Buy a House or Condominium?

Let’s talk about the benefits of both a little bit.

By DAVE HOLLAND

Buy a House or Condo?

House or Condo? VA Loans Veterans National Mortgage

Hi, this is Dave Holland with Veterans National Mortgage. One of the commonly asked questions that we get a lot is should I buy a house or a condominium? A lot of times people can’t afford the single-family residence and they don’t know if they should purchase a condo and then move up later or just continue to rent and save to purchase the single-family residence. 

Buy a House

Let’s talk about the benefits of both a little bit. So, with a home, one of the benefits is you don’t have an HOA or homeowner’s association dues. These dues can vary from anywhere from $150 to $1,200 a month, depending on where you live. The next benefit of a buy a house is you have more room. So, if you have a big family already, and you’re not sure if you can fit into a condo, maybe you need something that’s four or five bedrooms, then that would be a reason that you would want to go for a buy a  house.

Another reason is your amenities. You get to keep it for yourself. So you have a front yard, a backyard, a little lawn driveway. The pool is all yours. So a lot of people like having that, uh, letting their family grow up in that environment with the condo, the condo doesn’t have as much space as a single-family residence, but you also don’t have to take care of as much.

“A lot of times people can’t afford the single-family residence and they don’t know if they should purchase a condo and then move up later or just continue to rent and save to purchase the single-family residence.”

HOA and Cost

So with that, yes, the HOA does cost more per month, but you also have the HOA that takes care of more things. So the HOA is going to include your trash. It’s going to include your water and maintenance. The HOA takes care of the building, the roof, the maintenance they take care of the pool, the grounds. So everything that you have to pay for with a single-family.

Say a gardener or landscaper, if you don’t do that yourself, the pool maintenance, if you don’t do that yourself, and the maintenance of the buy a house, those are all costs that you have to think of that the HOA takes care of. Another factor that you can think of to not wait to purchase is going to be, if you purchase a condo, now you don’t have to pay rent every single month that you pay.

“The HOA takes care of the building, the roof, the maintenance they take care of the pool, the grounds. So everything that you have to pay for with a single-family.”

Buy a Condo

Right. Money is just going out the door. You’re not paying towards a home. You’re not paying towards anything for yourself. It’s just going to a landlord. So if you purchase that condo, you can always rent the condo out. You can sell the condo and use the equity to purchase the next home. You have options.

At least if you purchase the condo, personally, I believe that the best option is to purchase the condominium. If you can do it. If it fits your budget and you can find something in an area that you like, maybe you can purchase that and then move up later. But whether you purchase the condominium or purchase a single-family home, I truly believe that it’s input you in a better position than if you were to remain a renter and try to sell for the single-family residence.

“So if you purchase that condo, you can always rent the condo out. You can sell the condo and use the equity to purchase the next home. You have options.”

We Can Help You!

I hope this clears up that position. If you would like more information, please reach out to us at  veteransnationalmortgage.com.

If you’re ready, you can click  apply now  and we can give you a free interest rate quote or help you to get pre-qualified so you can see how much home that you can purchase with no hard inquiry to your credit.

You can also call us at (888) 922-2022 my team is standing by to answer any questions that you may have and to help you with your next home.

Our team is excited to help you with your dream home.

You may also be interested in knowing about How Much Home Can I Afford >> HERE <<
or 
A Comprehensive Guide to Understanding the VA Home Loan Benefit >> HERE <<

Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal

Thanks, and we’ll see you next video.

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