Profile picture for nitinbud

Condo vs Single fam home in our income range

Hey everyone! we will be in the market next year (spring.summer. 2014) and were looking at very specific cities in our state of CT. For someone with gross income just shy under 75K as a family, will a condo or a single family home be a better bet. Plus we also want to factor in life events like adding a child to the family and such. Need some sound advice on what could we afford.
  • December 01 2013 - Milford
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Answers (9)

Anytime! If you have any other questions feel free to ask, I'm here to help!
  • January 08 2014
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Profile picture for nitinbud
wow. thank you all so much for taking the time and responding to me. I get a sense that owning a condo makes a bit less financial sense, vs. a single family home. John Vecchitto thank you for the link. I was reading up on it, and it's got some valuable info in it. I'll be revewing all options and making a decision this year sometime. Hopefully soon.

thanks again. and happy new year to all
Best
Nitin
  • January 08 2014
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Hello there! As a loan officer this question is right up my ally! With all the mortgage programs out there, there are a bunch of options for you. Personally, I would recommend a single family home mainly because you wouldn't have to pay a HOA fee. When you take this fee plus taxes (which don't make sense for a condo), your mortgage payment could be more.  One of the loans to look into is a USDA loan. If you find a home in an area they deem "eligible" you could buy a home with NO MONEY DOWN and even finance the closing costs. 
I wrote an article recently on first-time homebuyers. Check it out and let me know if you have any questions!
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  • January 07 2014
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Profile picture for Bonnie And Melinda
Nitinbud, this is a great question, and we agree with the comments you've already received. We can only speak to our market, which is the greater Hartford area. As a general rule, single family houses sell better than condo's. The condo market is pretty soft right now, so the good news is that you can probably get a good deal. But the bad news is that financing can be problematic. You need to be careful and evaluate the condo complex itself to make sure they are in good financial condition and are well managed. On the other hand, it really depends on your lifestyle. If you are busy and not interested in doing home maintenance, then a condo may be a better option for your first home. But if you aren't afraid to clean out gutters, mow the lawn, etc, than a single family house is a great way to go, and in the long run will probably give you better appreciation. So talk to a loan officer to find out what you qualify for, and then assess which option is best for you. Good luck!
  • December 01 2013
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Your first step would be to contact a lender and find out how much you would qualify for.  Generally single family homes are more expensive.  This may take care of your question.
Good luck to you and your family.
  • December 01 2013
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This is a very personal decision for you and I'm not sure anyone here can help you out without a LOT more information... 

My best recommendation would be that you use the next few months to familiarize yourself with the specific markets in which you are interested.  Visit several homes and condos that you find interesting....  I have a feeling that by doing so, the correct answer for YOU will become apparent.  (I have had many clients in the same position, and they always figure it out pretty quickly....)

Good luck w/ your home search!
  • December 01 2013
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Hi--I commend you on your research before looking. Having said that--I would need more information than you are giving. First of all, which cities are you thinking about--also when you think about a condo you need to factor in common charges which will affect the size mortgage you will qualify for. We'd also need to know how much you would be putting down and how good is your credit score. How many bedrooms are you looking for, etc. If you want to tell me more--I would be happy to send along a few listings fro you to look over. Mary Ann Laurita, Berkshire Hathaway HomeService New England Properties
  • December 01 2013
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Profile picture for CCarron
When comparing condos to detached houses, keep in mind that with the former you will have a condo fee, that is not tax-deductible, and there may be special assessments for major repairs or replacements of common elements (roofs, elevators, roads, swimming pool, etc. depending on the condo). While a detached house doesn't have a condo fee, you will have maintenance and repair expenses to the structure of the home over time. And there may be a homeowner association fee. If this was helpful please click on the thumbs-up below.
  • December 01 2013
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There's no real way for us to know this for you.  A condo is going to cost less up-front, most likely, but there are a lot of variables.  For instance, how much work are you willing to do?  You could get a cheaper, older house for what a really nice condo would cost.  How much of your income are you willing to put towards a property?  What's your life style like?  What are your debts like?

The income number is only one of many, many factors in a decision like this.  All we can really say is that a condo is cheaper up front - but you'll probably also outgrow it more quickly, especially if you're talking about children.

--
-This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.
  • December 01 2013
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