House vs condo advice?

Vinny

Vinny

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I'm currently house/condo shopping, and it'll be my first time buying. This is probably a bit different than what most people come here asking about but it's a big decision and I want as much as I can get since it's a big decision. 

I've read tons of stuff based on Googling, and for the most part, each one has its own advantages/disadvantages. I'm leaning towards a condo, since houses much more expensive and with a condo, I like knowing that I have people living right next to me (literally), even if that means I'll have to deal with noise/whatnot. 

But I wanna know experience wise, what do you guys recommend, especially if you've gone through both? 

 
Most condo's have "associate fee's" or something similar which pays for snow removal/maintenance/yard work. The price is different for each place.

The couple apartment condos I've been in they vary so much with the materials that have been used. Some it feels like the walls are paper thin and you can hear everything. Others you never hear anyone else. Check to see on the pet rule. I've had neighbors that would have a dog and the dog would bark all the time. Which is very annoying when you want to sleep. Some places ban smokers (can be a positive or a negative). But a lot of the times it varies on the neighborhood and also seeing how many condos are for sale in one apartment should throw up red flags about problems.

Houses are more expensive but usually means more room. You can do what you want to the the place (expand, add hot tub/pool, plants). It has a yard. Some condos don't allow grills for grilling out. 

If your not handy you may want to go for a condo. But if fixing problems that happen is something you want to try out a house is a good buy. But it all depends on your needs.

 
SchmidtA99 said:
Most condo's have "associate fee's" or something similar which pays for snow removal/maintenance/yard work. The price is different for each place.

The couple apartment condos I've been in they vary so much with the materials that have been used. Some it feels like the walls are paper thin and you can hear everything. Others you never hear anyone else. Check to see on the pet rule. I've had neighbors that would have a dog and the dog would bark all the time. Which is very annoying when you want to sleep. Some places ban smokers (can be a positive or a negative). But a lot of the times it varies on the neighborhood and also seeing how many condos are for sale in one apartment should throw up red flags about problems.

Houses are more expensive but usually means more room. You can do what you want to the the place (expand, add hot tub/pool, plants). It has a yard. Some condos don't allow grills for grilling out.

If your not handy you may want to go for a condo. But if fixing problems that happen is something you want to try out a house is a good buy. But it all depends on your needs.
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but don't you also have to paid like property tax if you own a house yearly? or something like that

 
U get a TX deductible for fist time home buyers. Every year there is at property tax. U have to maintain your home. You have to maintain home like cut grass.snow, but condos fee include that. it's tie to your monthly cost depending on the place and they can tell u.
 
first dont rush

i work for insurance agency and deal with homes/condo but have no expeirience on owning either.

you should look in what your needs/wants are and decided. a condo has less responsibility and would be cheaper. if you get a home its yours and you can do waht you want.

i have plans on buying a home and renting it to two people at $400 each. which would cover the mortgage and utilities.

 
I think your in the shy town area so all this is based on that.

I have no idea how the housing market is in your area but I know Chicago is expensive!!!! If your thinking short term, and the price is to high a Condo may not be your best option. If you can, it's a lot better to buy it as low as possible so you can turn it around if you have to or not be incredibly upside down if you decide to buy a home. If you haven't done it yet, find out how much you qualify for, pay off debt/keep it to a minimum and have some $$$ in the bank. It's incredibly hard for the younger generation to go out and do what your doing, the price of these houses plus income just don't pan out sometimes.

If city life is your jig a condo would be best but price is going to be an issue, depending on the area and/or if it's in/nearby the city. Don't get discouraged, a lot of investors looks at Condos if the prices are low enough. If you choose to remain a bachelor and have no plan in starting a family a condo may work better for you.

 
Yeah, I'm in the Chicago burbs right now but I'm just outside the city so it's fairly easy to get into the city for work and to get drunk and then get back home. I work downtown but could never see myself living in any of the areas in city... at least not the affordable ones. I'm looking in the burbs. Prices are definitely high in Chicago and the burbs closest to Chicago, but I'm gonna look at those areas first before spanning further and further out. 

Prop taxes aren't a factor since if you buy a condo or house, you pay property taxes. 

I didn't know that if you buy a condo, you can't just do whatever you want with it... I mean, I wasn't gonna do much but my walls are definitely gonna have some holes from mounting TVs/speakers. 

 
Not sure about condos, but make sure they aren't just renamed apartments. I bought my house (in SoCal) 3 years ago and came from an apartment. No matter what route you go, make sure you put aside some money for repairs, Small fixes, and upgrades. I'll tell you what though, the only thing is miss about apartments is that I don't have to figure out how to fix stuff! I miss just calling the maintenance guys and watching them do it.

As far as "doing whatever you want with it", it's yours and you can mount whatever you want and paint any color you like, but I think that only applies to the interior. The exterior is up to whatever association makes the rules. I wish I had avoided my association. But the wife LOVES our house and it's grown on me too. Good luck and happy hunting.
 
I grew up in Miami and fort Lauderadle in Condos and apartments. I also lived in a house for a long time when my dad sold his condo to buy his house in Ocala FL.

I prefer condo.  Usually you end up closer to the city and opportunity for anything. A house near a nice city would be expensive if you don't go out to a rural area.

As others have mentioned costs probably aren't far off as you will have association or maintenance fees with a condo. With a house every thing is completely independent where if you owned and didn't carry homeowners you'd be completely on your own.

My dad is at the age now where he needs to get a riding lawnmower or start paying someone to do it in the coming years because the yard is huge for his house. Bill like water and trash which are like $20 a month bills are usually including in maintenance fees for a condo.

With a house you have way less of a chance of being robbed though. If you live in a apartment near people like I did when I was in Fort lauderdale and Miami it would be impossible to always have packages mailed to you or always coming home with more games then is easily concealable will catch on to others specially depending on the type of neighbor hood you are in. I lived in a college town.

Overall I think a condo is way more enjoyable specially if you only will have one kid at most and not a big family. Condo or owning a studio is my route for me personally.

With a condo or a apartment I think the association has to insure the structure to some degree. Might be included in the association or maintenance fees not positive. Varies from place to place.

 
If you're leaning towards a house, make sure if there's a home owner association attach to the home or not. Some HOA are just plain horrible. The house I'm living in has an HOA, and while it's not that bad (meaning we all mind our own business), we have to pay $100/month as oppose to the $40/month when we moved in. (It was the lack of leadership and stupid neighbors that refuses to pay in the first place that got the city involve and then the price jacked up because one house had a damage sewer pipe or something. Hell, one of the neighbors are still refusing to pay. He's getting taken to court). The fees are basically used to pay the water/lights/gardening bill. It will eventually be use it repair the driveway.

I'm avoiding HOA the next time around
 
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Very important to research your locations. Like mentioned, is that condo a former apartment? Likely a big difference in construction quality. I've had multiple apartments be turned into condos and I promptly left. Nice to rent, but would never want to own them.
Do take maintenance into account, as well as your ability to absorb the costs of things going wrong. Not to be scary, but if an appliance dies a horrible death, the amount that you'll have to take care of yourself (some vs every little thing).
Don't forget about renting a house, possibly with a to-buy option. It's a nice way to possibly have it both ways. Having equity is nice, but a key fact of real estate is a place is only worth what someone will pay for it. Buying a place is an investment in many cases, but not a guaranteed good investment. People complain about owing more than their property is worth, doesn't matter. They agreed that it was worth X amount when they signed.
 
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