Factors to what kind of home to buy 1. Money - HOA fees in apts and condos 2. Location - might only be 3 available in your budget 3. How long will you live there? 4. What is your long term plan? Will this location be good for 30 years? 5. What are the dealbreakers? What do you not want? I don’t want HOA fees, etc. I don’t care if I have a backyard outside. I don’t want to live higher than the third floor. 6. What sort of lifestyle do you want? Condo is lock and leave lifestyle, hallways and roof cleaned and grass mowed, vanity worked. House is so it yourself.
At 6:15 he says that you could put the money into your retirement plan instead of paying down the mortgage… That is DUMB! Your investments should pay for your retirement. Under no circumstance should you be putting money into “retirement accounts” lmao. That just makes the bank money (due to them investing it) while you get poor bcuz inflation eats away at the value of your “retirement account”. Put that money into rentals!
i don’t mind paying HOA fee, i don’t wanna do any upkeep myself therefore it would add up to same or even more than my HOA if i paid for someone to do upkeep. in 10 years my condo has increased once, and decreased once.
Yeah, I'm in northern VA. Housing prices are disgusting. I have the choice of buying in MD or moving out almost to WV and spending two hours (or more) each way commuting every day.
I purchased my first home which is labeled as a condo but honestly to me it feels and looks more like a two floor town home because there are no shared hallways. Btw that suit is 🔥🔥🔥
i have the same. i have an attached garage and private backyard and private laundry room. looks like a house but it’s a condo. best choice i ever made. i also built it brand new✅ here in southern california 🍾
After watching this a third time… i will not purchase a townhome.. was debating with the housing market but I’d rather pay more for a house than to deal with the HOA and the being so close to other people
Very insightful video. I'm living in a condo, have been for the past decade, and am ready to expand. I've had imagines of buying a house. But, once I clarified what I do and don't like about my condo (I like the low maintenance on my end, don't mind the fees, but rather not have neighbors above and below me, and I'm sick of parking in a lot), I realized that I probably would be much happier in a townhouse. As long as I didn't have to park in a lot.
So we bought a house in 2020 during the pandemic and moved in a year after. This year it’s appraised for $100k more… basically we moved out of an expensive state/city to live somewhere cheaper and now this city where we now live caught up to the place we left… The thing is… it has good bones but dated from the 70s. Also, we don’t have a fence with our neighbors and so it’s a little awkward about dealing with that plus one of them has crazy bamboo that has already fallen on our car in the winter snow… all this to say we want to sell and leave this place… but the price is so cheap. We wouldn’t be able to find a house (let alone rent) for the price we paid near 3 major cities across the west coast! So we are torn… I want out with this responsibility but then it means we are paying more to leave… but the alternative is feeling trapped on our property. My advice… make sure what you buy is what you love and not just because it’s affordable and decent. I’m not a house person. I’m a condo person. I had no business buying a house. I like the house. I like the view. I like the price. But it’s just not the right place. The worse scenario is being stuck between the place being “okay” and it also being a “good deal”. Also, look around your neighbors properties… make sure there is nothing that will inhibit you enjoying the place. I got no fence on 3 sides and neighbors planting their shit up to the plot lines with no space inbetween. Everyday I go back and forth (which causes conflict in my relationship) about whether to stay and endure a declining property/maintenance that is too much to handle or sell for a good profit but have no where to go or more expensive properties to choose from. We were suckered into the potential and naive to the demands. How much do you charge for consulting fees? My partner and I feel we need a knowledgeable neutral 3rd party to help us narrow down what we want and whether we should see and move.
I’m a first time buyer who’s in the process of buying a home now and I started out looking for a condo and ended up settling on a detached single family home. That change took place in about two months time. That’s why it’s so important to go out and see properties as a first time homebuyer and to have a realtor who is willing and able to show you however many properties you need to see to decide what’s best for you. I’ve been in apartment near the core of town for about 10 years and I just decided that I didn’t want to share walls anymore, and that I wanted to buy a home that I can envision living in for the next decade and possibly until I retire. I have a longer commute (for the last decade I’ve been able to walk to the train station and leave my car parked in the garage all week), but it’s worth it.
I am in a townhome. I own it. No mortgage. It's just me and my wife. It's my retirement home. My days of fixing external things outside my house are over. No more gutter cleaning and roof repairs ever. My HOA Fees cover all external maintenance and insurance, including the roof. We also have a community pool. I couldn't care less about the fact that my door has to be a certain color and style. I did the single family home thing twice before where I was repairing EVERYTHING and going broke doing it. This works for me now.
*People be moving to certain towns for all the wrong reasons, without thinking about HOA fees, yard maintenance, next to some special bar to get drunk, horrible commutes to work, etc…… Just look for a multi family unit to rent out to tenants. Passive income.
We live in a single family right now? But we are wanting to move to Florida and the condo’s I’ve looked at are 3 bedrooms and 2-3 bathroom which is what we are wanting. We don’t want to deal with yard work and the maintenance we have put into this house? We could have probably bought 10 houses so my family is thinking condo is the best route cause A my parents are older B no yard work and C we will finally be in Florida . We are from South Carolina originally.
I just moved to NOVA and I rewatched this again. I KNOW that I do not want to own an apartment-style condo as I'm getting tired of apartments. I also owned a house with my ex that had an HOA and I'm not really a fan. IF I have to go this route (in order to pay less than almost $1700 for rent in Manassas which is even considered cheaper than Fairfax) for a bit, I would like a townhouse on the end with only one shared wall. IF I have to find a condo-style it has to also be on an end and 1st floor. I'm picky...but my real dream is eventually to rent it out and to work on an old Victorian fixer-upper in a cheaper area either more southern or in the "rust belt" while living in a THOW on the property. HAHA... It's a dream, as I'm just a humble art teacher currently refurbishing victorian furniture and making my apartment look 150 years older inside...
I sold my house and relocated for our sons education, he is in the autism spectrum. WE are doing out homework now to see what location will be best for him in the future. WE are renting an end unit town home. I actually am happy to not go to Lowes every weekend or night for something. Our old house was 1680 sq ft, and our town house is 800 sq ft. There is just 3 of us and we are happy. Maybe we will buy a smaller house in great shape or a town house.
Hello, What is Single Family Detached Condo? What are the differences between traditional single family vs Single Family Detached Condo? It it good to purchase new Single Family Detached Condo or old traditional single family home?
Still on the hunt after 2 years. I was considering a condo but it'll be too hard with the dogs that I have. Decided on a single family home for the yard.
I am thinking about purchasing a condo. Does the HOA only covers maintenance, damages etc. on the outside of my condo or inside the condo too ? Like my dishwasher broke. Do they replace that one ?
It’s funny how a sales guy tells you to forget about thinking about the 30 year mortgage. Don’t think about paying it. Think about where you’re going to be in five years. Well, the truth is, whatever money you borrow you will have to pay it back with interest. So that 30 year mortgage will be paid in one way or another. This advice will keep you poor.
I totally see your point but I’d hope that if I moved after 5 yrs that I made a good enough investment decision to be able to sell the house for more than I purchased. The interest rate on my mortgage is the lowest rate of all my debts such that prioritizing an early payoff, over my other debts and investment opportunities, wouldn’t make sense.
hey we looking for condos in bronx nyc around 150k$ cash if it’s about 800-1000 sf but I wanna know what the average of monthly maintenance and what the average of rent if I wanna rent it to make money ? like how I much I can collect monthly clear if you can help me , thx
SFH is the best option because they are adding thousands of condos but zero houses in the good areas because you can only build up. Remember you want to buy whats going to be more scarce in future not more available
You’re really paying for the land as opposed to the structure. A quarter acre of bare land in Arlington is a $750,000 plot or better in some neighborhoods. Most of the houses are 1940’s and 1950’s cape cods and colonials-cookie cutter and nothing special. That’s why just about every decent lot with an original house on it becomes a tear-down with a new $2M house built out the the property line to replace it.
Agreed! And in some neighborhoods like Country Club Hills, Bellevue Forest and Dover Crystal, you're seeing new construction homes for $3M+ where the land sells for closer to $1M
You got options. Maybe a condo or townhouse depending on your lifestyle. Or you could go house and rent out some rooms to help cover the mortgage if you’re ok with roommates
I’m new buyer in ottawa my budget is not high and I would love to get a small lot and custom build on it a tiny house what do u think is this will be good investment in the future if I sell it for example in 10 years , and is it less expensive than a townhome or condos with insurance and taxes or going threw condos or rent better than custom build
I'm in ottawa. I don't know which location you want to be in, but there are houses to be demolish in vanier selling for 350+, just for the location. The cheapest real estate I saw is townhouse far from the center, about 250k It went up 20% in 12 months - it's a shit show.
Be open to trying new things, learn how to communicate well with others, learn how to sell without being pushy and don't think you have to be in the exact same field as your degree.
2 + bedrooms doesn't matter go cheap live their one year buy another. Don't buy your dream home with your first home. Also remember college grads your 2 years of school is considered time at work.
@Bubbleboy-be9ow It depends on your community. Where I am our HOA Fees pay for roof repair and replacement along with external Insurance and any and all external maintenance.
Ultimately it depends how well the HOA manages the cash reserves. If it’s managed by financially incompetent people and the community stinks at paying their dues, that’s seems to be a risky spot to be.
I feel this request. Honestly though, he's speaking more clearly and slowly than people I tend to run into and/or work with. Mumbling seems to be in fashion. I hate it.
Factors to what kind of home to buy
1. Money - HOA fees in apts and condos
2. Location - might only be 3 available in your budget
3. How long will you live there?
4. What is your long term plan? Will this location be good for 30 years?
5. What are the dealbreakers? What do you not want? I don’t want HOA fees, etc. I don’t care if I have a backyard outside. I don’t want to live higher than the third floor.
6. What sort of lifestyle do you want? Condo is lock and leave lifestyle, hallways and roof cleaned and grass mowed, vanity worked. House is so it yourself.
At 6:15 he says that you could put the money into your retirement plan instead of paying down the mortgage… That is DUMB! Your investments should pay for your retirement. Under no circumstance should you be putting money into “retirement accounts” lmao. That just makes the bank money (due to them investing it) while you get poor bcuz inflation eats away at the value of your “retirement account”. Put that money into rentals!
@@charlesg7926 is retirement account 401k, roth, etc.?
@@charlesg7926 great business sense 🤓
Electric heat.
HOAs.
Absolute deal breakers for me.
@@charlesg7926 Retirement plan is investments stupid
Love My Condo. But my HOA is $540.00 per month. Gated, Maintenance and Yard work Covered. And right across the street from work.
was it cheaper down payment?
@@TheDipset1233 I have VA Loan So no down payment luckily for me My closing cost was very low. under 2k.
i don’t mind paying HOA fee, i don’t wanna do any upkeep myself therefore it would add up to same or even more than my HOA if i paid for someone to do upkeep. in 10 years my condo has increased once, and decreased once.
@@shalgiva I have been looking into that. Can I use my VA loan to purchase a condo. Seems like I have the answer then
$540 is a lot. You can actually afford a SFH thens of thousands $ more with the same monthly payment.
In terms of resale value it’s all about location but generally speaking I’d say single family
Location rules everything. Single family is a solid investment if it's in a good location and the numbers make sense
Are you two related?
Brothers!
@@elliottcorbin9522 I know right?! I was going to say “Wow same last name and in the same industry!” 😳😄👍
@@sammierose1150 and the exact same hairstyle(no offence)
$500,000 for a rundown house in VA?! I’ll stay in Texas. Thank you.
Fair enough! 😁
I’m the Netherlands for €500,000 you can get a really nice house in a very good location
seriously lol that's a trash market but it's all government workers
Damn Americans are really overpaying in a lot of different areas!!!
Yeah, I'm in northern VA. Housing prices are disgusting. I have the choice of buying in MD or moving out almost to WV and spending two hours (or more) each way commuting every day.
I purchased my first home which is labeled as a condo but honestly to me it feels and looks more like a two floor town home because there are no shared hallways. Btw that suit is 🔥🔥🔥
Congrats on your purchase! And thanks for the compliment on the suit!
Its still a condo
i have the same. i have an attached garage and private backyard and private laundry room. looks like a house but it’s a condo. best choice i ever made. i also built it brand new✅ here in southern california 🍾
@@michealbarnes66 to
@Itsellasky South Cali...how much is a condo?
I'm in SJ and condos are 700+
I would love to live in a condo since apartments are what I prefer, but holy hell, the costs... 😭
After watching this a third time… i will not purchase a townhome.. was debating with the housing market but I’d rather pay more for a house than to deal with the HOA and the being so close to other people
Home Owner Associations are evil.
They are like governments
How so?
Even single family has HOA at least here in Florida
Very insightful video. I'm living in a condo, have been for the past decade, and am ready to expand. I've had imagines of buying a house. But, once I clarified what I do and don't like about my condo (I like the low maintenance on my end, don't mind the fees, but rather not have neighbors above and below me, and I'm sick of parking in a lot), I realized that I probably would be much happier in a townhouse. As long as I didn't have to park in a lot.
Thanks!
So we bought a house in 2020 during the pandemic and moved in a year after. This year it’s appraised for $100k more… basically we moved out of an expensive state/city to live somewhere cheaper and now this city where we now live caught up to the place we left… The thing is… it has good bones but dated from the 70s. Also, we don’t have a fence with our neighbors and so it’s a little awkward about dealing with that plus one of them has crazy bamboo that has already fallen on our car in the winter snow… all this to say we want to sell and leave this place… but the price is so cheap. We wouldn’t be able to find a house (let alone rent) for the price we paid near 3 major cities across the west coast! So we are torn… I want out with this responsibility but then it means we are paying more to leave… but the alternative is feeling trapped on our property.
My advice… make sure what you buy is what you love and not just because it’s affordable and decent. I’m not a house person. I’m a condo person. I had no business buying a house. I like the house. I like the view. I like the price. But it’s just not the right place. The worse scenario is being stuck between the place being “okay” and it also being a “good deal”. Also, look around your neighbors properties… make sure there is nothing that will inhibit you enjoying the place. I got no fence on 3 sides and neighbors planting their shit up to the plot lines with no space inbetween.
Everyday I go back and forth (which causes conflict in my relationship) about whether to stay and endure a declining property/maintenance that is too much to handle or sell for a good profit but have no where to go or more expensive properties to choose from. We were suckered into the potential and naive to the demands.
How much do you charge for consulting fees? My partner and I feel we need a knowledgeable neutral 3rd party to help us narrow down what we want and whether we should see and move.
I soooo needed this in 2020 thanks!! You got yourself a new subscriber! I love the way you explain things.
Thank you so much!
I’m a first time buyer who’s in the process of buying a home now and I started out looking for a condo and ended up settling on a detached single family home. That change took place in about two months time. That’s why it’s so important to go out and see properties as a first time homebuyer and to have a realtor who is willing and able to show you however many properties you need to see to decide what’s best for you. I’ve been in apartment near the core of town for about 10 years and I just decided that I didn’t want to share walls anymore, and that I wanted to buy a home that I can envision living in for the next decade and possibly until I retire. I have a longer commute (for the last decade I’ve been able to walk to the train station and leave my car parked in the garage all week), but it’s worth it.
All info is fair info for a soon to be new house buyer. Thanks.
Bro you was more helpful than I was expecting thanks a lot
Happy to help and glad you found it useful!
You was?
I am in a townhome. I own it. No mortgage. It's just me and my wife. It's my retirement home. My days of fixing external things outside my house are over. No more gutter cleaning and roof repairs ever. My HOA Fees cover all external maintenance and insurance, including the roof. We also have a community pool. I couldn't care less about the fact that my door has to be a certain color and style. I did the single family home thing twice before where I was repairing EVERYTHING and going broke doing it. This works for me now.
Would you still purchase a townhome home if the hoa only covers the amenities but not your roof?
@@asanta2023Yep, but it would depend on the HOA Payment per month and the history of if it is raised frequently or not.
Very informative even four years later thanks!
Location doesnt seem to matter anymore.
EVERYWHERE is grossly expensive. Everywhere short of 5 hours drive from the nearest anything.
*People be moving to certain towns for all the wrong reasons, without thinking about HOA fees, yard maintenance, next to some special bar to get drunk, horrible commutes to work, etc…… Just look for a multi family unit to rent out to tenants. Passive income.
for a video with "Townhouses" in the title, you speak very little about Townhouses in the comparison between condos and single-family homes.
We live in a single family right now? But we are wanting to move to Florida and the condo’s I’ve looked at are 3 bedrooms and 2-3 bathroom which is what we are wanting. We don’t want to deal with yard work and the maintenance we have put into this house? We could have probably bought 10 houses so my family is thinking condo is the best route cause A my parents are older B no yard work and C we will finally be in Florida . We are from South Carolina originally.
I just moved to NOVA and I rewatched this again. I KNOW that I do not want to own an apartment-style condo as I'm getting tired of apartments. I also owned a house with my ex that had an HOA and I'm not really a fan. IF I have to go this route (in order to pay less than almost $1700 for rent in Manassas which is even considered cheaper than Fairfax) for a bit, I would like a townhouse on the end with only one shared wall. IF I have to find a condo-style it has to also be on an end and 1st floor. I'm picky...but my real dream is eventually to rent it out and to work on an old Victorian fixer-upper in a cheaper area either more southern or in the "rust belt" while living in a THOW on the property. HAHA... It's a dream, as I'm just a humble art teacher currently refurbishing victorian furniture and making my apartment look 150 years older inside...
Haha welcome to the area! Love Victorian style homes!
Are condo maintenance fee’s and HOA fee’s the same or different? And do you get charged both or just one
Same
The buyer has to pay for the realtor fee now. Is that right?
I sold my house and relocated for our sons education, he is in the autism spectrum. WE are doing out homework now to see what location will be best for him in the future. WE are renting an end unit town home. I actually am happy to not go to Lowes every weekend or night for something. Our old house was 1680 sq ft, and our town house is 800 sq ft. There is just 3 of us and we are happy. Maybe we will buy a smaller house in great shape or a town house.
Hello, What is Single Family Detached Condo? What are the differences between traditional single family vs Single Family Detached Condo? It it good to purchase new Single Family Detached Condo or old traditional single family home?
I prefer a house than any big buildings.
wow you can get a lot for $500k, that would buy a homeless trap house in my market
Lmao
Still on the hunt after 2 years. I was considering a condo but it'll be too hard with the dogs that I have. Decided on a single family home for the yard.
Good decision
That is a nice suit. Brings out the color in your eyes. Lol
Thank you!
Great comparisons I needed to hear-THANKS Matt.
Same here
Roadmop=my favorite part of the video
Thanks for the road mop!!
Very helpful information. BA online student. Watching you from Ibiza. Thanks!
Thanks for watching Lauren!
I am thinking about purchasing a condo. Does the HOA only covers maintenance, damages etc. on the outside of my condo or inside the condo too ? Like my dishwasher broke. Do they replace that one ?
No, you are responsible for maintenance inside your unit
It’s funny how a sales guy tells you to forget about thinking about the 30 year mortgage. Don’t think about paying it. Think about where you’re going to be in five years. Well, the truth is, whatever money you borrow you will have to pay it back with interest. So that 30 year mortgage will be paid in one way or another. This advice will keep you poor.
Elaborate please
I totally see your point but I’d hope that if I moved after 5 yrs that I made a good enough investment decision to be able to sell the house for more than I purchased. The interest rate on my mortgage is the lowest rate of all my debts such that prioritizing an early payoff, over my other debts and investment opportunities, wouldn’t make sense.
I think that he meant if you sell it... you don't have to pay it back
Im here needing to do research and I am a single 43 y.o renter with limited options and one income. Tough decisions.
hey we looking for condos in bronx nyc around 150k$ cash if it’s about 800-1000 sf but I wanna know what the average of monthly maintenance and what the average of rent if I wanna rent it to make money ? like how I much I can collect monthly clear if you can help me , thx
SFH is the best option because they are adding thousands of condos but zero houses in the good areas because you can only build up. Remember you want to buy whats going to be more scarce in future not more available
500k can get you a really nice house in florida so not sure how you'd get a run down one in VA for that price doesn't make much sense
Welcome to Arlington, Virginia 😁
You’re really paying for the land as opposed to the structure. A quarter acre of bare land in Arlington is a $750,000 plot or better in some neighborhoods. Most of the houses are 1940’s and 1950’s cape cods and colonials-cookie cutter and nothing special. That’s why just about every decent lot with an original house on it becomes a tear-down with a new $2M house built out the the property line to replace it.
Agreed! And in some neighborhoods like Country Club Hills, Bellevue Forest and Dover Crystal, you're seeing new construction homes for $3M+ where the land sells for closer to $1M
Just closed on my 2 bedroom condo 1 minute from work!
Congratulations!
do you still have to pay PMI if you use VA loan
No. VA loans don't have PMI
@@TheMattLeighton Thank you Sir
Which would one buy as young single person
You got options. Maybe a condo or townhouse depending on your lifestyle. Or you could go house and rent out some rooms to help cover the mortgage if you’re ok with roommates
I’m new buyer in ottawa my budget is not high and I would love to get a small lot and custom build on it a tiny house what do u think is this will be good investment in the future if I sell it for example in 10 years , and is it less expensive than a townhome or condos with insurance and taxes or going threw condos or rent better than custom build
I'm in ottawa. I don't know which location you want to be in, but there are houses to be demolish in vanier selling for 350+, just for the location. The cheapest real estate I saw is townhouse far from the center, about 250k
It went up 20% in 12 months - it's a shit show.
@@catlzo looking for a lot to built tiny house any where in ottawa or surrounding
I’m considering taking real estate advice from this guy and he could possibly have basketball shorts and slides on the entire video 😅
Basketball shorts and running shoes 🏃♂️
As far as a town house. That HOA fee is kind killing the reason I would buy a house.🤷🏻♂️
what can the poor man buy in VA
500,000 dollars in Chicago will get you a beautiful house. I'm out of here!
Along with the nightless gunshots
any suggestions for a 23 year old, recently graduated with a 2 year degree?
Be open to trying new things, learn how to communicate well with others, learn how to sell without being pushy and don't think you have to be in the exact same field as your degree.
Great information, any advice for buying in Northern California??
What if your buying a property for investment purposes only? Also should you buy it in your name or your real estate business name?
Sending love to another NOVA buddy ❤️
🙌🙌
I want to live in a condo tower out in the woods by the beach on a serene mountain top.
With this crazy prices all i can afford is a condo and not even one in a nice area
great vid brother you have a entertaining personality!
Thank you!
Marital Status and whether you have children...
Very very good video!!
Thank you for this video! It really broke it down for us!
Well done sharing the pros and cons ?
this vlogger is indecisive
Are condos considered houses?
Brian Camacho Condo is apartment unit that you own
Like a lease
What a downer!
2 + bedrooms doesn't matter go cheap live their one year buy another. Don't buy your dream home with your first home. Also remember college grads your 2 years of school is considered time at work.
Thanks!! This really helped
You said nothing about Townhomes... 🤨
Thank You For Teaching Me This.:]
so is a condo a house too? I just learned what it is today from a streamer.
A condo can look like a house. A condo is a type of ownership. It mostly commonly is seen in high-rises but condos can take many forms
Do you have a video on what's the best website to shop for a home
500.000 ??? I guess it’s 50.000 unless you live in Los Angeles
Lol Chicago HOA fees from where I want to live 2-6000 a month. I think that’s insane. Especially if I can buy the property out right.
How is that possible
@@YungSteambuns look at the penthouses. Or almost any luxury building with a nice view of both the city and the lake.
No condo fees doesn’t pay for major maintenance like roof replacement. This come extra😂
@Bubbleboy-be9ow It depends on your community. Where I am our HOA Fees pay for roof repair and replacement along with external Insurance and any and all external maintenance.
Ultimately it depends how well the HOA manages the cash reserves. If it’s managed by financially incompetent people and the community stinks at paying their dues, that’s seems to be a risky spot to be.
With a house you could end up with an HOA...
Even better, just be a renter and put rest of the assets into liquid investments
What kind of investments specifically
No I did not buy a townhouse.
Thanks Matt for this amazing video!
Thanks for watching!
Nice suit
Thank you!
HIGH HOA HELPS KEEP LOWLIFES OUT
OBEY HOA RULES
Money and location, so insightful lol
Merry Christmas!
Merry Christmas Mr. Z!
Funny how "public servants" can afford a home in VA
Wiseguy jackasses in your business is surely to come and harm you worse in all but individual ownership..
Live off of poor people..rentier..
Got killed in Russian revolution of post pandemic year 1918
Needs to be dog friendly.
Speak slowly please!!
slow down the video or put on captions
Low IQ?
I feel this request. Honestly though, he's speaking more clearly and slowly than people I tend to run into and/or work with. Mumbling seems to be in fashion. I hate it.
:/
You shouldn't buy anything always rent