House Or Condo?

Nick - ouch, we are missing this important distinction here. No snow for both the condo owners and for people like you :) However, when you think about the severe weather, like hurricanes and storms, condo is safer, as you are higher up and flood is not an issue for mid-rise and high-rise condos here in Daytona. In addition, the power comes from the underground line, and unless a big transformer somewhere there is not busted, we would have the power during the hurricane, which is very important.

Hm, I did not think of this before.

Richie Alan Naggar Author PEARLS SERIES of books  - actually in Florida this did not really affect the condos, especially after the changes in the law in 2008, and Associations got a lot more rights up to taking over the propeties through foreclosure, and also taking the income from rentals if they were rented. We did not see them going out of business, declaring bankruptcy, etc...

Nick T Pappas 

Excellent post and a well deserved feature. You've laid out the pros and cons well!

This is often a tough question for buyers, if they have the option. Some, in certain price points, have no choice but a condo, at least in our area. And condos present some challenges from a financing standpoint.I have had some buyers who are adamant about one or the other for a variety of reasons, while others are open.

Jeff

Nice to see this blog post featured, Nick.  It is so important for buyers to understand the differences in thes purchases....one has to evaluate their present and future needs...you can certainly aid all Huntsville & Madison potential buyers well.

Nick -- great overview on the pros and cons of various housing alternatives. At the end of the day, there's something out there for everyone, they just need to understand what they need and why and for how long.

Joe Petrowsky once again took the words right out of my mouth... Happy Day Nick

To each is own.  My first home was a condo and in some ways it was a great option for a single guy.  But a house has advantages too, especially as your family grows.

Around here buyers get a lot more bang for the buck in a condo, more upgrades, generally, too. But there are downsides to community living. That's why a single family home will just about always beat a condo in terms of appreciation.

Jeff Dowler CRS in agreement with you re: choice--- as an SFR is beyond the financial means of many in this area. That said, a  first time Buyer would do well w/a condo, & you can get a heck lot more amenities than an SFR in the same price range. BUT I have the "$150K rule" : don't spend more than that, keep it urban or coastal,  & plan on never selling, i.e. keeping it in your retirement portfolio. (SFR's appreciate more, condos not so much.)Condo living has  caveats galore----an HOA, lack of autonomy re: many decisions, lack of privacy, noise & rules,rules, rules. I disliked condo living immensely. As far as upkeep, find a good team (handyman, plumber)  & all you do is text/call them if you need a repair.  

When all is reviewed it is always personal preferences that dictate what gets purchased.  Well deserved feature

Nick T Pappas This is a good explanation of the difference between a single family home and a condo.  Over the years, I've found that most people think their out of pocket monthly expenses will be lower with a condo that a single family home.  When they become aware of the assessment, they are often surprised.  Condos were hit the hardest in our downturn. FHA approval is another issue.  This is why people need a great Realtor like Nick Pappas!

Nick T Pappas This is really interesting for a person who lives in a community where there is no such thing as condos and townhomes - or patio homes. 

Personally, I can't feature choosing to live with less than a few acres of my own space around me - but I realize that city living is a whole different thing.

Richie, #24, makes a great point, however, it simply depends on the buyers factors and circumstances. Naturally, having total control over your property is better than sharing it with others, so if it's price, I will recommend a lower priced SFR with a low cost of entry (FHA or VA) and plan on a 7 year window to either move up, rent or refinance.

Anyone thinking of buying a home in your area should call you to be their agent.

Nick T Pappas

Certainly a good question and one for the expert in your area. Nick T Pappas

Nick, my experience has been that the townhome  and condo living can be much more expensive.

Nick, we don't have that many condos in our area but be do have villas or two homes.  It's a lifestyle decision for people to make whether they want to take on maintenance issues on their own or have an association do it for them. 

Hi Nick, I have buyers ask this question and the answer I give them is that each has its benefits so it depends on what they want from a home and a lifestyle.

Excellent information for those unsure of which type of home to buy.  Those opting for condo ownership should be the type that can get along well with their neighbors.

I just read that majority of Californians would prefer a classic home with a large yard to a condo.