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Ep. 154 – Condos vs. Single-Family Home – Which Should You Buy?

Ep. 154 – Condos vs. Single-Family Home – Which Should You Buy?

Ep. 154 – Condos vs. Single-Family Home – Which Should You Buy?

A lot of people want to buy a house instead of a condo because they have always thought that condos depreciate. But did you know that condos are now selling faster than single-family homes?

In this episode, David Sidoni is dropping some truth bombs and crushing the confusion around buying a condo vs. a house. The housing market is getting turned upside-down and things are happening in a way that we’ve never seen before. And whether you’re looking to buy a condo or a single-family house, remember, the goal is to stop renting as soon as possible. Hopefully, this episode will help you in making your plans for 2023.

Here are some power takeaways from today’s conversation:

  • Townhomes vs. condos: what’s the difference
  • The pros and cons of owning a condo vs. a house
  • Why an HOA (homeowners association) is a necessary evil
  • Why condos are now selling faster than single-family homes
  • Why consider buying a condo right now

Episode Highlights:

[02:31] Condo vs. Townhome vs. House

Legally, there’s no such thing as a townhome, and everything is a condo. But some communities try to get fancy and make themselves stand out by referring to themselves as townhomes. A condo is an individual residential unit within a multi-unit building. Houses, on the other hand, are usually standalone structures separated from the neighboring residences by private property.

[08:04] The Pros and Cons of a Condo

Living in a condo community is a great way to specialize. Condos are more affordable (even with the HOA added to your PITI). This means you can make the purchase sooner since you don’t have to save up for the more expensive single-family home. This also means you’re going to stop renting sooner, which is the goal, to begin with. Condos also offer more choices due to the low inventory depending on your area. They take up less space than traditional houses, and they’re closer to the more hip, cool urban areas. Condo living affords you a wonderful minimalist life and you may have a common area for your pet friends to hang out with.

On the contrary, condos appreciate lower (which isn’t actually the case right now) and they have a low-maintenance HOA lifestyle. Parking is also usually an issue and some condos may have some pet restrictions.

NEW SHORTER SOUNDBITE FOR SOCIALS

Condos, on the price end of things, are holding up BETTER than single-family homes.
Condos, on the price end of things, are holding up BETTER than single-family homes.

 

[17:41] Why Condos are Now Selling Faster Than Single-Family Homes

Condos, on the price end of things, are holding up better than single-family homes compared to the peak in the spring and summer of 2022. Nationally, condo prices have contracted and gone back at 4.4%. However, single-family homes have actually seen a price contraction of 8.6%, almost double the amount of loss in a single-family home. Not the way it usually goes.

[23:06] Why You Should Consider Buying a Condo

Condos are an inexpensive first step toward your forever home as they can help you stop paying your rising rents sooner rather than later. You can save up with a nice fixed payment while you’re living there in your brand-new condo and they do appreciate just fine.

Resources Mentioned:

Ep 98 – Time for A New Game Plan To Buy Your First Home – My Story

https://www.moneyunder30.com/

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I hope you are getting your questions answered about this crazy process. I know there’s not a lot of clear information out there on the internet, so that’s why I started this podcast. To demystify the whole thing and get you first timers the help you deserve!  Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out.  And if you’re not already a regular listener, please subscribe.  If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts. Let’s change the way the real estate industry treats you first time buyers one buyer at a time – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused.  Viva la Unicorn Revolution!

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