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Answers (18)
- Will Pennycook, "Will Pennycook"
- Contributions:24
House- but a personal opinion.
yes. to the previous answer.
yes. to the previous answer.
- workabee
- Contributions:1030
So sad when agents talk to themselves on a stale thread. Is business that slow?
- Jill Sjolin, "Jillsjolin"
- Contributions:111
In our state condo vs townhome, usually that is just a floor plan. Townhome, 3 stories- separate entrance. Buy whatever fits your lifestyle. Often for resale people like the one level living (no stairs). Check HOA dues on both & most important, the standings of the association (finances, lawsuits, etc)
- Robert Guice, "ARC6676.com"
- Contributions:33
Lifestyle indeed. If you are a very busy person and prefer a central location you will probably prefer a condo.
In Austin, I'm starting to get a lot of people interested in moving out of the suburbs to downsize into a 2BR condo. Empty nesters or busy professionals most often fit this bill.
My wife and I as realtors stay pretty busy and actually purchased a DT condo due to the simple lifestyle & location. I personally love condo living because there is no stress and few unplanned expenses that are included with a house.
In Austin, I'm starting to get a lot of people interested in moving out of the suburbs to downsize into a 2BR condo. Empty nesters or busy professionals most often fit this bill.
My wife and I as realtors stay pretty busy and actually purchased a DT condo due to the simple lifestyle & location. I personally love condo living because there is no stress and few unplanned expenses that are included with a house.
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
Did someone really pull up a thread from over a year ago?
- sunnyview
- Contributions:25139
Single family houses generally appreciate the fastest.
- Michel Bergier, Ph.D., MBA, "The Taber Team"
- Contributions:96
I am very surprised that so many answers do not point out that a condominium is a form of ownership and not a form of building. There are single family homes that are a condominium and as such the maintenance is done by the condo association. There are also single family residences that are not condominiums but they are subject to deed restrictions and HOA fees. A condo is basically something where you own the air between the walls and you are restricted in terms of what you can do to the walls, i.e. doors, windows, patios,... As many people pointed out, your life style should dictate where you want to live
depends on your lifestyle
- Bizzyloanlady
- Contributions:8
There are a lot of good points brought up in this discussion however, the question was posted nearly a year ago and the market has changed dramatically. The average condo has experienced a greater % of loss than the SFR in this length of time. The first thing a borrower stops paying on is the HOA fees when they're trying to hold onto the home. When the HOA budget reserves drop because of this scenario, there isn't enough $ to make the necessary repairs. As borrowers lose their condos, the occupancy % changes dramatically. Lenders don't like to lend in a project where less than 51% of the homes are not owner occupied. It is much more difficult to get FHA financing on a condo that is not HUD approved. There are still lenders who do "spot approvals" but the project itself typically has to be in very good financial condition with adequate reserves.
My last point for you to consider is the HOA fees. In my area, a typical $300,000 condo has about a $300 monthly HOA fee. Most lenders also require the buyer to purchase monthly "walls-in" insurance which is in addition to the HOA dues and paid separately. When you have less homeowners in the project because of foreclosures, for instance, you can expect additional assessments to make up the difference...this can sometimes be several hundred to several thousands of dollars! The same thing can happen when a large repair such as new roofs and plumbing is needed. The HOA is supposed to maintain adequate reserves and plan for big items but again, when owners stop paying their HOA dues, reserves dwindle away.
You can get a gardener and a pool boy for about $150-$200/month to take care of the basic weekly maintenance items for an SFR. The HOA fee, however, also takes care of termites, broken pipes, etc. But you can also purchase a homebuyer's protection plan (not to be confused with homeowner or fire insurance) for about $500/year to take care of the systems in your home such as A/C, heating, plumbing, etc. You just pay a $50 house call fee. So $200 for the gardener and pool boy plus $42 for the emergency maintenance call and you're still below $300. Yes, you still plant your own flowers and buy your own trees when you have an SFR so it comes down to what's important for you and your family.
Bottom line, it comes down to a choice of lifestyles, convenience, location, and affordability. Condos are far less expensive to get into but a far riskier property. Condos don't hold their value as well as their SFR counterparts and while they may be easier to maintain, they're not necessarily going to be less expensive to do so. FYI, I had a ton of trouble with my A/C after I bought my last home and used the homebuyer's warranty plan I mentioned above to get service technicians out to my home. After the 3rd visit, they recommended a new A/C unit and I was thrilled. When I had a broken water pipe, it too was repaired and the downstairs hardwood floors were replaced. This occurred over 3 years so $1500 for the warranty plan plus 4 tech visits of $40 each and I had new flooring, plumbing repaired, and a new A/C unit. Not everyone is as unlucky as I was but I was thrilled that I didn't have to fork out over $12000 in repairs had I not had the warranty plan!
My last point for you to consider is the HOA fees. In my area, a typical $300,000 condo has about a $300 monthly HOA fee. Most lenders also require the buyer to purchase monthly "walls-in" insurance which is in addition to the HOA dues and paid separately. When you have less homeowners in the project because of foreclosures, for instance, you can expect additional assessments to make up the difference...this can sometimes be several hundred to several thousands of dollars! The same thing can happen when a large repair such as new roofs and plumbing is needed. The HOA is supposed to maintain adequate reserves and plan for big items but again, when owners stop paying their HOA dues, reserves dwindle away.
You can get a gardener and a pool boy for about $150-$200/month to take care of the basic weekly maintenance items for an SFR. The HOA fee, however, also takes care of termites, broken pipes, etc. But you can also purchase a homebuyer's protection plan (not to be confused with homeowner or fire insurance) for about $500/year to take care of the systems in your home such as A/C, heating, plumbing, etc. You just pay a $50 house call fee. So $200 for the gardener and pool boy plus $42 for the emergency maintenance call and you're still below $300. Yes, you still plant your own flowers and buy your own trees when you have an SFR so it comes down to what's important for you and your family.
Bottom line, it comes down to a choice of lifestyles, convenience, location, and affordability. Condos are far less expensive to get into but a far riskier property. Condos don't hold their value as well as their SFR counterparts and while they may be easier to maintain, they're not necessarily going to be less expensive to do so. FYI, I had a ton of trouble with my A/C after I bought my last home and used the homebuyer's warranty plan I mentioned above to get service technicians out to my home. After the 3rd visit, they recommended a new A/C unit and I was thrilled. When I had a broken water pipe, it too was repaired and the downstairs hardwood floors were replaced. This occurred over 3 years so $1500 for the warranty plan plus 4 tech visits of $40 each and I had new flooring, plumbing repaired, and a new A/C unit. Not everyone is as unlucky as I was but I was thrilled that I didn't have to fork out over $12000 in repairs had I not had the warranty plan!
- Kathy Pecora, "Kathy Pecora"
- Contributions:122
There are several factors that determine "better". First, if you live in a thriving city where people actually live and work, such as New York City or San Franciso, a condo could easily be a better option than a single family home. Traffic, lifestyle, and resale are all important considerations and varies from person to person as well as from town to town.
Whichever you choose, the age old saying "location, location, location" should still the overriding factor in your selection regardless of whether you choose a condo or a single family home.
Whichever you choose, the age old saying "location, location, location" should still the overriding factor in your selection regardless of whether you choose a condo or a single family home.
- Greg Lyles, "Greg Lyles"
- Contributions:112
It really depends on your lifestyle. If you enjoy working in a yard, doing things like mowing grass, tending a garden or similar activities, a house is hard to beat. Of course, if working in the yard is not your thing you can always hire a landscape maintenance company. Overall, there is likely going to be more maintenance on a house that will be your responsibility, both to coordinate and to pay for.
On the other hand, if you travel often and want a "lock and leave" lifestyle, a condo or townhouse may be a better choice.
On the other hand, if you travel often and want a "lock and leave" lifestyle, a condo or townhouse may be a better choice.
- CulverCityRealtor
- Contributions:458
Better in terms of ? Better to live in, depends upon you and what you are looking for in a property. If you want security and home ownership without the concern of exterior maintainence..a condo is a good choice. Some condo developments are like country clubs with several pools,racquetball courts, tennis, health clubs etc.
For those people who want less "community living" and more privacy a home would be a better choice.
For those people who want less "community living" and more privacy a home would be a better choice.
- Good Shepperd
- Contributions:9
go for a HOUSE , you dont hv to deal with those...HOA fees n rules that tell you what TO DO N NOT TO DO ...............!
- Johneen Minaker, "JohneenM"
- Contributions:12
In general a single family home is a better purchase. They are usually valued more. If you are making a purchase for an investment a single family home is the better choice. On the other hand if you are not looking to buy just for an investment and you are going to live there for a while then you should look at your lifestyle and what upkeep and expenses you will have with both.
- Andy Van Bueren, "Andy 2007"
- Contributions:6
In Atlanta, there are areas where the condo inventory is 3 years. From a re-sale perspective, a single family house will generally always sell quicker than a condo. Especially in this market.
- wetdawgs
- Contributions:26854
What is your definition of "better"?
Some people thrive in condos and some people wither. Some thrive in single family houses, and others thing they are a millstone around their neck.
Some people thrive in condos and some people wither. Some thrive in single family houses, and others thing they are a millstone around their neck.
- Ralph Otto, "RalphOtto"
- Contributions:32
Financially - houses appreciate faster than condos and are easier to sell. They are more expensive when it comes to repairs, as you do not have a homeowners association to share the burden.
If you lifestyle is such that a condo works better, well so be it.
For first time buyers, as a general rule - houses are better.
If you lifestyle is such that a condo works better, well so be it.
For first time buyers, as a general rule - houses are better.
which is better, a house vs. condo/townhouse?
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