I really want to buy a home for myself in the next few years but am struggling with whether to buy a house or a condo. I know the positives to owning a condo, but I love the idea of having room to grow into. Also, when is the right time to buy? I have some debt that I want to manage, but I also don’t want to…
If you can get in before the first time home buyers deadline which is November 30th, then that would be ideal.
However only you know what you can and cant afford. What I would do is call a real estate agent ( email me if you want a suggestion ) and tell them what you are paying monthly for rent and ask them what if anything you can buy for around that amount.
If you are paying $900 a month rent, but you could be buying for $1000, PLUS you get the $8,000 next year when you do your taxes, then that is the way to go.
Remember to ask the real estate agent what the HOA/CDD/ Monthly maintenance fees are on the house and condo.
Its really up to you & what you would prefer. If you can afford either right now its a great time to do so!!
There are pro’s & con’s to each as I’m sure you know. If you get a house its all yours to do as you wish with. Although you have to keep up with maintance & repairs
Living in a condo you must live in a community & they have rules. You may not like such as pets, smoking, noise etc. However you don’t need to worry about maintaining outside & its usually cheaper than buying a house.
Personally I was in your situation a few years ago & because I couldn’t quite afford a house at the time I purchased a condo. I love it, but I really wish I had my own place that I could do as I wish with. If I could go back in time I would have rented until I was ready to buy my own home because now I can’t sell the condo. Everyone is buying houses with this great buyers market out here! So I’m stuck where I am for a few more years & I will try selling again later.
Its a personal choice & if you think a condo works for you go for it! But if you think your going to want a house soon…..either do it now or rent until your ready that way your not stuck until you sell or rent it out.
Good luck 🙂
Buying a condo means buying into a community with restrictions on what you can do, whether have a pet, rent out apartment, parking, garbage, etc. That is NOT as true in a house, unless you buy in a gated community with clubhousew, etc.
With a condo, there is the monthly assessment in addition to your mortgage payment. With a house and condo there is the semi-annual property tax bill.
With your debts, you may not yet be ready to buy. You need Good Credit, LOW debt ratio, adequate income, sufficient down payment, stable employment. You need 3.5-5% down FHA, 10% conventional, and 20% down to avoid extra costs of PMI. PLAN for your future, Build your credit, Save for down payment, Pay off your debts. Check out your options, and visit some Sunday open houses in both condos and homes.
Depends on what kind of loan you are getting. If it is a regular mortgage then there will be no difference. However, if you are getting a specialty mortgage, such as an FHA loan. Then the condo would be somewhat favorable, typically condos have associations and are typically in better shape than homes. Some homes, due to certain circumsatances may not be eligible for an FHA loan.
There may be more restrictions in buying a condo-association fees and the CCR’s.
never get in hurry to buy. get control of your finances first. homes prices are not going up anytime soon. they are still falling.
house; no contest