Condo VS Single family house.

 

 

 

Planing to buy your first home, so what it is going to be;condo or single family house.

Each of that kind of property has own pros and cons. Any experienced  real estate agent will tell you go for single family, and upfront will tell you that he is probably right, but it’s still be different situations.

Some time people considered to buy condo because it’s closer to the downtown job, or millennials like to have city  life, some time it’s cheaper, and last argument for condo; you don’t have to do landscape job, roof repair, house painting e.t.c. In some condo buildings you’ll get concierge services,  gym,sauna and nice cabana.

But remember nothing is coming for free in your way . Each condominium complex has condo owners association, and this is very powerful entity, and  you don’t really want to mess with. On the top of your mortgage payment  every month, you will have HOA dues that could run from $300 to $550 and higher. Also this monthly dues could suddenly and drastically increase or you will have to put very sizeable amount on the table, because your condo complex needs new roof, or windows, new pavement. Also if you millenial and like to invite friends over to have a party or just have a good time and few drinks, be careful with the noise. Some complexes have very bad  sound proofing, and even if you not went crazy loud but have a good laugh after funny story, you might have problem with the HOA policies, and believe me, you might be even evicted from your own condo.

Also some HOA won’t let you rent your condominium, and you have to take it into consideration when you buy. Another problem with that kind of property is your are really depend from this complex performance. If vacancy rate get  too high it’s hard to sell your property, if HOA messed up its finances and it got in negative it will drawn all condo owners down; to sell property in hat complex become very difficult. Some areas or part of the cities not good for condominium complexes even if they are got  built there. Usually downtown complexes doing okay, if city economy is doing okay, but be very careful with economically distressed areas. Also keep in mind you will always luck storage area and parking space.

So think hard on  that factors before you making a move.

Single homes should be a totally different, but don’t be so fast. More and more  of single homes built in HOA community that have very similar set of rules, about rent, noise, also  you should get approval for new color of your house, gazebo in the back yard, and your front yard should be in good shape all the time otherwise HOA will do it for you at over market price, and will sent you a bill. Only thing is that HOA due is much lower and it’s usually don’t suddenly jump  very high. In fairness to big HOA communities I should say that it usually well maintained communities with nice and clean sidewalks, roads, and green gras.

Conclusion: If you like condo go for downtown complexes in economically flourish cities, but check their rules before buying.

If you like privacy and real sense of ownership; go for single family house in small HOA  community or without it  at all.

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