Are condos a good investment?

Question

What are the financial disadvantages of going condo vs. single family home. 1st time home buyer Needs educated help

Answer 1

single family will always sell better (resale down the road) when you buy a condo - you have to pay the mortgage - the "assoc" fees (usually higher than anywhere else) and the nightmares of having irresponsible neighbors attached to you - I could write you a book! Ex: the neighbor has a bathroom leak that comes through the wall and ruins your bathroom. Guess what? the neighbor isn't going to fix it - you'll have to claim it on your homeowners insurance (if it's even covered) If you're a first time buyer - and can afford it - stick with single family!  

Answer 2

condos are alittle more luxerious

Answer 3

Advantages of a condo:

- Cheaper than a similar size and condition home

- No maintenance issues for the building itself (painting, roof repairs, gardening, watering)

- Basic utilities like water, sewer, and trash are usually included, and sometimes hot water.

Disadvantages of a condo:

- You have to pay HOA dues, which can be increased by special assessments for additional complex repairs or amenities

- You probably won't have a garage and may have to rent a storage unit

- Parking can be an issue and you may have to pay for additional spots

-  During a real estate market downturn, condos are usually the hardest hit by price reductions

If you can find a livable single family home in your price range - even if it's smaller than a condo in a similar neighborhood and/or location, go for the house. It will appreciate in value faster, not fall in price as quickly, and you can always remodel or add on to it in the future.