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I bought a 5 bedroom single family house last year. My first home.
Nuts? no. The reason I shy away from condos and even townhomes comes down to two words: Value proposition. As in, it's not there.
Setting aside for the moment the beauty of direct access garages (which is a REQUIREMENT for me), and not having to share walls OR floors with anyone (which I never truly appreciated until I bought this house), the fact of the matter remains that condos are simply apartments that you own a share of. Nothing else. The problem with that is that they are not priced according to what they truly are. It simply doesn't make fiscal sense to me to buy a condo for anything more than $100k - yet in most every state on the West Coast, you're seeing condos going for $200k - $700k. NO!
There is no way in hell I'm paying $200k for a glorified apartment when for just $275k I can own a full house with more privacy and more amenities. Maintenance? Sure. But so far the worst I've had to do is replace a valve on a sink and the bathroom fan. Meanwhile the home's value has skyrocketed to near $400k in just a year. It's a lot of house, but the value is there. One room is my home office, one room is basically a walk-in closet, one room is a server room, or will be.
I doubt strongly I'll be here for more than 5 years. But now that I've tasted home ownership, I could never picture myself sharing anything ever again.
I personally don't care why anyone chooses to live in the type of property they do.
It all comes down to either initial personal preference or having BTDT and not wanting to do it again - whether it be condo/townhouse or single family.
My husband went nuts in our condo. He likes to be outside, he has hobbies (woodworking & gardening) that you can't do in a condo or a townhouse (noise factor, space & storage factor). So we bought a townhouse 2 years after living in the condo. Still went nuts, even though he got to build his own deck. Grew some tomatoes & peppers in planters on the deck those two years we were in the TH. Bought a new construction house when I was pregnant with our first.
Basic yearly maintenance on a SFH? Yeah, it happens.
But that's what HOA dues pay for when you live in a condo or a townhouse - maintenance.
I live in a SFH and I don't have to weed or mulch my landscaping beds, cut my lawn, pressure wash my house, seal my driveway (pressure washing and sealing are every few years), find a way to dispose of garbage. I pay contractors to do that for me.
Funny thing is that it still comes out to be less per year than what my MIL who lives in a townhouse pays for (without a yard) in her yearly HOA fees @$275/month (average for my area). The only real difference (other than not having neighbors right on top of me) is that I have to deal with the contractors and cut several checks either monthly or quarterly. She writes one check out a month and doesn't get $275 worth of service/maintenance per month. I do, and live in a much larger house that sits on a much larger property.
Another factor that may have made me more interested in condos than the average homebuyer is that I work in the hotel/hospitality industry. I see glossy pictures of hotel properties with pools and balconies every day, so that in itself may have inspired me to aim for the closest thing to a hotel or resort -- a condo.
As crazy as this sounds, I like staying at hotels while on vacation. To a certain degree, condo living -- with pools, gyms, and other amenities -- can feel like living in a hotel year-round.
Whenever I go to someone's house, I don't think, "Gee, I would like to own a place like this someday." Instead, I say to myself, "Gee, good thing I don't own a place like this. Look at all the maintenance I would be responsible for!"
And, yes, I have noticed that most people assume only newlyweds without kids or retirees are interested in condos. While some people like and welcome DIY/home improvement projects, others don't realize how much upkeep (and money for repairs) a house requires until they're actually in there. By then, it's too late. People just assume that a house is the way to go, and fail to weigh all their options.
I think it also depends on what a person prioritizes. If you'd rather spend your weekends reading, writing, shopping, or at the gym, you'll grow to detest home maintenance quickly.
Hahaha, I can understand this. I've said that if I ever won a big amount of money in a lottery, I wouldn't dash out and buy the biggest house I could find--I would just live in hotels. Somebody else cleans after you, you can get food, there's a pool...
I read and write also, but you can keep the shopping. I try to avoid that whenever possible!
Setting aside for the moment the beauty of direct access garages (which is a REQUIREMENT for me), and not having to share walls OR floors with anyone (which I never truly appreciated until I bought this house), the fact of the matter remains that condos are simply apartments that you own a share of. Nothing else. The problem with that is that they are not priced according to what they truly are. It simply doesn't make fiscal sense to me to buy a condo for anything more than $100k - yet in most every state on the West Coast, you're seeing condos going for $200k - $700k. NO!
This objection makes no sense. Condos, like SFHs, sell at the market rate. If condos in one area are selling for $700k, it's because they are worth $700k. Ditto for houses.
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There is no way in hell I'm paying $200k for a glorified apartment when for just $275k I can own a full house with more privacy and more amenities.
And more yardwork, and a longer commute time, and less to do nearby, and more maintenance headaches. Some people have different priorities than yours. What's important is for a buyer to know his priorities before tying himself down to a particular piece of real estate, so he doesn't end up in a mismatch situation. Sounds like you knew yours, and buying a single family home was the right decision for you.
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Maintenance? Sure. But so far the worst I've had to do is replace a valve on a sink and the bathroom fan.
Enjoy that situation while it lasts. ALL homes eventually need costly major repairs. (Which doesn't mean owning one is a mistake, just that you have to be prepared for the inevitable.)
I suspect one reason why some folks would never consider living in a condo is that they have vivid memories of the crappy apartments of their youth, and don't realize how well sound-proofed a well-built condo can be. Most apartments just don't have good soundproofing in place. It's definitely something to investigate before buying any type of attached/shared housing.
(And as other posters have mentioned, the Condo Board from Hell can also be a problem.)
It appears that you made precisely the right choice for you. Ignore the noise. For many people the single family home is ideal, but there are definitely cases where the condo is a better fit. Your situation is one of those cases. You made an informed decision about precisely what you wanted in a home and purchased a home that met your needs. More people should follow that same path because it usually leads to the right choice for them.
In almost all of America right now it is significantly cheaper to own than to rent, even on a monthly cash-flow basis. Renting is only an intelligent choice for people that are incapable of buying or need the freedom to move within the next few years. For anyone that has the capability to buy and is certain they will be staying, buying is a much better choice in the current market.
This objection makes no sense. Condos, like SFHs, sell at the market rate. If condos in one area are selling for $700k, it's because they are worth $700k. Ditto for houses.
And more yardwork, and a longer commute time, and less to do nearby, and more maintenance headaches. Some people have different priorities than yours. What's important is for a buyer to know his priorities before tying himself down to a particular piece of real estate, so he doesn't end up in a mismatch situation. Sounds like you knew yours, and buying a single family home was the right decision for you.
Enjoy that situation while it lasts. ALL homes eventually need costly major repairs. (Which doesn't mean owning one is a mistake, just that you have to be prepared for the inevitable.)
I suspect one reason why some folks would never consider living in a condo is that they have vivid memories of the crappy apartments of their youth, and don't realize how well sound-proofed a well-built condo can be. Most apartments just don't have good soundproofing in place. It's definitely something to investigate before buying any type of attached/shared housing.
(And as other posters have mentioned, the Condo Board from Hell can also be a problem.)
It appears that you made precisely the right choice for you. Ignore the noise. For many people the single family home is ideal, but there are definitely cases where the condo is a better fit. Your situation is one of those cases. You made an informed decision about precisely what you wanted in a home and purchased a home that met your needs. More people should follow that same path because it usually leads to the right choice for them.
In almost all of America right now it is significantly cheaper to own than to rent, even on a monthly cash-flow basis. Renting is only an intelligent choice for people that are incapable of buying or need the freedom to move within the next few years. For anyone that has the capability to buy and is certain they will be staying, buying is a much better choice in the current market.
Thanks lurtsman.
Considering the money and risk involved, it was indeed a decision I put a lot of time into making.
I think a condo made sense for several reasons. This one in particular was updated by the seller just a few years ago, so the repairs we've had to make have been mostly cosmetic in nature.
The condo overlooks a lake and golf course. Unfortunately, my balcony faces a courtyard, not the lake, but it's still better than a view of a boring parking lot.
I know another reason people avoid condos is because there isn't as much room to host parties and other events. Well, as an introvert who loathes noise and big groups of people, this works out better for me. It keeps the number of people visiting us down to a manageable level. Besides, people may further be deterred from stopping by when they consider the extra steps involved when paying visits to people in condos (gated entry, having to find guest parking, etc.)
I really thought through everything carefully. Some of my friends and relatives were quick to state that they would never live in a condo for x, y, and z reasons. "Why not rent for now and save up for a house?" was a question thrown at me frequently throughout the process.
The last thing I care to do is go against my gut just to appease others, especially when they're not the ones dipping into their pockets.
Considering the money and risk involved, it was indeed a decision I put a lot of time into making.
I think a condo made sense for several reasons. This one in particular was updated by the seller just a few years ago, so the repairs we've had to make have been mostly cosmetic in nature.
The condo overlooks a lake and golf course. Unfortunately, my balcony faces a courtyard, not the lake, but it's still better than a view of a boring parking lot.
I know another reason people avoid condos is because there isn't as much room to host parties and other events. Well, as an introvert who loathes noise and big groups of people, this works out better for me. It keeps the number of people visiting us down to a manageable level. Besides, people may further be deterred from stopping by when they consider the extra steps involved when paying visits to people in condos (gated entry, having to find guest parking, etc.)
I really thought through everything carefully. Some of my friends and relatives were quick to state that they would never live in a condo for x, y, and z reasons. "Why not rent for now and save up for a house?" was a question thrown at me frequently throughout the process.
The last thing I care to do is go against my gut just to appease others, especially when they're not the ones dipping into their pockets.
AHHH the view of courtyard vs Lake. I have a question on pricing. I bought a condo two years ago. Two condos were for sale about identical size and identical condition and actually were back to back in complex.
Both condos were 1,200 square feet duplex units. The condo I did not buy sold for 255k. The front of unit has a 7x10 uncovered cement deck and faces parking lot and dumpster. Dumpster is hidden behind a fence but still around 15 feet away.
My unit also has a 7 x 10 cement deck but it is a covered deck as my my duplex has a 7x10 uncovered deck on top that connects to master bedroom. My unit faces the small lawn in front which is a small courtyard between my unit and the next building. My wife like idea if raining you could BBQ on lower covered deck etc and if sunny could sit on upper deck. She also liked the idea of grass than asphalt in front of unit.
How much extra would you pay for my unit? other wise everything equal you are paying for the extra deck and a view of grass instead of parking lot. Also my unit gets a bit more sun as it is on sunnier side of building.
This objection makes no sense. Condos, like SFHs, sell at the market rate. If condos in one area are selling for $700k, it's because they are worth $700k. Ditto for houses.
Condos are a glorified apartment not worth that in any case. Less room = less price, or should be.
Townhomes? Sure. Condos no.
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Originally Posted by Aredhel
And more yardwork,
Got illegals to take care of that.
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Originally Posted by Aredhel
and a longer commute time,
Work from home. Sorry thx
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Originally Posted by Aredhel
and less to do nearby,
There's a massive park in the area, maintained by the neighboring association. There's a bunch of upscale restaurants down the road. There are car shows, air shows, a football field, a baseball field, movie theaters, etc. Not sure what you're talking about dude
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Originally Posted by Aredhel
and more maintenance headaches.
That's what contractors are for.
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Originally Posted by Aredhel
Some people have different priorities than yours. What's important is for a buyer to know his priorities before tying himself down to a particular piece of real estate, so he doesn't end up in a mismatch situation.
What are you talking about? Buying a condo IS "tying" down to a particular piece of real estate, at least inside the walls. The only difference is I own what's inside AND outside. The way it should be.
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Originally Posted by Aredhel
Enjoy that situation while it lasts. ALL homes eventually need costly major repairs. (Which doesn't mean owning one is a mistake, just that you have to be prepared for the inevitable.)
Not if everything was already upgraded. I replaced the washer because I wanted front loading, furnace is newish, water heater is newish, fridge is less than 4 years old, stove is less than 2 years old, roof was replaced about 5 years ago, etc. About the only "major" repair that I can see on the horizon would be the windows because the seals are failing; but they've still got at least 5 years left on them, and I've already budgeted to replace them with nicer vinyls anyway.
Quote:
Originally Posted by Aredhel
I suspect one reason why some folks would never consider living in a condo is that they have vivid memories of the crappy apartments of their youth, and don't realize how well sound-proofed a well-built condo can be. Most apartments just don't have good soundproofing in place. It's definitely something to investigate before buying any type of attached/shared housing.
Condos are converted apartments. They don't soundproof them. A Google search can verify that for you. The only exception would be in truly upscale, celebrity-style condos which I don't consider condos in the first place. Hell even Nicole Brown Simpson's condo wasn't all that great.
Condos are a glorified apartment not worth that in any case. Less room = less price, or should be.
Townhomes? Sure. Condos no.
Got illegals to take care of that.
Work from home. Sorry thx
There's a massive park in the area, maintained by the neighboring association. There's a bunch of upscale restaurants down the road. There are car shows, air shows, a football field, a baseball field, movie theaters, etc. Not sure what you're talking about dude
That's what contractors are for.
What are you talking about? Buying a condo IS "tying" down to a particular piece of real estate, at least inside the walls. The only difference is I own what's inside AND outside. The way it should be.
Not if everything was already upgraded. I replaced the washer because I wanted front loading, furnace is newish, water heater is newish, fridge is less than 4 years old, stove is less than 2 years old, roof was replaced about 5 years ago, etc. About the only "major" repair that I can see on the horizon would be the windows because the seals are failing; but they've still got at least 5 years left on them, and I've already budgeted to replace them with nicer vinyls anyway.
Condos are converted apartments. They don't soundproof them. A Google search can verify that for you. The only exception would be in truly upscale, celebrity-style condos which I don't consider condos in the first place. Hell even Nicole Brown Simpson's condo wasn't all that great.
I say around 50-60% of my condo complex also owns a home. Most folks in my complex dont want to own two homes. What is wrong with that. People like me rent it when we are not using it and use it in summer and we have a lot of snowbirds who own homes in Florida who are rich enough to leave condo empty in winter.
I have my own lawn to maintain dont want to go to my condo and start mowing that lawn too. Plus in winter I deal with headaches of being treasurer but mowing lawn or shoveling snow is one less worry that I and my tenant appreciate. In fact my tenant said renting a single family house is a turnoff as she gets stuck mowing the landlords lawn and shoveling his walk. In a condo rental it is taken care of .
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