Single family home vs condo.

[novahousehunter]

I know nothing of TX, but in my area condos are differentiated from townhouses in that they have a "maintenance" fee that can be really hefty--100-600+ monthly, often in addition to HOA. What it gets you is all exterior maintenance (roof, siding, lawn, etc.) since all you own with a condo is the interior. But it's pretty steep, too, compared to what you would spend on that annually. IMO that is a major vote against a condo.

Other than that, as you note, larger homes are more expensive to heat/maintain, and often are further out.

Does your area have townhouses? Those might be a good compromise.

As for the other posters asking if your situation might change, I say buy for yourself now. A lot can change in life, but you should buy what fits you now rather than what might fit you in 10 years. Too much can change (location, money, etc. too) to want to try to fit the future.

[DubbleT]

Originally Posted by killer2021

So what are the pros and cons of each? I think for my lifestyle the condo is better but I am kind of in a toss up now.

pointers?

Go for the lifestyle you enjoy. Do you have the time, the inclination, or the money to pay someone else for the home maintenance and yard work involved in owning a single family home? Do you hate the noise, lack of privacy, or the inconvenience of sharing the four walls in a condo? Etc.

Do you have the experience of living in both types of situations so that you are making a knowledgable decision?

I'd base my decision on lifestyle preference over money. If you buy the condo and end up hating it you might have a hard time selling it and you're stuck. OTOH if you buy a house and you end up hating it you might have a hard time selling it and you're stuck.

[Silverfall]

Originally Posted by tomocox

Do NOT buy a condo! You give your neighbors total control of your properties resale value. Even their involuntary actions will directly affect you. Unlike a SFR (single family residence) where neighbors may be foreclosed, if your neighbors don't pay their condo fees, your property's common areas could fall into disrepair, thereby making your condo's value depreciate far more than you would if the next door sfr goes into foreclosure or simply disrepair.

Your freedoms will be greatly reduced by contract when you purchase a condo, too. Even the color of our interiors can be dictated by a color-blind (challenged anyway) condo management. If you don't like yard work or light maintenance, the occasional fee for such will be typically less than the ongoing costs of paying maintenance fees to a condo organization.

This is a valid concern, but at least in my area, ESTABLISHED condos are just fine because they have had owners for a long time and don't turn over very often. New condo complexes are a little bit more dicey and Tomocox has some concerns that you should be asking the HOA folks about if you want to look at a new complex.

I also agree that maybe a zero lot line or townhome would be something to look at. You know what tends to happen is you go and look and then a property "speaks" to you. It is what you are looking for with your lifestyle.

Out here, we also have many small cottages (900 sq feet) that might be appealing. Not sure if they have those where you are looking, but they are centered around the core of our downtown here since they are in the older/historic neighborhoods.

Just some thoughts.

[killer2021]

Thanks guys all of your responses were very helpful.

Lots of questions to get settled when I am in the market