Current Events > is it worth buying a condo instead of a house?

(+) Yeah! (+)

they're way cheaper and the right size for me but I don't know if it's a worthy investment for later

It depends.

condos are cheaper but they have condo fees.

you dont really own your condo. If the building falls down like surf side you dont have shit, at least with land you own the land too.

condo means no backyard for your pets or for grilling meat with your friends.

condos are not that safe, the inner walls are drywall, if your neighbor wants to break into your unit all that stops him is a drywall sheet.

lower property taxes though, thats good.

As far as being able to rent it out, it's worth it provided the community itself doesn't go to shit. Add on to that, no one likes dealing with the HOA. But the monthly cost and maintenance are cheaper, even if you factor in the HOA fees. And it can be paid off considerably earlier then a house.

Depends on the situation and where you live. Just make sure you account for any condo fees the same way as you'd account for HOAs and try to see if there's anything online about the particular building if it's a larger facility.

I own a condo, and it's better than renting a room. But I'd rather own a house.

There are pros and cons when comparing a house and a condo. The condo market is a little slower than housing, so you might not get quite as much increase in value over time. Plus you have higher monthly HOA fees. However with a condo you usually get really nice amenities like a pool/gym/big patio space/grills, most utilities are covered, no yard work or property maintenance at all. Also it is usually way easier to manage a condo as an investment property than a house.

And keep in mind you'll still have neighbors. And they can make or break any living arrangement but at the very least you'll be separated by more than a wall if you do hate them. Also limitations on what you can or can't do to the property based on other people and what they want out of the community.

I see. Thanks for the input. I live in ATX so the housing market here is fucked but I've seen nice condos that aren't that are way more affordable.

I've lived in apartments my whole life and the neighbor situation hasn't ever really been a bother.

No - HOA fees alone make it a terrible idea, you don't actually own the property, you're on the hook for any issues due to construction and did I mention you pay rent on a place you bought that you don't actually own?

Can't speak from experience but basically everything has been said. If you can get a good sized one where the master bedroom doesn't actually share walls with neighbors then it'd be a good place to be. But it's still basically an apartment with less flexibility to move if something turns to shit.

Flip side, your condo/HOA fees actually go towards supporting the amenities you'd have like a pool, tennis courts, and maintenance, along with not needing to shovel snow or mow the lawn.

Own a condo. Nice 3 bed/2 bath. It's chill AF and we're probably the youngest in the complex. Most owners 50+. We have plenty of space outside, a privacy fenced patio/grass/shed that's 15x15 I think. We put an enclosed awning out there and made it a sunroom.