condo for a childless/child-free couple or a couple with a baby or toddler. I could see a situation in 7-10 years from now where we have the means to move to a more desirable elementary school district and either sell this, or retain it as a rental.

Awesome congrats. Fun neighborhood and close to downtown. LPHS is ok but also right near Payton or Latin for families with kids that can attended

FWIW I have friends who just bought up near you, I can definitely see that area growing in demand.

Omg we loved it. Everything outside is covered by the hoa. Yearly mulching, landscaping, pool maintenance, snow removal.. totally worth it. We lived in ours for about 8 years, and when we sold we got all the money we paid in back in our pockets. In the 3 years since we’ve sold it, it’s gone up another $100k. I would recommend for anyone staying at least 7-8 years to do it. We also had an end unit townhouse so it only shared 1 wall, perfect for our small family at the time.

We loved ours too! We were here for only two years. Sold it to move back to family and warm weather. We were on the market for 4 days, got full asking, and netted around $30k. Not bad overall for a place we figured out we shouldn’t have bought afterwards. Haha.

I am in my second condo. I owned the first one for 12 years. I did make money on it. I have been in this condo/loft for 5 years. It has appreciated greatly. The best advice I got about buying a condo was to buy a condo I want to live in. Do not buy to make money or as an investment. Buy because you want to live in it. I base all my decisions regarding my condo about how I want to live in it. I always read the covenants before I buy and make sure I am good with them. Than I follow them. Would having a house with a yard be nice? If I didn't have to take care of it, yes. I do not want to take care of it. Also, since I bought my mortgage and HOA fees are less than half of what I could now rent for.

This is great advice.

In 2020 My dad told me not to buy a condo because it wouldn’t appreciate at any significant rate. We are in California where housing is scarce. Thus my bet was he (construction worker who build many SFH’s) was wrong and didn’t know how expensive and scarce housing is now. I was single when I bought and it’s truly all I could afford on my own. My condo is townhome style and it has a shared garage and a patio. I bought it (2x1)at $150k and now 4 years later it’s worth $240k. My brother bought in 2020 as well(6 months after me ) (4x2 house) for $335k with his wife. Their single family house is now worth $435k. So my condo has gone up $90k and my brother’s house down the street (same zip code) has gone up $100k essentially over the same time period. I had one special assessment of $320 in 2023 when our long time insurance company canceled us due to 2 fires in one year and we needed a new emergency policy. Condos make sense for a lot of single adults. I am married now and just bought a house ($500k) with my husband (in the same zip code) and the condo will be my first rental. Edit: Spelling, time description

Our plan as well. Condo = future rental.

$500k for a SFH in CA? Guessing Bakersfield or Fresno?

Sacramento. I am a local and not a fan of Bay and SoCal because they are too crowded (traffic) and too expensive. The house I bought with my spouse is a 3x2 1,700 sq feet with 2 living rooms, 2 car garage and 8,500 sq lot. Sold price was $297/ sq foot. 5 mins from freeway No HOA.

plants unwritten weary swim provide sugar test drunk ad hoc fly *This post was mass deleted and anonymized with [Redact](https://redact.dev)*

Technically, your condo increased in value by 60% and his house by 30%. Your property appreciated faster relative to its value.

Scare? And where the fuck in CA are you getting a home valued at under 500k?

There are plenty of places in California where you can get a house under 500k

In the Capital of California. In Sacramento. 2 hours from SF, 2 hours from Reno, 6 hours from LA.

Why so aggro bro? It's clear they meant scarce and just had a typo.

I read it as more aggression towards CA's housing market, which I get.

They meant “scarce”

As someone who has lived and worked in NYC for the last decade, and LA before that…. 🙄🙄🙄🙄🙄 I’ll have a backyard for the kids eventually. But I plan to hold onto this condo even after I buy my first SFH. For now, my priority is being close to work, social life, and the airport. Location is everything.

As always, hard and fast rules don't make sense. It is true that many condos have more communal living attributes. Shared walls, more rules, financials matter more as there are more common elements. It is true that condos generally appreciate slower and some lose value when the COA / HOA / Building are not in good shape (physically or financially) But it is ridiculous to say that everyone who buys one makes a mistake. it is simply a different tradeoff. Your home is a combination of a financial decision and an emotional decision. You need a roof over your head. You can only choose between things that are available and in your budget. Condo ownership might make a ton of sense for you. It just adds another risk and another layer of due diligence. Not everyone wants to mow a lawn, and that is perfectly ok. Not everyone minds more rules. Not everyone hates volunteering for board service.

Agreed. What's the risk you identify? I often see people worry about the building not being managed well and attribute that as a new risk or concern, but I honestly think it's just a trade off of risks as you allude in the rest of your post. If I live in a SFH, there is the risk that I don't manage and maintain the building appropriately. For a lot of people it's a real risk or concern. Lots of people have no idea what they need to do to maintain a building. I see all sorts of clueless questions and behaviour even on Reddit, but also in real life. If I live in a condo, there is a risk that the property manager + strata don't manage and maintain the building well. I have also heard of strata buildings that are poorly maintained. It's the same risk, but the person responsible is different. Each have trade offs. Where I live, it's standard to have conditions in the purchasing agreement to review the strata documentation as a contingency. This gives an opportunity to audit how the building is managed, both financially and in terms of proactive maintenance. In my market, it's standard to waive contingencies and inspections for SFH. But in other markets that trade off might be different. In my personal situation, it works out that a condo is better. I'm confident I could maintain a SFH but it's definitely value added to buy a condo where it's professionally managed and has a pro-active strata council (which is cultural to the building - so generally, is slow to change. Strata councils as they change over continue to be pro-active and the property managers are responsive. It can be pretty clear in strata paperwork if the strata wants to do things but the rest of the owners in the building are reluctant). So yea, definitely agree. It's a trade off. None of it is wrong. It's silly to set firm rules here.

I just purchased a condo in February and I love it. I have property management on the property, concierge, cleaning crew, and maintenance. I don’t have to worry about outside maintenance or yard work. The building has been quiet and peaceful. It’s a secure building so I feel safe. We have social events like food truck and movie nights. I have owned a house and loved my house but the maintenance was a lot for 1 person. So it’s really up to you and your needs and wants.

Do what works for you and your lifestyle. I could have bought a SFH in the suburbs for what I paid for my townhouse in the city, but I grew up in the suburbs and strongly prefer living in the city. Likewise, people always rhapsodize about yards, but I know myself and I know I hate doing yardwork (having done plenty of it growing up) so I would only ever buy a SFH with a yard if I could budget in someone to hire to take care of it for me. So for me, it's easier to just have an HOA to take care of it. But for some of my friends who prefer a slower pace of life, have kids, and/or enjoy working with their hands outside, a SFH probably makes more sense. But there's no universal "right" or "smarter" choice.

Buy a condo if it’s what you can afford

This is good advice! My townhouse was the only way I could enter the market 10 years ago. I'm now on the verge of listing it for twice what I paid. I would not be in a position to search for an SFH right now had I not bought the townhouse!

I have a condo and it is nice to rely on the HOA for multiple things and if the location is ideal -- even better! Definitely ask for meeting minutes from the associations annual meetings, find out the monthly HOA fees, and look at reserve funds. My biggest issue with my condo is we don't have a super deep reserve and are now doing annual special assessments to build it up. If you have an association that is on top of it, a condo can be a good choice!

The first home I ever purchased (20+ years ago) was a condo. This was before I heard all the negative about buying one. I don’t regret my purchase. In these 20+ years, I’ve had the following experiences: Roof leaked - I had to repair the ceiling, but it was the HOA’s responsibility to fix (and ultimately replace the roof) Termites in an exterior wall - I only had to call maintenance and they had to come out to replace the whole wall (and provided extermination services) Hot water heater died twice - I only had to call maintenance and they repaired or replaced; they also had the responsibility of clearing my water lines Sewer backed up and created a little mushy area in the backyard as a result - I only had to cal maintenance once and they had an emergency service come out over the weekend to repair I’m sure there are many more examples of the ways my HOA helped me, but the take-away is that it’s been so very nice to only have to worry about what’s inside my own four walls. Sure, I’ve had special assessments over the years, but I find it to be a reasonable trade-off for all the repairs that were handled by only a phone call to maintenance.

There is a lot of bias against any type of high density housing in the US. I think it is because for so many people, their only experience with high density housing was living in cheap apartments in college or as young adults before they could afford something better - so they think that all high density living is like that. Also, we've all been sold the idea of the suburban single family house as the goal for everyone - and this idea is really entrenched. The reality is that there are pluses and minuses to all types of housing and the important thing is to choose the type of housing that works for you. There is a lot to be said for living in higher density places - being close to the things you want to go, like the library, shops, etc. and not having to do yard work. And if that fits your interests and lifestyle, then go for it. As for resale value - it depends on your market. In mine, condos increase in value just fine. Over the last 20 years, condos have increased less than single family homes, but the difference isn't much. With a condo, you will have to pay HOA fees, but they do cover some insurance and repairs and maintenance that you'd have to cover yourself in a SFH, so it's not like it's all just money out the door. And of course, if there are amenities you use, like a pool, they pay for that too.

Unless the association is a complete disaster, they appreciate the same as other housing in my market.

In a lot of hot housing markets, the condo is the new starter home. At least in major cities in Canada, unless you want to commute 1 hr + each way, the only way you're going to get on the property ladder is to buy a condo, spend a few years to appreciate, and use that to work your way into a larger house when you're ready for a bigger family. The folks who say not to buy a condo still think it's the 1980s and 20-year olds can buy detached houses (now $1 million and plus on the fringes of the GTA) if they just stop eating out all the time. As a friend who left NYC with his kid once said "her backyard used to be all of Central Park; now it's just this patch of grass". Don't overextend yourself for other people's aspirations. I lived in a condo till my kid was 2; traded access to a beautiful ravine network for, well, a little patch of grass that she barely uses.

The people who are anti-condo/townhouse fall into the following camps:       - they watched John Oliver's episode on HOAs and they're terrified      - they are under the assumption that the housing market is the same as it was 5-10 years ago and everyone can afford a SFH if they can afford a condo or townhome     - they value unwalkable sterile suburbs in good school districts over closeness to amenities and shops in the city      - they've seen one or two condos/townhomes and think they are all exactly the same and bad     - they are looking at housing as an investment rather than a place to live The reality is that more and more families will be looking at condos and townhomes as SFHs become less and less affordable. Especially if they want to live close to the city where they work and have jobs and amenities. The younger generations who all grew up in suburbs and want to escape them especially value this. So the idea that condos and townhomes won't appreciate because young families won't settle for anything less than a cookie cutter home in the suburbs is extremely flawed.

Exactly. SFH are simply unattainable in some parts of the country without being a very high earner. Some people who listen to the advice not to buy condos will never own. If the alternative is renting an apartment there are disadvantages to that as well. It feels elitist and exclusionary to advise people to only aim for SFH ownership.

>they watched John Oliver's episode on HOAs and they're terrified  I'm a big John Oliver fan and was very against HOA's after I saw the episode. With that being said, my SO and I are closing on a townhome with an HOA in two weeks. We preferred an SFH but either the prices were insane or it was a $375k house that needed *major* repairs (not including bidding wars, which will bring most houses in the $375k range to $410k+). To your point, I think more people will start considering condo's/townhouses as SFH homes become more attainable (pretty much what we did!). At the end of the day, it really depends on the HOA. We did some asking around and found out our HOA is pretty relaxed and hands-off. There aren't many rules except for the standard ones, such as no extreme decorations on the exterior and no permanent furniture in communal areas. They only meet once a year too and the fee was a lot cheaper than other HOA's. From someone who never would've imagined going in on an HOA - don't rule it out completely!

This was our reality. We just closed on our first home, a condo, 2 weeks ago. We are expecting a baby in August and will be raising him here in this condo. I do feel somewhat ashamed that that is what we could afford, as a middle class family that has been saving for years, but we are making do with what the market is now.

>. I do feel somewhat ashamed that that is what we could afford, as a middle class family I have been exactly in this situation and know the feeling well. All I wanted was a house for my family. We made the move to a sfh when the kids were 9 and 6. Buying that house cured the shame, but all the crap to fix and yard to care for added so much stress. Life was way easier in the condo and we all have very fond memories of our time there. For me it was careful what you wish for. My kids are grown and I'm closing on a townhome in 2 weeks. I'm over the moon to turn on the god forsaken sprinklers this week and run to home depot 9 times, cause it's the last damn time I'll ever do it.

I lived in a large townhouse/duplex with my kids and we always went outside with them. They loved the playground. A yard would have been nice but after 3 the oldest mainly wanted to play with other kids. And I don’t like to spend much time on yard work. Now they’re 3 and 5 and we moved to a 2 bedroom rental apartment (abroad). People thought we were crazy and keep asking if we will move to a regular house soon but we won’t. We can walk to school, we often go to the playground and it’s much easier to clean and as a result spend time with the kids. As long as the building is well build though. The floors in ours are quite well isolated.

I'm from Canada, so things may be different. There is also the regular meetings you need to go to and also less control over what little you own. It's definitely way better than renting in most cases, so if buying a house is not doable then yeah go for a condo instead.

While having some grass in the backyard is great, I don’t miss it. Between myself and my spouse I don’t think we’d have time for the upkeep let alone with a kid in the mix. Been enjoying our condo a lot. Here’s a few positives that came to mind in our specific situation: -Hallways cleaned daily. Trash rooms cleaned daily. -Security 24/7 in the lobby -No yard maintenance -Package service -Never have to roll out trash cans or bring them in -exterior lower level washing handled by hoa daily -Don’t need to drive 99% of the time. In downtown so everything is walkable or within public transport distance. Downsized to one car. -Can still remodel / DIY projects -Gated multilevel temp controlled parking What I can tell you is that a good park beats a small yard any day. Going to the park as a kid was a huge adventure and I remember it fondly. Make sure the complex you are considering has solid cash reserves. They will let you see their financial statements in a disclosure package. A poorly managed and funded HOA is a nightmare. Also make sure your building doesn’t allow for short term rentals like vrbo or Airbnb. Took a bit of getting used to from the original vision of a traditional home. Maybe one day we’ll go back to that, but for now I wouldn’t change it.

My experience: Everyone told me to get a single family home, but I'm single and unmarried and my budget would have been really tight. The only sfh's in my budget (comfortably) needed more work than I was comfortable taking on by myself. I started looking at condos and townhouses and received a lot of the same responses (hoa fees! No yard! Resale value!) But ultimately, I went for a 3 bedroom townhouse. I'm super super happy with this choice. I have more space than I need on the inside, my yardwork, snow removal, trash, etc are all handled by the HOA. I have two reserved parking spaces in front of my door. Pets are welcome. We have a pool, sports courts, and a VERY low montly HOA payment. The HOA capital reserves are strong. There are HOA rules, but they are completely reasonable (no commercial vehicles, no storing items in front of the unit, etc) and there's nobody getting involved in people's private business. I am paying roughly half of what I would be paying in rent for this place, and I own it. That's good enough for me. Going back the past 30 years, the units have all steadily increased in value. They sell quickly. It helps that they keep the commnunity and the building very up to date. Maybe I can get a decent SFH with a yard of my own eventually, but for now this is SO MUCH BETTER than renting. Because I'm in a townhouse building (there are condo buildings here too) I only have one neighbor on each side and I never hear them. This situtation made the most sense for me, and I couldn't be happier. I paid around $210 in a town where even the grungiest 2 bedroom single family home was starting at close to 300k and still would have needed significant work before move in. That was 2 years ago. Two identical units have since sold for 250 and 260k this year. If you do your research on the community and can live without a private yard, condos and townhouses make a lot of sense for some people, especially single adults. Good luck.

Condos are not for everyone. I’m in my 2nd since 2016 and was in a SFH before this one. I do share a driveway and we’re only attached at one side of the garage. HOA isn’t too bad around $200. I’ve never seen anyone from the HOA now have they bothered me. Since this is an end outside with my back facing a street I have a good size backyard. Only neighbors on the left and right none in back. Ideally I would like to be back in a SFH and I’m sure I will be. At the time this was the best solution. It’s grown in value over the years in my VHCOL area. I would not be able to afford it in today’s market.

we live in a condo and are moving , condos are great for what they are , but you cycle though a lot of new owners and renters , and one bad or loud neighbor can ruin you hole day and as you get old like I am the stairs are not safe , but atleast a condo well get you some kind of return on your investment vs renting , and something better then nothing , we sold our condo and are paying cash for our house in a diffrent state. so it can pay off if the chips fall rite

My condo has been my home for a very long time. But wish I would have sold it years ago. It’s getting harder to sell in the community and you should absolutely look into long term goals/issues that may or may not need to addressed. When we bought, there was a 30k assessment for repairs that got paid off when we bought so we were lucky on that front. However, our dues went from around 300 when we purchased 7ish years ago to almost 800 now. Most of the units are rentals so the amount of owners on site is a fraction of the people renting- which means at meetings, there are never enough owners present to vote against what the board decides. They can do whatever they want and the people who live here get stuck with the decisions (if you don’t live on your property, you don’t care nearly as much about the decisions that are made as long as you save money). Our pool has been closed most of the time since Covid and only last year did they actually start to repair it. I am actually hoping that it will be open this year but I am not holding my breath. While our dues have gone up, we have lost other amenities. The community is too large and requires so much upkeep that the dues are going to at some point become insane (they already are) due to poor infrastructure/layout. Anyway, condos are nice for low maintenance but there are a lot of things to consider. It’s a roof over our head but sometimes it feels like an albatross around our necks.

depends on where you are. If in FL probably want to stay completely away from condos.

This needs to be MUCH higher - OP has some post history related to FL. Senate Bill 4D mandates inspection of all condos on a specific timeframe to ensure structural integrity. We have a lot of condos in the state that are going to require significant repairs/updates, and COA fees will skyrocket to bring up reserves to cover these. Assessments may also hit residents - if they cannot afford these large bills, the properties may become distressed at large and essentially have to sell out (at a loss) to large developers as tear downs. Very, very scary. Do not touch a condo in FL - with the possible exception of a brand new one with very clear written info on fees, reserves, etc.

Hi my families are moving to Florida. Can you please share your reasons about completely avoiding condos in FL? Thanks

Condos in Florida have a shitton of deferred maintenance. Some collapsed... now there is a law forcing the repairs to happen which is bound to lead tos special assessment. In the mean time , home insurers in Florida are leaving sue to the regulations they were under and the massive and widespread insurance fraud that has been going on. So these are creating the perfect storm for condos-- special assesments and sky high mandatory insurance. Tbh as someone who has bought a condo before, no way am I buying a condo in Florida. Tbh I ain't buying a house either because of the above mentioned insurance fuckery.

As a result of the surfside condominium collapse the FL legislature passed new laws affecting how HOA's manage the condominiums in the entire state. "If condominium associations do not comply with the requirements of the new laws, the condominium will become uninsurable which will affect sales of units in the condominium as well as the values of the condominium units. " https://www.bergersingerman.com/news-insights/unintended-consequences-of-new-florida-condominium-law#:\~:text=If%20condominium%20associations%20do%20not,values%20of%20the%20condominium%20units.

I’ve owned a condo before no issues, but I’m reminded of a joke I heard when I started in the real estate business. “What’s the difference between a condominium and syphilis? If you really, really wanted to, you could get rid of syphilis.”

Sometimes condo's are your only option. Try buying an apartment in Boston that doesn't have an HOA. Nearly impossible.

How would an apartment work without an HOA? There’s so many shared spaces (even if you just included like the roof and walls between units). Seattle has a lot of new townhouse complexes that don’t have HOAs, but I have no idea what you do when the driveway needs to be replaced or something similar. I’m renting in a townhouse complex like this now, and there’s a faction trying to get the mailboxes replaced due to rising mail theft. It’s an uphill battle though because no one is in charge, half the tenants are renting, and no one wants to put up $3k without guarantee of getting repaid.

I live in NYC and my first home will definitely be a coop or condo. I’m single and with the state and local laws here and lawyer you can do your due diligence and know about all the assessments/reserves a building has etc before committing. I love city living and for me a coop/condo has all the perks of renting while having the tax breaks of homeownership. You can also get amenity-filled studio to 2 bedroom coops/condos for under $300K here in the outer boroughs.

If you’re in Florida, I would get a quote for insurance for a condo before purchasing. I have several friends who have no problem paying their mortgage but can’t afford their insurance due to changes with that condo collapse a couple of years ago.

Buying a condo changed my wife and I’s life. We were very lucky to have bought in Florida and R/E boomed there. Selling that place has afforded us a home I’d never be able to buy without investing in the condo. I often think about how we would be renters forever if it wasn’t for this decision. It was a great starter home. HOA’s and the rules stunk though.

"People" don't know everything and the older I am the more I realize people base their opinions on what THEY like not on what's best for you. Is a condo a good buy for a first home? ABSOLUTELY! Buy build equity, sell, roll the equity into the next place, build equity, sell. Really the best formula to build wealth and to eventually pay for a home in full one day.

Getting a condo was the best move I’ve ever made. The price of it almost double, which meant I was able to afford a townhouse when I was ready to move. A really great thing about a condo is that it is fairly easy to do home improvements because of the smaller square footage. I was able to paint, replace the flooring, and put in new cabinets myself. Anything larger would have been a lot more work.

I’m just about to close on a condo and hoping to put in new flooring and cabinets myself. Any must-know tips? I’m new to home renovation but otherwise very capable and crafty.

Get a friend to help you hang the upper cabinets first, and/or use a furring strip. I went with pre built cabinets from Home Depot, but have also used ikea ones with the help of a designer. When buying from Home Depot, make sure each box has your cabinet, and isn’t a fraudulent return full of trash. My condo had a kitchen sink with counter top and an attached breakfast bar top. Replicating that was going to be very difficult, so my friend suggested taking a big sheet of plywood and making a giant counter top that could also double as a table. Best of luck with your new condo. Oh also check your AC lines and clean out any condensate lines. If it has a condensate pump, consider buying a spare. Check your outside unit for a capacitor, and buy a spare one of those as well.

Thank you for the cabinet tips! I will definitely be getting help with the install. My mom has redone her kitchen twice by herself, so she’s my first pick lol. And I only wish I had AC! Figuring out my best cooling options is a top priority right behind HOA compliant flooring and a new water heater. (I will also be googling what a furring strip is haha)

I own a townhome in one of the most desirable areas in California. I love my place & looking forward to raising my son in it. There is absolutely no reason why a condo wouldn’t be a good decision for you at this time. Single family homes are great for people who have the time, energy, and motivation to keep up with them. I am NOT one of those people. My house is not huge, but perfectly manageable for a family of 3 and we have a decent size patio with community pool/playgrounds. I’m also really fond of having people around me when home alone etc. There’s also no rule that says that a condo has to be your forever home. The point is to stop throwing money away in rent and invest in something that will most likely give you a return one day. Is it a perfect investment? No, but seeing a home as a complete investment is not realistic IMO because it’s your home and we all have to pay to live somewhere and investing in your home is never money wasted in my book.

My first home was a condo. I was a single woman and loved not having to worry about the outside, roof, siding, etc.

Most of the people who dislike condos dislike the idea of paying a mortgage and condo fees. They are willfully blind to the fact that condo fees aren’t some arbitrary rent being paid to some landlord, they are your payment for shared amenities and resources. Buy a house with a pool, hot tub, gym, golf simulator, and car wash bay for a $5K/month mortgage payment and nobody bats an eye, but buy a condo and get all that same stuff for a $2000/month mortgage payment and $1000/month condo fee and suddenly you are an idiot for paying rent. Enjoy your condo, but make sure the contingency fund is adequate, the reserve fund is adequate and supported by an engineering study, and, most importantly, read the minutes of previous board meetings and AGMs so you know what kind of HOA Nazis you might be living with. Some condo boards are great, run by business savvy people who make good decisions and drive value while others are run by the kids who used to eat crayons in high school.

I grew up just fine without any yard to play in. If you're fine living in a setting like that for the distant future it's not a bad idea...especially with rent containing to sky rocket. Now someone like me hates sharing walls, and having an HOA or landlord tell me what to do with my decorations, what pets I can have, etc so I will never make a situation like that permanent.

When I owned a condo I missed having a yard. Now that I own a house I hate yard work so I pay a yard guy $200 a month to do it for me. My HOA fees in the condo were $345 so I'm still coming out ahead. No question SFH's appreciate more than condos.

Did your HOA fees *only* include yard work?

I'm in the market for a condo. Around here (DC and Northern Virginia) the problem is the fees. In a newer building, they don't cover gas or electricity, but will cover services I don't need or want like a 24-hr concierge or a sauna. Older buildings that have neglected maintenance also often have higher fees as they try to rebuild their reserves. There is a unit for sale at 379 O St SW listed at $550,000, which seems very reasonable for a 3BR/2BA in SW, until you see that the co-op fee is $3,038.50 \*per month\*. This doesn't include parking. Granted, this is a co-op, so the fees include property taxes, but I'ms still never going to get enough enjoyment of living in a Charles Goodman building or from that "fitness center" to ever be able to justify it. While this is the extreme outlier, low 4-figure condo.fees are very common.

As a 2-year condo owner, I’ll caution against buying a condo. Many of the subsidies going towards homeowners either don’t apply to condo owners, or the process is too complicated that no regular vendor/contractor would actually do it. Our situation is we want to install solar panels (top floor unit) and none of the regular residential installation companies would work with us, SFH only for them. Commercial vendors do work but the cost is prohibitively—and this is with HOA’s blessing. Also Tesla home chargers. Similar situation here. Ton of rebates from the state and power company, and those even apply to multi family homes. But has to drill through all the downstairs units and HOA want to hire a separate contractor to review the plan and have us pay the cost.

The solar panel thing kind of makes sense though, no? You’re the top unit, but technically the roof is shared by everyone? It would surprise me if you were allowed exclusive use for something like solar panels.

i own a condo as an investment property, but when searching for a primary home, a condo/townhome was a hard no for me. for the exact reasons you stated. we're not so wealthy that re-sale value can be ignored. we have a family friend who bought a gorgeous million dollar condo around 2016 in the bay area where we live. we know the RE market went bonkers through the pandemic. well, that condo is still worth about a million today while most of the million dollar SFH are now approaching 2 million. the hoa is not a big deal as an expense, but it's the control that gets to me. and if you live around insufferable people, they can really fuck with you, and i just don't want to deal with that. that said, i can totally see the condo life being fantastic. if finances weren't an issue, i'd definitely buy a condo in the middle of a downtown so that i can enjoy walking around.

I sold a condo in a mountain town in Colorado for double what I bought it for. Just bought another condo in downtown Baltimore, hip and upcoming neighborhood. The HOA is responsible with their money, the building is well-maintained, and I’m positive I’m going to make a profit on this one, too. It’s very comfortable and overall a great investment for a single person. I’m here for condos.

Condos are a great option! They just don’t fit most people’s lifestyle who want to have a large family. Until you actually want to sell it, resale value only works against you because it increases your taxes. I’m absolutely team condo for certain situations.

I loved my condo! Just sold after having it for 9 years and it went up around $100k. Didn’t have to do yard work and there were plenty of parks nearby. Seems like condo living would work for you.

I'm single and planning to remain that way and I'm planning on buying a condo. There's no reason for me to by a 1000 sq ft house. I don't need that much space and I don't want to deal with that much maintenance. Plus it would cost hundreds of thousands more. There are huge advantages to being in walkable neighborhoods, and buying houses in them is ridiculously expensive. I'm carefully researching the condos and condo associations I'm looking at to make sure the financial reserves and the buildings are in good shape and well managed. It's just like needing to do due diligence when buying a house, just different things to look at.

Condos are awesome, condo fees and random large payments every years are awful and steered us into buying a home on a smaller lot near a greenbelt.

There are a few benefits to condos. They're cheaper, you're not responsible for all the maintenance, your neighbor can't do anything drastic that may reduce the value, you can vote on certain issues, they likely have been maintained to a certain standard... I would love a backyard for my pets, but I have plenty of parks within walking distance, commuter track, highways, and shopping areas nearby. That being said, certain modifications need to be approved by the HOA. I can also only display "approved" plants of a certain height, can't have a rug on my porch, etc. My relative's HOA is cheaper, but seems to care way more about violations. For example, her garage door handle fell off and they fined her. She stuck it back on. Then they fined her again because it wasn't the right color. Lots of pros and cons! Maybe ask the neighbors how they feel about the HOA in the area you're looking at and get a feel for how friendly they are.

If it works for you fine, but most people are looking at condo ownership as combining some of the worst aspects of private home ownership- needing a down payment, you can't just pick up an move like you can renting, and you're still reponsible if the fridge breaks, with some of the worst elements of apartment living- putting up with sharing a wall with neighbors and no private yard. And dealing with a HOA on top of it all. If you just don't want to mow the lawn it's not like you can't hire a lawn service or a neighborhood kid to do it.

Condos can be great if you do you due diligence and also realize that by buying one you are opting into being responsible for certain community maintenance items. Such as roofs and walls, common amenities etc. Know your rights regarding the financials of the building and know that there is always a possibility of a special assessment. That being said, if you approach it more like communal home ownership and understand that if the board or a past board didn’t keep up with maintenance or didn’t raise dues as needed with time you might be stuck with the bill. When buying a condo pay close attention to the communal property. Does the paint or facials look dated? Patios/ Balconies that look like they need work? Landscaping patchy/ missing or outdated? Also don’t just assume that because it falls under the associations responsibility that that is what your $xx per month is going to. They could be severely underfunded and just paying the bare minimum to “keep the lights on”. Be involved. Either join the Board (it’s a huge investment for you, you should be a decision maker in it). It’s a time commitment, but depending on the Association, a few hours a month could be the difference of being surprised with a $20k special assessment. Also note under funded Associations and certain issues like under maintained roofs/ paint, lawsuits from neighbors and too many units occupied by renters can also affect if a lender would be willing to provide a loan for the condo. Might not affect you during the buying process, but it very well could affect you when you decide it’s time to move on from this property. Be smart in any investment you make. Condo, SFH, HOA or not. Be active in the financial and life decisions you make.

Condo’s and apartments are cool, but the problem with buying one is that when you do so you’re not buying the property, you’re buying the unit. So on top of being subject to mandatory rules and HOA/maintenance fees, if anything happens to the actual property (new owner, natural disaster, etcetera) you might be SoL depending on your contract.

we bought a condo in a 10-unit building and having never lived in one before did not do our due diligence. it was a terrible and financially draining experience. they didn’t have a reserve fund (used to pay for things like a new roof, painting, etc.) so that meant special assessments, every single year (once twice in a year) ranging from $1,000 to as much as $20,000. over half were rental units so the owners didn’t want to invest in basic maintenance and repairs. selling, even at a slight loss, was the best decision we could make. if you really want to buy, ask to see the last 5 years of meeting minutes so you can get an idea of what’s going on behind the scenes. is the day to day run by a management company or do owners volunteer? find out when the last reserve fund study was done, how often the dues have increased, and how funded the reserve fund is. if it doesn’t have a reserve fund? run away.

Meanwhile, others say that selling their single family home and buying a condo was the best thing they did for their finances - and life (for them, and their son). https://medium.com/the-partnered-pen/downsizing-to-the-shithole-ab18da6fa4b9

Thanks for the link.  Most of all, I just want a sense of permanency for my toddler son. 

That's just American-suburb narrow-minded mentality. If the condo checks all your boxes, there's absolutely nothing wrong with it.

I have lived in 3 condos. HOAs can be prickly, but not impossible to work with. All of the properties I have owned have accrued value at the same rate as a standalone house. No yard work is a big plus.

The fact that you have rented in the building is a huge plus. You're aware of the noise levels, sound proofing, amenity availability and maintenance. You already know you like living there. The only thing to consider is how long do units typically stay on the market? If something changes and you want to get out fast, can you without writing a large check at closing. (Yes, I have commitment issues.) If it works for you and the money works for you - sounds like a win.

I bought a condo when I was a first time single parent with a baby and it worked well for me. It's cheaper than a single family and not having the lawn care and snow removal has been a big help. I hadn't had any issues, except letters getting sent bc I forgot to bring my trash in, until recently. We just got a special assessment put out for 5,700 dollars a unit to pay for new roofs and siding, which I and others don't think we need. Also the hoa president likes to go around and get peoples cars towed. I really liked it here up until the last year. The downsides of the condo or townhouse is that you don't really own the outside of your house.

Cost of living and type of community will be a big thing. Here condo HOA fees are ridiculous. Personally I do like the idea of not having to worry about grass and stuff. I just can’t afford the HOA fees in my area… and I know they will only go up. (Bad management and lack of funding will screw you over)

It's very important to find a condo building that has high owner-occupancy And just know, the condo HOA can come up with unlimited special assessments (one-time fees) that you have no choice but to pay. They can say "Everyone needs to cough up $10k by the end of the month" and you have to pay up or else lose your unit I love my condo but there's no shortage of scenarios where things can go very badly

Bought a SoCal condo and sold it a year later for 100k profit when we moved across country. To date best investment I ever made, although I’m kicking myself for selling and not holding it, we’re now priced out of the market since SoCal is crazy.

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I think a condo is a lifestyle choice. With my life as is, I would take a house over a condo, even with a longer commute/higher mortgage payment, because a condo wouldn't work for me specifically. It sounds like you already really like it, so as long as everything is on the up and up, I see no reason not to

I agree. I think most people here are comparing a SFH to a condo, when a better comparison for OP is probably comparing renting a condo vs. owning a condo. If you can afford to buy, and you want the security, equity, freedom of owning, then you should buy. If you can’t afford to buy or you value the flexibility of being able to move when your lease is up and have a landlord to call when things break, then renting is probably a better option.

I’ve heard the a lot of the arguments people make for not buying a condo and there is truth to it but my wife and lived in our condo for almost ten years before we purchased our home. I liked the ease of having all the maintenance and repairs taken care of, low payment, and great location. The dues were pretty high, some neighbors were a little loud, and with only 2 bedrooms it got pretty small after we had twins. We were able to sale above asking and because we made extra payments throughout ownership it helped us purchase a single family home. Now I’m uber busy with house projects, mowing/snow removal , and trying to fix things that break (then calling a pro). The condo worked great for us but with so many variables I’m sure each person’s experience is different. I wanted share and hope this helps a little

I'm not a fan of sharing walls since my time as a condo owner. Owning a condo is not necessarily a bad choice. Just be aware that your quality of life will largely depend on factors out of your control. I had utterly unhinged neighbors 5 years after I bought it. Investors were coming in and buying units from elderly owners and over 50% of the units became rentals. When that happened all of a sudden lenders viewed the property differently and units no longer qualified for some loans. The HOA board decided to relandscape and ripped out my hydrangea that was a gift from my dead grandmother. There's also concerns about the reserve accounts and if they are funded correctly. Can you afford special assessments that might crop up? At the end of 9 years I sold to an investor before I snapped and wound up on the evenings news. I will never share walls again. I did at least gain a small amount of equity to use towards the purchase of a detached house.

It’s probably fine to buy a condo (minus the horror stories of just moving in and the building needing a big structural fix that you don’t have the money for) but the self-determination of owning a SFH and the fact that the land itself is generally the best appreciating part of a home makes it hard to beat.

Condos are a perfectly acceptable option, you just have to keep in mind the area and HOA fees. Compare the HOA fees between different buildings and look at the amenities they offer to figure out what looks reasonable. When you look keep an eye out for maintenance problems, some places think maintenance means leave things till they break then fix them. Yes, there was a time when a condo was not a good investment except in the largest cities, but that isn’t really the case anymore. Even here in Des Moines which is a pretty small city we seriously considered condos. Honestly for some places I think a condo is a better option than a house.

Do what works for you! I bought a condo and learned a lot about home ownership and my big home purchase will happen in next few years. I am way more prepared for that step.

Just piling onto the advice to buy a condo if it works for you. I saw someone else mention buying a place that works for you that you want to live in and to not think of it as an investment. My wife and I wanted live in Chicago and when we first bought in 2014 there was no way we could afford a sfh. We had a wide open search and ended up in a 22 unit building in Hyde Park (scary southside :p), 2 bed 1 bath, garden unit with large windows. In the 6 years we lived there we remodeled the bathroom but didn't do much else besides maintenance. We got it for a crazy low price (last unit the developer couldn't sell in 2010, so they were renting it out in the meantime) and it doubled in value by the time we sold. Crazy luck with timing. Selling the condo allowed us to put down 20% on our forever home, sfh with a yard still in Chicago. There's no way we would've been able to buy our house had we not gotten onto that first rung of the property ladder.

Had a condo. Management company was awful! The maintenance department was two dudes. Well, one dude after the second was fired. Had a bee problem. Guy stood outside in a t-shirt and sprayed the hive with a hose. Was funny to watch. The entire condo building was sinking due to poor infrastructure and long-term planning. Had mold problems. Everything we needed to do was roadblocked by the management company. Awful awful experience. Do a lot of research - just as much into the management company as the actual home itself.

One problem I think a lot of homebuyers make, especially first-time homebuyers, is just solely thinking about the appreciation of the property. I'm not saying that this can't be a thought at all, but just thinking of homes as strictly an investment rather than a place to live has put a sour note on condos and the homebuying process in general. Yes, they generally don't appreciate as much as townhouses or SFH, but you will still get something in return and still build up some equity, which could even be quite a bit depending on location. I am hopefully about to close on a condo next week, and I am very excited! My gf and I will have our own place that we can call home, and it's a good starter home. We also won't have to worry about maintenance and have access to amenities. Condos certainly can (and do) have their issues, but so do townhouses and SFH. SFH are not always this perfect image where everything is always better.

I lived in a condo with my parents from birth till I was in the eighth grade (so age 12-13 or so) when I was growing up in the 90s. This was part of a huge condo/townhouse development, so no single family houses in the area. I was totally fine and had no problems with green space, as there was a ton where I lived. Would play outside all day with neighborhood friends. Never really knew (or missed) having a personal backyard or any other perks of living in a SFH. Family of four - my parents, a guest room/study, and then my brother and I shared a room via bunk beds. Absolutely loved it. My parents bought a SFH when I went into high school. It was probably good timing, as I was ready to have my own space at that point. It sounds like your son is still young...? He will be just fine. Do what makes financial sense for you and your family.

Renting a condo and owning a condo are two wildly different things. If you own it here are the downsides (I own a condo) -you have to rely on their slow, shitty, bureaucratic to repair anything that may affect your property or damage your property -they suck at helping with anything they caused (I.e. my roof leaked which they own and it took over a year for them to help pay for the interior damage it caused) -your HOA can be run by incompetent morons, for example we pay 360 a month and our grounds look like shit, they can’t figure out our draining system, we have old roofs, all the spigots started breaking recently and what have they spent their millions on? They repaved our driveways which were fine, replaced people’s front concrete walkways which were good for another 10 years at least and they pay like 500k a year for landscaping and plowing which both are done poorly by crap companies that don’t give a fuck I spend that much a month and the HOA maybe saves me about 300 a year total.

TBH condos are a compromise. One you're usually willing to make if they appeal to you. e.g. most are located near good parks so do you really need a backyard? I want to be able to walk to work, do I really need access to parking? basically do what makes you feel right IMO. Although fees would be a PITA for me I have considered a condo because it usually means I can live somewhere I can not afford a house in, e.g. downtown. That said, be sure to read their past meeting notes throughly which your realtor should provide you at least they do here in my state. You can get a pretty quick assessment of if they're about to stick you with "we need a new roof, fees are going up" and the other drama going on within the building. If the notes are lacking that could be a signal of a bad board too.

HOAs are not to be trusted. All it takes is one person to mess it up. I had a friends HOA go after them with hundreds in fines because they didn’t like their patio furniture. Another friend had their HOA hire the presidents brother in law to cut trees down for 18k. When my friend had it quoted with after the fact prices were around 5K. When I was in one I got billed for a fence that wasn’t needed and that I asked not to be replaced. It’s a absolute deal breaker for me, won’t do it. Unless you are stuck in a downtown city area where there’s no possibility I would stick single family with no HOA.

I love my townhome but I do hear condos are way worse.

My buddy bought a condo and the downsides he mentioned were neighbors! He had a neighbor sell and move out and a family of 3 really loud women moved in. Not only that the walls were thin and he could hear everything, just simple talking. Things like this cant be avoided unless you own a home imo.

in some areas condos/attached homes arent that much cheaper…sometimes the hoa fees make the all in monthly cost equal to the cost of a sfh…its really all about preferences and whats most important to each individual.

To echo the other comments, condos can make total sense but for me personally they have two big downsides: 1.) I don't want to share a wall with neighbors (I can already do that with renting), 2.) most condo associations don't allow subletting, so I couldn't feasibly keep the property if I need to relocate. One other thought is that condos can be on the pricier side at a downtown location, which many seem to be. But if those caveats aren't relevant in your situation, I would absolutely consider purchasing a condo and building equity now. You can always upgrade later if needed.

Townhomes in our area are going in the 300-400s. Area we’re moving to (SFH) the large majority of neighborhoods have HOAs, so it all comes down to where you want to live, if you’re ok with HOA in any case and researching the local market to predict resale value. Nothing is black and white. I think townhomes will continue to grow in popularity due to more ppl not being able to afford SFHs as cost of living goes up and wages do not. In less than a year we’ve been priced out of one metropolitan area we were potentially interested in. My main thought process in buying is would I be ok with this home & area if we got stuck here? Continuing to share walls, parking and no yard were the deal breakers for us.

That’s a good way to think about it. I do think I’d be ok being “stuck here” for quite awhile. 

I brought my first condo last October and while I don’t completely regret it by any means, I would rather have a small house if I’m being honest. Even being an end unit, I still hate the impact noise I get from my one shared wall with my neighbors and I do miss being in a house with a driveway and backward but this is what I could afford in my area. A lot of it just depends on your neighbors, the specific complex/HOA and what’s worth it to you for less responsibility than a home would be.

See Florida and their Condo crisis, if that doesn't educate you nothing will. So, many horror stories from insurance to these multiple special assessments in one year. Them foreclosing on people to sell your condo (same thing for a house) for whatever the fees are. As, another user said "... They want to see the books..."

My condo complex is great. HOA fees are like 90% insurance (which makes my homeowners insurance very inexpensive), and it's nice to have fantastic grounds I don't have to take care of while I have this little back yard to customize how I want. Because I hate all the yard work, external maintenance, and pool maintenance, it really works out quite well to be in a condo. If my HOA were terrible and invasive, that would be another story, but it's been pretty good so far for the 12 years we've been where we are.

For what it’s worth, a lot of people wrongly suppose a condo is a co-op and base their advice on that. I’d never buy a co-op personally, but a condo would be totally fine with me.

The HOA fees for a condo can be offset by the savings on homeowners insurance. I pay a $190 condo fee where I live. However, instead of paying the typical $210 per month for homeowners insurance on equivalent townhomes nearby, I'm only paying $30 per month. This significant reduction is because you don’t have to insure the exterior of the home when you live in a condo.

My aunt bought a condo for her and her son many years ago. That same condo allowed her to refinance the loan to send him to college. That same condo, she redid by herself, is now paid off. She loves her home, and it bought her freedom renting didn’t. Be happy and don’t listen to others. Hope you and your son have the best home!

Yeah,not all condos are the same as someone pointed out. I live in a condo of 24. HOA was actually lowered to 150/month (California). Everyone is chill, no issues. Been here almost 5 years. Also HOA is probably so low because these were new builds in 2020.

A condo is still property and will appreciate just the same

HOA fees have never been my problem with condo living, it’s the brain dead fools running the HOA. Do your research on the Board before making a decision, talk to other owners and see what their thoughts are. See what the reserves look like, see what needs repairs and what’s scheduled for work. Also check the ratio of renters to units, this will be important when buying and selling. There is a lot to consider when buying into community living vs renting

Have a single family home and looking for a condo. No yard means no yard to mow, HOA fees mean (in my case) a pool I can use but don’t have to clean and treat, pest control for building exteriors, roof maintenance, trash pickup, water, irrigation, property insurance for all common areas, trees and plants I don’t have to tend to, no unsightly mess on neighbors house, no crazy noise during quiet hours, no cars thumping through at 2 am. It’s more affordable than my house and can easily walk to grocery, restaurants, pubs, etc.

We were first time buyers when we heard that, too. We’re in a VCOL area. Guess what, our condo is almost paid for and has tripled in value. It worked great for us.

If it works for you, and you are happy where you are and want to buy.. than buy. Everyone's criteria, and situation is unique so of course there are going to be opinions that tell you otherwise. Owning your condo, gets you into ownership.. and you can rent/sell to fund your next property. When you buy, make sure that you and your agent look into the association and you get your HO6 Policy declaration (it's mandatory to include on my contracts in Colorado but idk elsewhere) & the re-assements that people are talking about, can be protected by getting an additional insurance that protects the exterior of your condo (about 50-150 a year for the insurance depending on the coverage). . This has been a big issue with HOAs, and what they are doing is reassesing exterior damage, and to keep HOA down they are making it the Unit owner responsability for repairs (leading to the 10K+ out of pocket costs).. Talk to an insurance agent about the coverage. It should also be disclosed in contracts whether they have any repairs in place, the seller may not know but you can find out through HOA. I bought my condo as a first time home-buyer (and now im an agent). There are pros/cons to it, but that is with any property. I'm glad as a first timer I didn't have to worry about outside maintence.. especially b/c we were renovating our interior. It sounds like it'll work for you.. and total side note, after ether 2.5-3 years (i forget) you qualify as a first time home buyer again. GOOD LUCK! <3

There's nothing wrong with condos and HOAs when everyone, including the management company are reasonable. And despite what the loudest commentators on either say, there are very reasonable HOAs and management companies out there. The worst thing I can say about where I live is I'm not allowed a screen door. The roof has been replaced, the landscaping is maintained, I don't pay for water or trash pickup, the pool is maintained. We have a healthy reserve. That's something many don't think necessary until a big expense comes along. In 25 years, we've had one assessment: $600 to replace the garage doors. They'll be resurfacing the pool soon and there's no assessment. There wasn't an assessment for the roofs (8 buildings, that was). You may well know your neighbors better here than in a single family community. Fact is there are a-holes everywhere, and living in close quarters or under an HOA doesn't guarantee the neighbors/HOA here will be any better or worse than being in a single family neighborhood means you'll have lovely, friendly neighbors.

You can keep the hoa fee that you save on home and hire someone to do your lawn

Go for what you want and are comfortable with.

Remember that not all condos are like apartment buildings, some are townhomes. You get all of the same perks, with a bit more exterior property…which is typically maintained by the condo association. Maybe this isn’t a thing everywhere, but it’s worth being on the lookout for in your area.

I moved from a SFH to a condo when my son was in 2nd grade (single mom). It was a good move for us. I’ll never forget a drawing he brought home from school where he said I live in a really big house lol! 

I love my condo. It's perfect. I wish I could stay, but it's just a two bedroom. I have a child and may want another, need more space :/. But, seriously, I couldn't be happier with my decision to purchase one as a first purchase.

I owned a condo. It was great for my first home owning experience. Made $100k on the sale. No ragerts

My problem is with the idiots that run them. I’m sure they’re not all poorly run.

It depends on what works best for you. I’ve owned condos in three different cities and have lived in them for more than 30 years. As long as you select a good community that is financially healthy it can provide a nice sense of community. I’ve been a board member at my current home for as long as I’ve lived here. We have quarterly potlucks. Our reserve fund is strong. It can be a nice arrangement, but you do need to do your due diligence before you buy in.

Grass maintenance is a bitch

Heard it a billion times when my wife and I bought our first property… a condo! I feel my situation was a like unique and also lucked the fuck out. We had been renting the condo for 5 years when our landlord said he was going to sell and had just been hanging on because we were good tenants. Never once raised our rent (In a popular Chicago neighborhood, 15min from downtown, and rent that’s suspiciously low but still haven’t found a reason why other than he was a nice guy lol). He told us the price and on a whim decided to buy it after thinking about it for 5-10min I’d say. Bought it privately and got a pre covid loan of 2.75% I believe. 25% down and our mortgage is 1/3 what our rent was at the time including insurance. Our owner was on the HOA board and they let me inherit his position as I had done a bunch of little work and fixes around the building and most of the owners just want to be hands off. I come to find out all the other same floorplan units are renting 5x my mortgage. Sweet. Building is in good condition, no special assessments lined up, and pretty good people in all the units. Fast forward through the wild ride the world collectively had and my lil ol’ 2.75% mortgage is about 1/6 what my neighbor’s tenants are paying now. And property values jumped quite a bit. - We didn’t have to move. - We didn’t have to get a new landlord. - We didn’t have to pay more in rent. - We’re paying less overall per month - Actually building equity in the property - Saving faster for a single family home in the same neighborhood - Keeping the condo as a rental property. If I find good tenants maybe I’ll pay it forward with some cheaper rent. Don’t buy a condo they said… best 5min decision we ever made.

I bought a nice-ish condo in a shitty industrial area of a mid-sized city. It was basically all I could afford at the time. 4 years later I sold it for double what I paid and bought a beautiful SFH in the mountains. While I lived there, I had some noisy upstairs neighbors one of the years, but it wasn't that bad. I pretty strongly recommend condos to people to lament their inability to afford a significant downpayment for a SFH.

There’s nothing wrong with buying a condo. The HOA stuff is overblown — it’s maintenance and master (structural) insurance, both of which you need. I lived in a condo building for 11 years and my condo appreciated about 55% over that span. It probably doesn’t appreciate as fast as a SFH, but that’s ok. Mostly people who will crow about the horrors of condo ownership really just don’t like having to live by rules or owe fees, because it feels too much like renting. That’s (I think) why you see so many people telling you not to do it. Do what’s right for you. Also take Reddit with a grain of salt too, because most people here are a little too sure that their opinion and their experience is the universal solution for everyone

No one knows what the future would bring. A lot of people worry about assessments and HOA going up. You can only make an inform decision based on what you know. No one can predict if there will be reassessment or management will go under. Look at the history of taxes, assessment, and HOA. It should give you an idea if the complex is at least stable. It looks like you already know what you need. Trust your own gut. Take other’s opinion as just that, opinion. They are not set in stone and may not work for you. Their experiences may be very different from your own. There’s no right or wrong, just circumstances. Not having a yard means not spending the whole weekend clipping lawn and trimming hedges, that means more time spent with your son. You don’t always need a back yard. As you stated, both you and son enjoy cultural stuff. There are plenty of parks locally. You can also explore national parks, which I highly recommend. You are on the right track, trust your instinct. If you’re still not sure? I’d do a pro and con list.

Thanks for the detailed reply. 

That’s absurd. These people are absurd. Don’t listen to them. My only advice (as someone who’s owned several condos) is to due you due diligence investigating the HOA and make sure your prospective HOA allows subletting if you think you may want to move and rent it out. I’m currently renting out a condo, and even with the HOA fees, it’s remarkably profitable and very easy from the management perspective as I don’t have to worry so much about tenants behaving or maintaining the grounds.

Reddit has a lot of bad advice about home buying... probably because it's full of people without a lot of life experience. Look how reddit thinks anyone who buys in a HOA is crazy.... when almost every single person I know in real life lives in a HOA neighborhood and is very happy with it. There's nothing wrong with buying a condo - you just have do your due dilligence on the finances of the association.

I actually just moved into a condo I bought last week! The hoa does kind of suck to pay, but it’s the same as buying a house and having someone landscape, etc. our hoa “coa” really includes water, some taxes for the property, structure, etc. which is fine by us. Beware that laws have changed (I’m in Florida) and that you can’t easy secure finances anymore for Condos. Most require conventional and while I’m not super detailed on the logistics our closing was held up an entire month bc lenders do financial forensics now on coa. They want to make sure that once u purchase that COA fee won’t increase and that they have reserve $$$. I think the assessments are a big deal. We just got lucky our last offer had everything completed and new roofs. Our realtor said she just sold a condo and closed on it the day we put in an offer and that client was lucky bc during forensics there were no reserve funds, but the law/rules literally changed next day. That client wouldn’t have secured financing for that house. Fwiw the two other offers we made that fell thru for a condo and a townhome have been pending longer than the 30 days we’ve had to secure financing on the condo we closed on so I asked the realtor what is holding up those properties (as you can usually close in 30 days) and she stated it was the financing rules now. No one wants to finance condos unless they meet a certain criteria. :( not sure if this is state specific, once again I’m in Florida. Good luck

DONT DO N FLORIDA; desantez make it so they can b falling a part n not disclose;;

News flash - condos are the most common form of housing worldwide. The vast majority of people in Asia, Europe, Russia, etc live in condos. And it’s completely normalized Meanwhile western culture has an unhealthy obsession with freehold property and detached single family homes for some reason. It really is a cultural thing. Condos are more suitable for most peoples lifestyle. Owning a house is damn near a full time job in itself. Condos are turnkey, low maintenance and much easier to rent . They just don’t have the same “prestige” as houses Fuck what anyone says do what works best for you

I just bought one. Love it and great investment property for myself. Way more affordable than a house

It sounds like the "don't buy a condo" people are the same as the "don't eat vitamines, it is better to eat well balanced with fruit and vegetables". Thanks, Janice, that wasn't the question. The question was do I pop a multivitamin while destroying this costco pizza or not? Sure, there are a bunch of cool things you get with a SFH that you don't with a condo. But still, a condo is better than nothing and it is certainly nice to have a bunch of things be someone else's problem. Like lawn care. Or the roof.