Why Buying a Condo is Harder and More Expensive

Looking to finance a condo? Here's what you need to know before diving in.
- Condo financing approval process: Your profile and the condo project itself.
- Regulatory rules: Set by FHFA and enforced by lenders.
- Important factors: Reserve funds, structural engineering reports, investor ownership.
- Cost comparisons: Condo dues vs. single-family home expenses.
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- Market trends: Historically, condos appreciate at a slower rate than single-family homes.
00:00 Understanding Condo Ownership
01:17 Condo Underwriting and Regulations
02:34 Loan Level Pricing Adjustments (LLPAs)
03:57 Lifestyle and Location Choices
04:30 Historical Challenges and Market Trends

[@kyleswrath]

Downtown house and condos have HOA fees? So these aren’t the best for rental properties then I assume

[@dustinowen1191]

Not all houses are in neighborhoods that are in PUDs (Planned Unit Developments). A PUD will have HOA dues. Condo's have Association Dues. Those dues add to monthly payment. When it comes to whether or not one or the other makes for a good renal, that just comes down to cash flow.

[@kyleswrath]

@@dustinowen1191 thank you brother, I see, I think for me maybe a single family with no HOA would bring best or a townhouse with no hoa

[@dustinowen1191]

@@kyleswrath Those tend to give the lowest housing costs.