House vs Condo/Town home

W Cole · 09-26-2013, 06:12 PM

Quote:

Originally Posted by MediaArtist

Research local rental rates for comparable homes in the neighborhood you're looking in. Craigslist, padmapper, etc. Then take into account 1 month of vacancy, property tax, and maintenance (about 1%-2% of the price of the home per year). If your mortgage payment will be below that by a few hundred dollars, then you can safely use the property as a profitable investment property.

Also, single family homes don't necessarily mean the HOA won't be a hassle. I live in a gated community in OC. Many of the homes have 3-4 car garages. If they find out that your garage is packed full of stuff, and you're parking your car on the street, it's a $250 fine, no questions, no negotiations, pay the bill.

I wish Newport Coast was like this. Everyone parks their oversized SUVs on the street and no cars in their garage. This is the worst in the condo communities without street parking, if I go over to visit a friend the guest parking is always full of residents.

MediaArtist · 09-26-2013, 06:56 PM

Quote:

Originally Posted by W Cole

I wish Newport Coast was like this. Everyone parks their oversized SUVs on the street and no cars in their garage. This is the worst in the condo communities without street parking, if I go over to visit a friend the guest parking is always full of residents.

Condo communities in Newport Coast, the new ones, were built by the same builders that Irvine Company uses. Maximizing units per sqft.

fireline43 · 09-27-2013, 07:19 AM

I'm going to give a plus to the rent in a fun area category. I bought a house at 26. I'm now selling it to move to a townhouse/condo. Unless you love working and taking care of your house on the weekends, it's annoying.

sanf · 09-27-2013, 10:23 AM

single house is for when you start a family and you know you are gonna be there for a while.

BMVeh · 09-29-2013, 03:09 PM

Quote:

Originally Posted by Wakka

I own a condo in downtown Tampa, and I am pretty darn happy I did not buy a house. Not having to worry about anything on the building is a dream. Just make sure your condo is in a nice area, you dont want to be living with section 8's and felons.

Just my .02

Cheers,

you mind me asking which ones and how much? i love the downtown ones but im sure they are out of my range

Wakka · 09-30-2013, 09:01 AM

Quote:

Originally Posted by BMVeh

you mind me asking which ones and how much? i love the downtown ones but im sure they are out of my range

I live in Grand Central on Kennedy. (Big Red/White buildings on the corner of Kennedy and meridian) The list price for my condo was 210k I think, they have some apartments in here close to 130k though (I believe they are studios).

F32Fleet · 09-30-2013, 10:11 AM

House : more up keep, less for your $$. Historically appreciates faster and less swing in value. Proximity to schools and distance to work centers drives price. Family oriented.

Condo/Town home : The two really aren't the same so I'll split them.

Condo (low rise): glorified apartments (usually apartment conversion). Avoid!!

Condo (high rise).: Less living space for your $$. Low maintenance but higher HOA. Can be inconvenient if you're not into lugging your food and such into an elevator. Pets are a PITA. Usually located in better locations.

Town house : best for the money. HOA not as high as Condo but higher than a house in a PUD ( most newer homes are in PUDs). Generally larger living areas. Generally you get single family quality of construction. Maintenance is in between. Less likely to have families as neighbors. Negatives can be limited parking for guests and they don't appreciate as much.

BayMoWe335 · 09-30-2013, 07:23 PM

Based on what you've said, I honestly think you should continue to save and finish school.

hudamang · 09-30-2013, 10:46 PM

Bought my first condo in the Bay Area when I was 24. A couple of years later, decided to move to SoCal and bought a Single Family house. Recently moved and bought a smaller house and rented out the previous home. A condo is a nice starter home. Do a rent/own analysis. If you do move in the future, can you rent the house for more than your mortgage payment + taxes, insurance, and HOA fees? If you can get positive rent, then it could be a good deal.

I miss the fact that the condo always had the grass mowed perfectly, didn't have to worry about any painting/repairs on the outside of the condo, etc. However, I love the fact that I have a backyard for my dogs, no neighbors above or below me, and a nice garage. Go and look at more homes and see if you prefer condo, townhouses, or SFR. Only you can decide what you like.

Good luck! Home ownership is fun...well it can be fun...

09-27-2013, 07:19 AM	#25
fireline43 Lieutenant 42 Rep 497 Posts Drives: 2013 Mercedes C250 Join Date: May 2012 Location: South Florida iTrader: (0)	I'm going to give a plus to the rent in a fun area category. I bought a house at 26. I'm now selling it to move to a townhouse/condo. Unless you love working and taking care of your house on the weekends, it's annoying.
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09-27-2013, 10:23 AM	#26
sanf Second Lieutenant 21 Rep 261 Posts Drives: F10 535XI Join Date: Jul 2011 Location: East Coast iTrader: (1)	single house is for when you start a family and you know you are gonna be there for a while.
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09-30-2013, 10:11 AM	#29
F32Fleet Lieutenant General 3570 Rep 10,351 Posts Drives: 2015 435i Join Date: May 2005 Location: Southeastern US iTrader: (0)	House : more up keep, less for your $$. Historically appreciates faster and less swing in value. Proximity to schools and distance to work centers drives price. Family oriented. Condo/Town home : The two really aren't the same so I'll split them. Condo (low rise): glorified apartments (usually apartment conversion). Avoid!! Condo (high rise).: Less living space for your $$. Low maintenance but higher HOA. Can be inconvenient if you're not into lugging your food and such into an elevator. Pets are a PITA. Usually located in better locations. Town house : best for the money. HOA not as high as Condo but higher than a house in a PUD ( most newer homes are in PUDs). Generally larger living areas. Generally you get single family quality of construction. Maintenance is in between. Less likely to have families as neighbors. Negatives can be limited parking for guests and they don't appreciate as much.
	Appreciate 0 Quote

09-30-2013, 07:23 PM	#30
BayMoWe335 Colonel 1176 Rep 2,132 Posts Drives: 2010 E92 335i 6MT Join Date: Aug 2009 Location: US iTrader: (0)	Based on what you've said, I honestly think you should continue to save and finish school.
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09-30-2013, 10:46 PM	#31
hudamang Enlisted Member 10 Rep 46 Posts Drives: Hopefully M4 Join Date: Aug 2013 Location: San Diego iTrader: (0)	Bought my first condo in the Bay Area when I was 24. A couple of years later, decided to move to SoCal and bought a Single Family house. Recently moved and bought a smaller house and rented out the previous home. A condo is a nice starter home. Do a rent/own analysis. If you do move in the future, can you rent the house for more than your mortgage payment + taxes, insurance, and HOA fees? If you can get positive rent, then it could be a good deal. I miss the fact that the condo always had the grass mowed perfectly, didn't have to worry about any painting/repairs on the outside of the condo, etc. However, I love the fact that I have a backyard for my dogs, no neighbors above or below me, and a nice garage. Go and look at more homes and see if you prefer condo, townhouses, or SFR. Only you can decide what you like. Good luck! Home ownership is fun...well it can be fun... __________________ To M3 or M4...that is the question.
	Appreciate 0 Quote