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What is the pro and con of buy condo vs. sigle home ?

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If I buy a condo because is cost less but come with a high monthly HOA fee and resale is poor. It cost more to buy a single home with low monthly HOA fee and resale value is higher. How do I make the decision?

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March 31 - Carlsbad

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Oliver Indra, "OliverIndra"
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Oliver Indra, "OliverIndra"

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It is up to your personal preferences. Condos are great if you want less risk of repair to the outside of your interior home. You also reap the rewards of a manicured landscape without you doing any of it, most facilities have pool and spa areas. Condos are lacking in a personal backyard and are close in proximity to other owners/renters. Condos are a great first time purchase, an investment, or retirement option, or just to enjoy all the benefits without all the risk and work outside.

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July 26

dddj
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The decision is very personal.
Single family homes sometimes have an HOA. I personally avoid any and all HOAs. Taxes are enough for lifetime payments on a house that you may eventually own completely (post mortgage).

I think the benefit of a condo is that upkeep and insurance is combined. If you like having close neighbors (perhaps even hearing their feet walk around! or having them complain about yours), condos are great. They're often in centralized areas too, close to stores or public transport. Communities in general can be great! Or nightmares... like I said, the decision is personal.

Something that kept me away from a Condo is also the whole idea of land ownership. If some major catastrophy occurs (ie: entire thing gets burnt down)-- do you have anything left in a condo? Could you just sell the land to someone else to rebuild? I'm not an expert, but I'd be afraid of paying to own a house "in the air".

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April 17

Nathan Miller, "brokernathan.com"
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Nathan Miller, "brokernathan.com"

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Another factor, the condo dues are outside of your control. If your association is mismanaged, they can run dues and special assessments up to the point where nobody will want to buy your condo when you resell.

If you do go the condo route, be sure to insist on receiving copies of all the HOA documents (CC&Rs -- Covenants, Conditions&Restrictions, rules & regulations, budget statements, reserve study, insurance declarations, and board meeting minutes for the past 12 months) and both you and your Realtor should review them thoroughly for signs of any potential problems.

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April 17

Adam Gallegos, "ArbourRealty"
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Adam Gallegos, "ArbourRealty"

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If you are on a limited budget like most people and concerned about location then a condo can be a good option. For example, let's say you work in DC. You could buy a $500,000 condo within a 5 minute metro rail ride to your office for the same price as a single family home that will take you 1+ hours to get to DC every morning. In many cases your condo close to the city is going to see more appreciation than a house out in the suburbs.

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March 31

Endre Barath, "Endre"
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Endre Barath, "Endre"

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One should consider life style. If you like and preferr to do your own maintenance, like to do your own gardening, preferr to be less restricted to do what ever you would like within reason Then a Single Family Residence is for you. On the other hand if your life style is constantly on the go and just want minimum repairs, no gardening outside of planters maybe on a balcony, then a Condominium is for you. Buy for the sake of comfort and life style.

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March 31

sunnyview
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SFH also tend to rent for more than condos do too. If you have to relocate for any period of time or if you need to get a roommate to help you with the rent, a SFH will net you more in many cases.

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March 31

sellinginlasvegas
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sellinginlasvegas

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Single family homes are almost always a better investment. I am in Las Vegas where many of the single family homes also have HOA fees but usually not as high as the condo association fees. When making the decision to buy, look at your wants and needs. If you need a yard for a pet or a child, than a condo wouldn't be your best option. If you need a property that has low exterior maintenance, than the condo would be better. You have to decide what is most important to you.
Again, single family homes are generally a better investment so if you can afford to go that route and the single family home covers your needs/wants than that should be your choice.

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March 31

prfstrkr
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Pro,

condo might have lower assessment than SFH thus lower taxes

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March 31

prfstrkr
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some more Cons,

mortgage interests are tax deductible, condo fees are not ...

mortgage payments are always the same (except when ARMs reset), condo fees are mostly always going up ...

mortgage payments will stop one day, condo fees never stop

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March 31

sunnyview
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I think a single family home (SFH) is more flexible in most areas that are not large cities myself. SFH recover from poor market quicker than condos do, they appreciate faster in many cases and they do not have those pesky HOA fees or special assessments. If you are in Carlsbad, I would lean toward a SFH if it were me.

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March 31

Sam DeBord, "SeattleHome.com"
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Sam DeBord, "SeattleHome.com"

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As a general rule, buying a single family home is a better investment because there is a larger pool of potential buyers when you go to sell. That being said, in certain markets condos are more in demand and can be a better investment in those specific cases.

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March 31

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July 26

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