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Ep. 154 - Condos vs. Single-Family Home –  Which Should You Buy?

Ep. 154 - Condos vs. Single-Family Home – Which Should You Buy?

FromHow to Buy a Home


Ep. 154 - Condos vs. Single-Family Home – Which Should You Buy?

FromHow to Buy a Home

ratings:
Length:
31 minutes
Released:
Jan 17, 2023
Format:
Podcast episode

Description

A lot of people want to buy a house instead of a condo because they have always thought that condos depreciate. But did you know that condos are now selling faster than single-family homes? 
In this episode, David Sidoni is dropping some truth bombs and crushing the confusion around buying a condo vs. a house. The housing market is getting turned upside-down and things are happening in a way that we've never seen before. And whether you’re looking to buy a condo or a single-family house, remember, the goal is to stop renting as soon as possible. Hopefully, this episode will help you in making your plans for 2023.
Here are some power takeaways from today’s conversation:
Townhomes vs. condos: what’s the difference
The pros and cons of owning a condo vs. a house
Why an HOA (homeowners association) is a necessary evil
Why condos are now selling faster than single-family homes
Why consider buying a condo right now

Episode Highlights:
[02:31] Condo vs. Townhome vs. House
Legally, there’s no such thing as a townhome, and everything is a condo. But some communities try to get fancy and make themselves stand out by referring to themselves as townhomes. A condo is an individual residential unit within a multi-unit building. Houses, on the other hand, are usually standalone structures separated from the neighboring residences by private property.
[08:04] The Pros and Cons of a Condo
Living in a condo community is a great way to specialize. Condos are more affordable (even with the HOA added to your PITI). This means you can make the purchase sooner since you don't have to save up for the more expensive single-family home. This also means you're going to stop renting sooner, which is the goal, to begin with. Condos also offer more choices due to the low inventory depending on your area. They take up less space than traditional houses, and they’re closer to the more hip, cool urban areas. Condo living affords you a wonderful minimalist life and you may have a common area for your pet friends to hang out with.
On the contrary, condos appreciate lower (which isn’t actually the case right now) and they have a low-maintenance HOA lifestyle. Parking is also usually an issue and some condos may have some pet restrictions. 
NEW SHORTER SOUNDBITE FOR SOCIALS
[17:41] Why Condos are Now Selling Faster Than Single-Family Homes
Right now, condos are more appealing and selling faster, and higher than homes. Because of the rising mortgage interest rates in the single-family homes that had shot up in pricing in the summer of 2022, condos became the next best thing. 
Hence, the myth that condos don't appreciate enough and that they're not good investments has been debunked. We don't know how long this correction is actually going to go. David recommends buying for more than a five or seven-year hold. 
[23:06] Why You Should Consider Buying a Condo
Condos are an inexpensive first step toward your forever home as they can help you stop paying your rising rents sooner rather than later. You can save up with a nice fixed payment while you're living there in your brand-new condo and they do appreciate just fine. 
Resources Mentioned:
Ep 98 - Time for A New Game Plan To Buy Your First Home – My Story
https://www.moneyunder30.com/
Released:
Jan 17, 2023
Format:
Podcast episode

Titles in the series (100)

Looking for answers - Can I buy a home? How do I even do this? When should I start planning? Where should a first-time home buyer start? Right here. Real information from a real expert with clear answers to end your confusion. Guidance from industry insider, me, David Sidoni, the #HowtoBuyaHomeGuy. I’ll give you the playbook on the do’s and do not’s of buying your first home. From planning for the big step even years ahead of time, all the way to the nitty-gritty of getting your keys. If you’ve felt clueless about where to start, you are not alone because the real estate industry has either ignored first-time home buyers or handed them off to novice agents with little training or expertise – and that sucks for you. So get the info, including the dirty little secrets of real estate that will help protect you; as well as the crucial tips to help you plan for the entire process step by step. Tools, tips, and techniques, from my personal experience working with over 115 successful first-timers (as of July 2021), and hear success stories from some of the over 500 listeners all over the country that used this podcast to guide them to their dream.The real estate industry thinks first-time buyers suck, but I don’t. Get the ultimate “How To” that nobody with a clue is giving first-time home buyers. You deserve the truth. You deserve to be treated like the valued consumer that you are. If you’re sick of high rents, listen and you may find out you don’t have to be a renter as long as you think. Cut through the BS and end your confusion. You can do this!