How much equity can I get with a condo? Would a starter home be a more economical route?

Answer 1

One of the things I will point out here ...

In my home state of Florida (for example) the Condominimum Market is in a readjustment period -- prices are falling, projects are being cancelled or delayed, and the prices of existing units on the market are being lowered (and there are several reasons for this -- including the fact that we are a Hurricane Zone State and Homeowner's Insurance is skyrocketing -- in 2004-2005, my state was hit by multiple major hurricanes (and where I live -- 2 major ones hit, but in total -- more than a half-dozen major hurricanes hit the state, along with tropical storms ... and Property Taxes are also rising fast too.

For this Empty-Nesting Single Retiree -- I am thrilled that I had the foresight while a young woman to put money down on a home for myself .. and I kept that home while in the Military Service (and retired back to the home too), so by the time my Military Career was complete, the home was ALMOST fully paid for ...

My recommendation at this time is for a starter home. The first reason is that you do NOT have the monthly maintenance expenses (the condo fees) that will go on forever -- as long as you own the condo. The second reason is that it is so much easier to make changes to your home than have to deal with the condo association and what is in the restrictions, and then there is always the problem with Storage, where to park, etc.

A starter home (and your land!) is always going to be a sound investment, and the more that you put forth effort to maintain it properly, and make good judgment calls on what to upgrade (and when) ...

you will reap the rewards in the long run with a solid investment that will not just provide you with comfort and joy, but also when the mortgage is paid for -- all you have left to pay is the property taxes and insurance on an annual basis

(vice for the condo having to may that monthly fees and the property taxes and the insurance and whatever else of an assessment that is there).

Answer 2

Please if you can at all afford a single family home go that route. Condos are glorified apartments....complete with all the problems of apartment buildings and some more to boot.
Condo's have noise issues, noisy people , lots of rules and close quarters. With home you will have less noise and more privacy ... trust me you have no privacy in a condo... everybody watches everybody and you have noisy gossips living near by. You can't control or pick your neighbors with a home or a condo.. but at least with a home you have little distance and privacy ... in condo if somebody doesn't like you they can complain to the board about you and make life very annoying for you ... ahhh the noise is bad .....Know matter how well built you can hear other people and they can hear you too ....
Please , please leave condos alone ... Hard to sell to if the economy takes a down turn... monthly fees never go down or go away . In a house you can build an addition if you need more space in condo you can't ... please search "Condo" on yahoo answers and see all the problems condo owners have.
Condo ownership is a step in the home buying process skip it and buy the house now ...I can tell you if you buy a condo you will want a house almost IMMEDIATELY .

Answer 3

A home would be more profitable. You pay an assessment fee for life with a condo...don't have that for regular houses.

Answer 4

It finally relies upon on the condominium and the housing industry. If enable's say you're banking on the fact the condominium will relish in value in 3-4 years or assist you spoil even, then bypass forward. while you're uncertain and it might desire to bypass the two way, you will possibly no longer opt to purchase a condominium. additionally, there is property taxes and HOA (house proprietors affiliation) expenditures each month that it might come out to greater effective than what you will pay for hire. additionally, once you sell, you additionally must evaluate genuine property brokers' expenditures (in case you do no longer bypass the FSBO path) meaning your minimal sale value to interrupt even is unquestionably bigger than what you paid. the place I stay, abode values (condos and unmarried indifferent and linked) properties have bigger a minimal of a hundred% contained in the previous 5+ years. certainly one of my clientele offered a condominium for $400K and certainly one of his friends with the comparable SF and examine purely offered for over $850K. If it quite is the fashion of housing industry you're in or watching for to work out (realistically even 25% develop is great, so enable's objective low), then by all ability get a condominium and according to danger even keep it as condo property after. in case you adult males quite do no longer understand what you would be doing contained in here few years (interest smart, having a relatives etc), I propose persevering with to hire. I continually ask my clientele WHY they're figuring out to purchase and what they desire to realize. while you're no longer thinking destiny profitability, then purchase a condominium. while you're thinking that is greater effective than renting...I disagree pondering condominium expenditures, checks (that are surprises!), nosy friends, HOA bylaws, etc are not nicely worth it.