Condo or a single house (Anaheim, Irvine: real estate, foreclosures, HOA)

[drewex]

Hi all,
I've been searching for single detached houses with out mello roos so i dont have to pay extra fees to something i really dont benefit directly on the house itself. I know on condos the fees will go to the outside of the building the grass and community areas .. But can someone layout the advantages to go for a condo in OC. Thanks

[Charles]

Originally Posted by drewex

But can someone layout the advantages to go for a condo in OC. Thanks

Would the answer of this question be any different for a condo anywhere else? Condos have their advantages, but I'm not sure if there are additional advantages solely because the condo is located in Orange County.

Condominiums - Advantages of Ownership

[bhcompy]

If you want to look at places without Mello Roos, look at places built in the 80s and earlier. Western OC has little to no mello roos that I know of, for instance. Mostly built in the 70s and 80s.

[ocexpo]

Is there an area you are considering or a budget?

[drewex]

Yes my budget is up to 320. and sadly its fha. not much down payment.

So i cant find information on what will i pay besides the monthly payments for the loan in different cases. Ok i know its not going to be the same by location but there should be a range say of 200-400 for each case for the single with/without mello roos or condo. Like this is one thing i heard comparing the 2, on a single fam. i have to pay more hazard insurance but on condo has its own group ins. for the outside. Stuff like this i have no clue and dont know how or where to look for this kinda information. Obviously this can be a big list, hasnt anyone wanted to compare this besides me?

[ferretkona]

If you have a choice, go with a house. HOA's can really be controlling. You will find the costs do not quit on condos. Extra assessments on roofs, roads. Many conflicts that the police can't help with until someone is shot.

Many areas with houses have HOAs as well. You have your own home, but the HOA adds a extra few hundred a month to your budget.

[Poptarts]

My sentiment exactly. Also, I think a home will rise in value faster than a condo. With so many foreclosures, a lot of HOAs are having problems because the owners quit paying the HOA dues because they are losing their homes. Guess who gets to pick up the tab? The remaining condo owners.

There is a real estate column in the OC Register every Sunday. The writer answers questions specific to condos. This would be a good place to learn about condos and the pitfalls.

One of my favorite blogs on real estate is Irvine Housing Blog - Irvine Real Estate. You may find what you are looking for or you can post a question.

Best of luck.

Originally Posted by ferretkona

If you have a choice, go with a house. HOA's can really be controlling. You will find the costs do not quit on condos. Extra assessments on roofs, roads. Many conflicts that the police can't help with until someone is shot.

Many areas with houses have HOAs as well. You have your own home, but the HOA adds a extra few hundred a month to your budget.

[Poptarts]

By the way, in your price range check out Anaheim and Lake Forest for homes.

[cabolissa]

Why do you have to buy? If you don't have a down payment, I'm assuming you don't have any savings either. Without savings, in this economy, you run the risk of losing everything (home included) if you lose your job. Don't buy into the hype, buying a home now is NOT the answer. The prices will continue to fall another year or two. Seriously consider buying a new single family home for under $200K in another state. Our state's unemployment rate at almost 11%, combined with the still inflated home prices and fiscal state budgetary issues does not bode well. The bubble-era is over. Buying now, you won't make a ton of money, or get "in" at the right time, because the prices are still going down and won't likely go up as high as they were anyway.

[drewex]

Cool posts, Thanks all, yea i realized i am not going to be able to play with the house either, I like to add on crap to my house(in style and permitted ) Its was so hard to find a place i liked but im in this for 2 weeks and got scared by all the demand, I though i would not find a good place.