Option 1:
Condo on 2nd floor, built in 1984. $310,000.
2 bedroom, 2 bath, 2 covered parking spaces downstairs.
895 sq ft. No lot. Share pool facilities with other 67 units.
Located in an average neighborhood.
HOA fees $225/month.
Commute to work 25 mile one way.
Option 2:
An attached single family house, built in 1925. $302,000.
1 bedroom, 1bath, 1 covered garage next to building.
480 sq ft plus a covered patio (120 sq ft)
Lot size 1400 sq ft (can not be utilized for an 'add-on')
Located in a Good neighborhood.
HOA fees $40/month.
Commute to work 16 mile one way.
2007-03-04 03:24:35 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Is this for just one person? If so, I would choose the single family home. You could always add another bedroom or bathroom if you wanted to. The HOA dues on the condo are too high plus there will be limitations on what you can do to fix it up and you will have to follow rules of the community. More freedom in the single family home. Anyway, as far as I am concerned, a home built in 1925 is probably made with better building materials also and I bet the home has a lot of character too. Is $302k the asking price? If so, remember to offer lower for it.
2007-03-04 03:32:19 · answer #1 · answered by Guess Who? 5 · 0⤊ 0⤋
Neither.
1. I have never known anyone who hasn't regretted moving in to a community involving a HOA.
2. As for option #1, even though I don't like condos, many people do. My question is, how much traffic would you have to fight on your 25 mile commute. You should look at it as time, not distance.
3. for option #2, if you divide the area by 4, you get 4 10x12 rooms (plus a 10x12 patio). Add the fact that you have a bathroom and a kitchen, and it doesn't leave you with any living space. Are you sure you got the square footage correct. If you did, why would you spend over $300,000 for a 81 year old box? I would hope it is completely restored, and that wouldn't even do it for me.
2007-03-04 11:45:01 · answer #2 · answered by Who Am I 4 · 1⤊ 0⤋
Option 2
2007-03-04 11:42:26 · answer #3 · answered by shendley04 3 · 0⤊ 0⤋
I'd go with Option 1, because you are going to have too many problems b/c of the age of the house in Opt 2. Termites being the biggest problem. Also, a 1 br and 1 ba home is too difficult to sell. There aren't too many single people looking for something like that.
2007-03-04 12:16:42 · answer #4 · answered by Big Bear 7 · 0⤊ 0⤋
Option 1.
The house in Option 2 seems to be too old....but it depends. If it's in a good condition then I would go for the house.
2007-03-04 11:33:56 · answer #5 · answered by Eva 2 · 0⤊ 0⤋