Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Have you lived in both - what do you feel are the pluses and minuses? (I know most are obvious, but i'd like to hear from people who have had both experiences.)
I also want to ask this in this Forum - since i see real estate professionals posting here, also... and i'm getting ready to list my home in the Spring, hopefully,
Maybe i should now rent for the rest of my life?? (after selling)
I am 52, disabled and getting SSD and a small disability pension. My house is paid off. I want to move from NJ, and buy - either in Maine or Cape Cod, MA.
I go back and forth from a condo, to a regular house with a bit of land. Of course, i'll have to pay someone to cut the grass. With the condo, i'll have a condo fee and the maintenance will be taken care of (along with RULES lol).
Any help and suggestions would be greatly appreciated. It will just be myself, and my dog.
You should probably post this in the city forum of where you want to move as you'll get different answers from people in different parts of the country. In my market, unless you're in the heart of Austin, the condo market is not doing well and you're better off with a house. Condo financing is also hard to obtain in many areas right now with the lending changes that took place on condos last year.
In your situation, I think a condo would be ideal. Best of all worlds, a condo/townhouse with attached garage and minimum shared walls. I don't think you care about investment but more about a community you would enjoy. I have owned both. I don't find that the rules are unreasonable and the HOA fees do preserve the quality of the community. In single home neighborhoods, you have that neighbor who doesn't maintain the property and then you have community eyesores. Its all consistent in a HOA condo community. I have found that the neighbors in a condo or townhouse (my pref is townhouse) community are friendly and supportive of eachother.
I have lived in both a home and a condo. In a home you can control when you do your outside maintenance such as painting or a new roof and plant a garden or chose the color of your home. You have the freedom to do what you want, control some expenses and have more privacy. You can't control taxes and city/county fees for services.
We have been living with our condo mistake for a number of years now and wish we had "googled" HOAs prior buying. Shortly after we moved in our neighbors began telling us about how the board members gave themselves gifts and made repairs at homeowner expense. After the legislature changed the laws new people were able to get on the board and my husband was the leader in getting rid of the orginal manangement company who went along with anything just to keep their contract. When we moved in our HOA fees were $150/mo and now are over $360/mo. If the homeowners can't pay their Board of Director's monthly fees, then a lien is placed on the unit and it gets really ugly then. Rules about parking and what color curtains are one thing but the financial demands are something else. I will never get into another condo again, now, if only I can get out of this one!
If you decide to buy either, be sure to have real estate lawyer review all your documents before you sign anything. One really big thing is inspections...there are some really good posts about using independent inspectors and in my experience it is best to hire several who have no interest in the outcome, such as a heating, plumber, roofer, electrician or a chimney expert if appropriate. A lender will require an appraisal, and there are several good thread regarding how to find an independent one no interest in the outcome if you want your own appraisal. Don't let anyone smooth talk you into anything that isn't your best interest. Research first and use your brain!
Renting might be a good option as you can always move, if you want the hassle, when the landlord raises the rent too high or the neighborhood no longer works for you. At the end of the day, landlords will always factor in their expenses into the monthly rent but at least you have the freedom to chose to leave. On the downside, renters don't have an edge against inflation as a homeowner does with a fixed monthly payment.
Just few things to consider so be sure to read the appropriate threads here and "Google" everything you can find about home owner associations as it is only another layer of taxation.
Best of luck to you and let us know how it goes for you.
Just to throw in my two cents, I think there's a very common misconception about the term "condo." A condo can be a high rise, a mid rise, a townhouse, villas or paired villas, or even single family homes. A condominium is an ownership structure, not an architectural design. There's also a difference between condos and homeowner associations. I can go into greater detail if you want but I thought it might be worthwhile to make sure you knew.
Buy a single family home with a backyard paved and a front yard having flowerbeds instead of grass. We just did and realized "we do not have to mow anything, wow!" If you are lucky you find a single family home where a person with disability lived before and it will be convenient to you. We saw at least one such house while hunting for houses.
Just to throw in my two cents, I think there's a very common misconception about the term "condo." A condo can be a high rise, a mid rise, a townhouse, villas or paired villas, or even single family homes. A condominium is an ownership structure, not an architectural design. There's also a difference between condos and homeowner associations. I can go into greater detail if you want but I thought it might be worthwhile to make sure you knew.
Thank You.
Yes - a couple of the ones i have been looking at are the townhouse type, and the stand-alone cottage type.
I always check to find out about the "rules and regulations," whatever the ones for that certain establishment may be called. They all have some type of fee, and regulations. A friend lives in one and has reminded me that the montly fee can increase quite a bit if large repairs or upgrades need to be made - and that this is something i need to consider due to my income.
For the thread - i just wanted to see if i could get responses from people who had maybe lived in a single-family home, and a condo of some type.
Just to hear their experiences.
I'm looking along the coast - from York all the way up to Eastport.
And also Cape Cod, in the Bourne/Buzzards Bay area.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
