Condo VS House Which Property Type Is The Right One For You

Condo VS House Which Property Type Is The Right One For You

When it comes to deciding whether or not you want to invest in a condo or a single-family house, there’s a whole lot to mull over. Before stressing about homeowners associations and finding the perfect neighborhood, here's some points to consider: 


The biggest positive you have with a condo is the ability to lock and leave — go out with friends, travel, it’s so much easier than a house that needs to be watched over and maintained, but at the same time you need to think about the neighborhood.


There’s a basic checklist that most homebuyers go over before purchasing: What’s the school system like? Are there parks? Where’s the nearest shopping center? Grocery store? All of these components are essential, and as vital as exploring a condo’s homeowners association (HOA).


The biggest issue is the governing power of the building, or HOA.  If you don’t have a good one, it’s bad news.Image title


If your heart is set on a condo, do yourself a favor and knock on your potential neighbors’ doors. Ask what the HOA is like. How quick are they to do repairs? How much have the fees increased from year-to-year? What do the fees include? Are there any big repairs scheduled or planned for the property? 


In terms of condos versus single-family homes, “good dirt will always cost more than air.”


In other words, if you have a budget of $100,000 you might have to live farther away from the urban core to get a single-family home you like — the resale value, if it’s in a booming area like Frisco, will be great. But, if you’re looking for convenience, your money might be better spent on a condo closer to downtown.


No matter what, you need to make sure you’re comparing apples to apples.  Ask about what is included in your HOA fees — does it include water, electricity, and gas? Then compare that to a single-family home — you will often find the utility fees will be more expensive.


As far as investment is concerned, following big box retailers like Whole Foods and Trader Joes, and purchasing land in developing areas is always a good idea.  Commercial retailers spend years studying a city’s demographic, or “the way the city crawls and the way the city moves.” Look at the land around the Frisco area,  which is increasing in price because the area has become more saturated with convenient amenities, including retail and restaurants. The land at Lebanon and The Dallas North Tollway where  a Whole about to open — is about to explode, raising the price of dirt nearby and giving the surrounding homes great resale value.


No matter how you spend your money on a first home, you must remember to find a good and honest lender to help with the loan. Equally as essential is using an inspector and Realtor that cares about your referral — you want your Realtor to sit down with you to explain everything you might not understand.


When it comes down to buying a home or a condo, do your research, determine what exactly you’re looking for, find a high-rated Realtor and lender, and start crunching the numbers.  Due diligence is key!


What did you choose for your home purchase? A single family home or a condo?


JP Piccinini Headshot
Author:
Phone: 480-980-9025
Dated: February 11th 2015
Views: 2,662
About JP: JP Piccinini is CEO and Founder of JP and Associates REALTORS (JPAR), Founder and CEO ofOdasi Real E...

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