Buying A Single Family Home vs Buying A Condo | Pros and Cons
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- Опубліковано 5 вер 2024
- Are you a first time home buyer in the process of buying a house but can't decide between a single family home vs a condominium (sfr vs condo)? What are the pros and cons single family homes vs condos? In today's episode we discuss the pros and cons of owning a single family home and compare it to the pros and cons of owning a condo in order to help you become The Educated HomeBuyer.
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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
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Josh Lewis (Huntington Beach Certified Mortgage Expert)
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United American Mortgage | NMLS ID: 1942
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Great podcast, but it overlooked the big benefits of owning a condo. Condos are generally more energy-efficient, with utility costs around 38% lower per square foot, according to the U.S. Energy Information Administration. They also offer more predictable budgeting for family finances-monthly HOA fees cover exterior maintenance, benefiting from economies of scale and reduce large, one-time exterior CapEx for homeowners. Condo owners spend about 10% less annually on upkeep compared to single-family homeowners (National Association of Realtors).
Condos appreciate nearly as fast as single-family homes, with a 7.3% annual appreciation rate compared to 7.6% (CoreLogic).
They also contribute to keeping cities financially solvent, reducing infrastructure costs per square foot and increasing tax revenue per sf, which helps subsidize the large runs of infrastructure (roads, water lines, sidewalks, etc) to single-family neighborhoods. And for those looking for a stronger sense of community, condos have been shown to foster more neighborly interactions and social cohesion, making them a compelling choice over single-family homes.
im a fan of townhomes only if its the end unit.
The two condos I have are both end units. Goes a long way to making it feel more like a single family.
Ugh, I just worry about the noise of the shared wall, even if it's only one wall!
My ex hubbers and I lived in an association in the early 90s in San Bernardino Valley and it was in an association and had the same issues! We literally didn't even know what it was. They tried to mandate that we go to meetings, etc. It was an actual nightmare...Train them all Jeb! I avoid them like the plague now lol Keep up the goodness fellas!
Hahaha, appreciate it.
Awesome advice! My husband and I will be a FTHB and we were conflicted on which would be best for us, this helps ALOT
Thanks for watching. Glad you found the info helpful. There is no "right" or "wrong" answer. Do your due diligence and the two of you will make the best decision for your family.
A lot of new desirable home construction has HOAs...it has pros to keep every one in line but HOA for a single family home is a pain
Definitely pros and cons. Sometimes I wish my neighborhood had an HOA when we have neighbors doing absurd "upgrades" and other times I'm happy we don't.
I’m under contract on a “condo” but it looks like a single family house (get your own private yard, no shared walls). There is only one other house in the condo association. We will be condo president too lol.
That's wild. Usually when we see 2 unit "complexes" it's a converted duplex where they made them condos to sell each unit individually. In So. Cal. you see this a lot with beachfront duplex condos.... Glad you'll have control as President. Read your CC&R's and by-laws to see what happens in the event of any split vote. With only 2 units, this can absolutely be an issue if you and the other owner don't see eye to eye on important decisions...
Craziest part is vote share is divided by square footage, we have the larger home, so get 60% of the vote share. Any shared utilities (water/sewer) are split 50/50 though regardless of square footage or # of occupants. @@TheEducatedHomebuyer
@@beekiebookie452 That is crazy. It's fantastic that you already know the details. You would not be shocked to know the number of people who buy in an HOA without doing the research.
Great information.
Thank you 🙏
a condo on a trendy location can be worth more than a house at long range distance
1000%...commute times are a HUGE factor in quality of life.
How about buy a single family home and pay yourself a HOA fee (meaning save the money each month for repairs).
An emergency fund for a homeowner is essential!
Single family is good at the same time, the maintenance is expensive. I don't know what to go for as a first time home buyer 😂
There are definitely pros and cons to each. Do your research and trust your instincts.
Maintenance is the same for a condo. You just pay for it a little bit every month. But if you’re handy, you can lower your maintenance cost if you live in a single family home. You don’t have that option in a condo.
I don't get the love for Hoas. Why do people concern themselves with the color a neighbor paints their house?? People just need to live for themselves and mind their own business.
I'm not sure anyone "love's" them. Jeb and I both own homes in HOA's....there's good and bad. In the best cases, the good vastly outweighs the bad. In the worst cases, it can be a headache to say the least. Thx for watching!