Two houses, which one will you choose?

Question

Option 1:
Condo on 2nd floor, built in 1984. $310,000.
2 bedroom, 2 bath, 2 covered parking spaces.
895 sq ft. No lot. Share pool facilities with other 50 units.
Located in an average neighborhood.
HOA fees $225/month.
Commute to work 23 mile one way.


Option 2:
An attached single family house, built in 1925. $302,000.
1 bedroom, 1bath, 1 attached covered garage.
480 sq ft (small) plus a covered patio (120 sq ft)
Lot size 1400 sq ft.
Located in a Good neighborhood.
HOA fees $40/month.
Commute to work 16 mile one way.

Answer 1

WELL, the smaller one may be better 4 now. ITS more Private.And you may be able to build on a room later,or your patio can become a room.THAT would give you 610 square feet.ITS closer to work. THE fees ( H O A ) fees r cheaper. YOU save $2,220 a year in fees a year.You have a yard you could have a lawn party and a dog too.THE covered Garage could be turned in to a room as well OR office.And your saving 3,500 miles a year on your car that's almost 2 oil changes.

Answer 2

When we moved several years ago my wife and I each listed the top five things that we wanted in a new home. We then found an area that we both liked and looked at dozens of homes until we found the one that meet each of our criteria.

So, I would suggest you list the top five things you want in a home and see which one meets most or all of them. One of our considerations were how far off a major street we were - we wanted to be three turns from any major street because we didn't like the heavy traffic at our old home. The location we decided to look in was based on schools and commute times to our jobs. You'll have to decide what is most important to you.

These are two very different homes. The one is obviously has a larger living space while the other has additional property which means more privacy. The HOA fees are very different as well. If you add them up annually, the Condo will cost you $2700 while the home will be $540 or $2160 less. I would see that as a fantastic fund for an annual vacation.

A down side to an older home is upkeep which could consume the savings of the lower HOA. It all depends on how well the home has been maintained by previous owners. The pluses I see with the condo is the larger living space and no yard to maintain. If you need the extra bedroom and extra bathroom or you hate yard work, then that is your obvious choice.

Good luck, and enjoy whichever home you choose!

Answer 3

Your home is the biggest investment you'll ever make, so the potential dollar appreciation of your property is a huge factor. From the information you've provided, the attached single family house which includes more actual land and is in a better neighborhood sounds like the better financial choice. Location is the key factor in real estate value, and the lower HOA fees and shorter commute are bonuses. Now, you just have to decide if having less space will make a big enough difference in the satisfaction you would have in living there.

Answer 4

If you can handle a little handyman work, I'd pick #2

You have land area to add on possibly. HOA at $225 ?????? You can do alot with that money each month!

Condo puts neighbors too close for privacy. I wouldn't pay that kind of money to hear the neighbors all the time. A home at least gives you more privacy.

We added on an apartment to our house for our daughter and son-in-law. It's a one bedroom, bath, den and kitchen and it's 860 sq ft. I don't see how they could make the house less than 500 sq ft!

Wow, hard to imagine living in either of your options!

Answer 5

I'd go with the first one. The second one would be too tiny. I live in a home almost twice that size and it feels VERY cramped. There are only three of us here. Plus the second one is very old and you'll always be putting money into something. With the first one even though your association fees are high, you get a lot more from them; you get a pool and probably more security. The less headaches the better. I'd go for #1.

Answer 6

I think I would go with the house, it is much more affordable and you can always add on later when you can afford it. The other cost's more, is further to work and has HOA, for the additional 225 per month you can put that to jazzing up the house and adding on? Think about it........... with a condo you can not do construction.... Good Luck I am glad you are looking for a place, it is a GREAT feeling, ENJOY =)

Answer 7

Option 1. I like the pool. And you never know when you will need the second bedroom. Also if you ever decide to sell it, seems like the condo would be worth more than the 1925 house.

Answer 8

Both are too small and overpriced (unless in very tony neighborhoods in top cities). Both are too old and will require maintenance which means for the condo special assessments. The commute is negligible for both.

If forced to pick between them, Option 1, but I'm not happy with the choice....

Answer 9

Def. The 2nd one. At least you get a yard you can plant a graden or relax in. It's closer to your work so you save money on gas. You have a patio and a secure garage. It's in a good neighborhood so you can feel more secure and happier. You save TONS of money on HOA fees.

Answer 10

i'm assuming that the two homes are interior the comparable college district (because of the fact if I had teenagers that is my 1st attention in choosing a house) and the comparable community so crime, community standards, proprietor of a house's affiliation, tax expenditures, etc. could all be the comparable. if it rather is so, what related to the present day landscaping and fencing? Does one domicile outshine the different with connection with those issues, besides as different "decrease charm" info? in the event that they are nevertheless neck and neck, take a good look on the nook domicile--confirm you have privateness. some nook lot homes I even have seen in essence lose their outdoor. they have 2 side yards. the place could you BBQ, placed a pool, conceal your junk, etc. and is there adequate privateness fence or hedgerow to furnish you the sensation of a outdoor? additionally, look on the streets and how the driveways back into the line. you may desire to attempt sorting out the community in the time of commuter time (morning in the previous artwork or afternoon in the time of faculty bus runs & after artwork). Which driveway could be greater durable to get out of? seek for any blind spots or troublesome areas. look on the homes around the two homes and spot in case you may get any clues approximately what the acquaintances could be like. undergo in thoughts Mrs. Kravitz from Bewitched? (Nosy neighbor) you do no longer decide for to stay next to her in case you are able to help it. seek for loud canines or teenagers, the Joneses that is stressful to maintain up with (ideal backyard, etc.), or the rest that could malicious program you. on the different hand, in case you meet any of the acquaintances and picture they could be fantastically marvelous next-door acquaintances, that is a plus! Did the comparable builder build the homes? Are there any obtrusive adjustments interior the common of any furniture or fixtures? Do the interior colorings artwork for you or could you may desire to do a great sort of transforming/adorning. those are the comparisons i could make in attempting to go with between them. nook lots are meant to be perfect, yet maximum of them that I even have seen lack privateness as I defined and tend to be greater site visitors basically for the reason which you have the bypass-highway.