Single family home vs condo. (tenant, duplexes, foreclosed, agent)

[killer2021]

Eventually I am going to move to Texas to live and work. Right now I live in CA. I've been saving up a nice little nest egg (50k) to put towards my future home. I am a single guy and won't be getting married/having kids.

At first I wanted to buy a single family home but now I am getting second thoughts. I don't really need the space and most single family homes are in the suburbs (far away from potential employers). The single family home will cost about 150-200k whereas the condo will cost about 50-75k.

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?

[MMichelle]

Never question the freedom that comes with paying cash - or very close to all cash for a home. Nothing makes life easier than waking up in the morning and NOT having a mortgage! Based on the numbers you offer and the space requirements you state, a condo would sound like your best option.
But you will really need to get information from a real estate agent in the area. ALL things are local in real estate. In some markets condos may be poision - in others they are hot! So, who knows? .. the answer is, the local agents.

Talk to several agents. Shop the agents. Ask how long they have lived in the area? WHY they went into real estate? Ask about the area - what they think will appreciate the most, etc.

I don't know the town you are moving to in Texas. Since I'm hundreds of miles away, I'd have no real advise on any area in Texas. However, I understand that the market didn't turn down much, if at all in Texas. It seems that it's one of the few states that didn't.

Good luck & best wishes!

[Chickrae]

Texas is such a great place to buy a house or condo. My son lives in Houston. He was single at the time he bought his house. He paid 120,000 for it three years ago. He chose a house because he didn't like neighbors so close and he loves yard work. But with you being single, and if you don't want to be tied to yard work........and it's hot there!..(whew I didn't realize how hot and humid it gets) then a condo would be your best choice, plus as was mentioned it would be nice to have something almost paid for.

[Chickrae]

I was going to add...I don't know where you are moving in Texas, but I love Austin.

[cleasach]

I know nothing about the market in Texas so please take this for what it's worth (which may be nothing )

I always thought that a condo would be ideal for us since we have no kids and don't need all that space plus we're priced out of homes here. But then I started thinking about the pros and cons and started to steer away from looking at condos and just renting until I retire.

If you buy a single family home, you are not dependent on anyone else's circumstances. You pay property taxes, repairs and upkeep but it's all on you and you can do whatever you want to the place.

In a condo, if your neighbors find themselves unemployed and can't pay their mortgage, the rest of the condo dwellers have to make up the shortfall of that owner's common charges (I think until the unit is resold). The condo association might have strict rules like no flower pots on window sills, no flags, etc.

You will have neighbors (possibly) above, below and on the side of your unit and even though you are an owner you might get stuck next someone who will flip out if your TV is too loud, you have friends over, or whatever. Also, the opposite might be true. You may get stuck next to people who have beer pong parties several nights a week until the wee hours and all the aggravation that comes with that. You can't just pick up and move if you get stuck in that situation.

Good luck to whatever you decide! I would be struggling with it if I were in your shoes as well and just wanted to provide some things to think about.

[Sam82]

Are you absolutely sure you're never going to get married? Are you going to even live with a partner? If you'll really be alone all of your life, then get the condo. Less space to clean and maintain. JMHO. In truth, I think that it's a very personal desicion. But I would go with the condo if I were you.

[North Beach Person]

In addition to the above, condos are typically harder to sell, if you want to move and rent it out the HOA may not permit it (CCRs) or have veto power over your tenant, you are somewhat at the mercy of other people (owners), if the management company is not on the ball you can get hit with additional fees for the building, the monthly association fees are not tax deductible, in many markets condos are the first to lose value in a real estate downturn and the last to recover.

[ladybug07]

We have lived in duplexes, apartments, quads and single family homes.
Single family homes may have yard work or what have you, but they are much nicer in the long run. You dont get woke up at 2:30 with banging on a connecting wall, hear kids running, their TV over your tv, the list goes on.

[Rakin]

You might consider an alternative such as a town home, garden home or zero lot line home (really all the same). These offer a low maintenance lifestyle without the hassles of a condo or regular home, you'll get a small yard and a little more privacy.

Here in DFW you can get a small garden home in a great singles area like Valley Ranch or Addison for $200-250k.

[tomocox]

Originally Posted by killer2021

Eventually I am going to move to Texas to live and work. Right now I live in CA. I've been saving up a nice little nest egg (50k) to put towards my future home. I am a single guy and won't be getting married/having kids.

At first I wanted to buy a single family home but now I am getting second thoughts. I don't really need the space and most single family homes are in the suburbs (far away from potential employers). The single family home will cost about 150-200k whereas the condo will cost about 50-75k.

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?

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.