03-12-2012 11:21 PM
A condo may actually be harder to qualify for, because of the monthly HOA fees. Condos appreciate slower, and are the first to lose value in a cycle downturn. Many buy condos because the HOA keeps up the outside for them, and generally the units are newer than comparably priced single family residences. There may be other amenities as well, such as security gates and a pool and spa and clubhouse.
Ask your Realtor what you can get for the same money in your price range. It comes down to two things: what you can afford, and your personal preference.
Give me a call if you're looking in the SFV!
03-19-2012 12:33 PM
If you can afford it I would say buy a SF home.
Talking from personbal experiance. If cannot afford a SF then wait. There will be something that will come up soon for you.
04-16-2012 12:32 AM
Getting involved in a condo association will put you in a position to follow another set of rules an regulations, CC&Rs, but many will handle the budget for repairs and maintenance, which is built into the HOA fees. Spreading the cost of a roof repair with 3 people might be cheaper then just one person. I've owned and lived in both, my cost for repairs are typically lower in my condos. If you need help running some numbers email me at email@example.com NMLS ID 857151
4 weeks ago
Your question is something personal, price will always play the final decision, "pros to condo" more than likely the price will be less than a single family residence. But the HOA "Home Owners Association" will make the price even less affordable because that's factored in how much can you afford monthly. If your single with no family i.e. wife, kids condos are the norm in Los Angeles/Orange Counties and surrounding areas. Single family purchase normally not always, families tend to purchase because of much needed space. The price is greater but the cost of privacy, space and the affordablilty of two income earners normally would fit this sort of purchase not the mention as stated before room to grow. So my point is think about your needs, are you single with little liabilities? Or are you a family looking to settle down and looking for room to grow?? This is a direct straight to the point answer but it gives you a direction and something to keep in mind.