Condo vs home ownership (Houston, Center: wood floors, HOA fees, condos)

[cakmke]

I am a 41 year old single lady. I currently own a 1700 sq ft home w/ 3 bdrms-2bathrms on an average size lot. Lately, I have really been considering moving to a condo/townhome.
I would like to hear from anyone who has previously owned a home and made a move to condo/townhome living. What are the benefits/pros/cons/things to consider...etc. What are some condos/areas to avoid when looking to buy & what are some really nice ones/areas. Money is a factor as I don't make a huge amount. Max I could spend would probably be $125,000.

[RGJ]

I would really suggest a Realtor that specializes in condos. There's a lot on the market right. You have to not only look at the unit itself but how the common areas are maintained and how much the HOA fees are. And the owner/tenant ratio. Again, contact a Realtor with lots of knowledge about condos.

[txtoal]

My experience with a townhome was positive. It seems there are alot of naysayers about purchasing a townhome/condo. I bought my 2 bedroom/2.5 bath townhome for less than $100K in 2001. It was about 17 years old and was in good condition but needed some updates. I lived there for 10 years and updated it over the years to my liking....wood floors, scraped off popcorn ceilings, painted, new hardware, french doors, etc. I loved my place. I didn't have to worry about buying a lawnmower, etc. The hoa fees were $160 a month and that included the pool, trash service, lawn care and upkeep of the grounds, outside exterminator, and water, which was unusual but I wasn't complaining. I was very fortunate since I had wonderful neighbors in my building and we all looked after each other. Another plus, was that I had an end unit so no one was on the other side of me so I had green space. I lived near and church and a elementary school, so it was very safe. For a single person, it was wonderful. I couldn't imagine having a house and all the upkeep. Of course, there are cons, I could hear cars coming in late at night with loud music frequently and the HOA I thought were a bunch of Nazi's sometimes. The only reason I moved, I got married. Good luck!

[kevcrawford]

The thing you need to be aware of is condo fees. Some can be very high, so you need to find out what they are, and adjust your budget accordingly.

[amexicano]

You should also take into account that a condo may not be as easy to sell as a house. Fanny Mae and Freddy Mac (largest mortgage lenders in the US) changed the rules for financing and many condo communities don't qualify for traditional mortgages anymore. Usually restrictions have to do with owner/tenan ratio of the community. Even if you can pay w/ cash, the next potential buyer may not.

You may be better off buying a "patio/garden home"

[Mom2Feebs]

My first question would be: Why do you want to move? Yes, houses can be very costly to maintain, and with a condo fee, maintenance on most everything is generally included on the outside, and sometimes your water (and sometimes HOT water) is paid...just depends on the complex. The Med Center has some nice ones. However, lots of these fees can get pretty expensive, so if it's a matter of just not wanting to mow your grass or perhaps paint your house, I'd say reconsider and maybe hire a lawn service and find a good handyman that will help you with the little stuff.

We had a condo in Houston...in a very nice complex in the heart of Memorial. There were good things and bad things. The absolute worst thing was that for years we were on a commercial meter for electric--which was wonderful--but the bad part was--the commercial dropped us at the peak of the electricity crunch in Houston (2007-2008) and the HOA had to find a new one. Meanwhile, we went from paying 9 cents a kWh to paying 16. Our bill in our unit went from $150 in July to almost $400. It was unreasonable at best, but we were at the mercy of the HOA who chose the new contract. There were better prices out there and we all were flabbergasted at the decision made. So just keep in mind, you have to live with other people's decisions and have very little control. You have to be an active member of the HOA to ensure your voice is heard (as is the case anywhere, but in condos ESPECIALLY). Yes, HOA's can be "Nazis" about some things but that is mostly to protect the property value of everyone. We did well when we sold it though, thanks to an AMAZING elementary school nearby and terrific high school. So you want to make sure that when you are looking that even though you don't have kids necessarily, that the area is zoned to good schools.