Two houses, which one will you choose?

Question

Option 1:
Condo on 2nd floor, $310,000.
2 bedroom, 2 bath, 2 covered parking spaces
830 sq ft. No lot.
Located in an so-so neighborhood.
HOA fees $200/month.

Option 2:
A detached single family house $302,000.
1 bedroom, 1bath, 1 covered garage.
480 sq ft (small) plus a covered patio (120 sq ft)
Lot size 1400 sq ft.
Located in a good neighborhood.
HOA $40/month.

Answer 1

Because my family of four wouldn't do well in either one, I'll share some questions you need to answer to decide for yourself...

Do you now or in the near future need the second bedroom for regular guests or children, or just plain more indoor breathing room?

Do you prefer to spend your time inside or out, which would determine if you need the lot or not?

Will you now or in the future want to get a cat or dog that will need accommodation?

Will the extra $200 per month be too much for you to handle?

Are you taking property tax and insurance premiums into consideration?

I hope these give you enough food for thought so you can make the best decision. Good luck to you.

Blessings

Answer 2

HOA on a detached house ?
Anyways, the general rule is ' it is better to get a bad house in a good neighborhood than visa versa because the property values will go up there .'
Don't know if it is always true since a 1400 ft lot is actually smaller than many houses . . . but you do own the lot and have some control . . . whereas you have none with a condo.

Answer 3

Take option 2. You have room to add on. Nothing worse than living in a so-so neighborhood and not being able to make as much noise as you want. The fees are terrible too.
Take the extra $28,800 you save on fees over a 15 year period and the extra $8,000 you save right off the bat and put it towards the add on. You can always go up a floor as well. And the more you add on the less lawn you have to mow, LOL.

Answer 4

I've always been told-- buy the smallest house in the best neighborhood you can afford. The resale value is better. So I'd go with the second option. Though if you have a large family one bedroom is pretty cramped!

Answer 5

I would pick option two, cause no one says you have to live in it forever.
Live in it for a two years and then sell it, ALOT of ppl want garages and the fees are way less...Condos arent that great...remember to turn your music down!
I lived in one and the neighbors always bitched about the stereo, even at 4pm!

Answer 6

Go with the house (option 2).

Answer 7

depends how many people will live there. if it is just you, then maybe the house is better. but if there is more than one person, then you probably need two bedrooms. even if you are a couple, it is nice to have a spare room. you are quite limited with only one bedroom.

Answer 8

I'd go with the house. I suggest you go with the one you like better.