Advice Requested: Condo vs Single Family Home- Single Mom

[*pixie*dust*]

Thanks to everyone who has replied so far, both views are very helpful. I appreciate everyone's responses It is likely this may be my "forever" home but I am not 100% --it's hard to tell who or what may come into my life

 

[Pooh bear 39]

It may be different where you live, but as a condo owner, I am responsible for everything in my home. The condo fees go to everything outside the home like roof, siding, trash, grass cutting and snow removal. Leaky toilet---my responsibility, leaky roof---their problem.

 

[tvguy]

How long ago was that TV? A lot of that has changed. You really have to talk with the HOA. When I was looking last fall almost every condo I visit had guarantees in there that prevented folks from getting socked with huge up charges like that. same thing with the townhome communities.

My HOA cannot raise dues more than 3% over the rate of inflation without legal action. Period. Now each homeowner is responsible for their own roof maintenance and repair so that's not an issue but common areas like pools, gym etc all have separate budgets and those budgets have minimum amounts that must be maintained at all times. we get monthly statements of the escrow accounts and quarterly statements on the scheduled maintenance. for example we have a gated driveway and garages. the gates are schedule to be repaired in two years (every seven years) along with folks garage doors. that's part of the budget for 2016 so when it's time there shouldn't be an issue. same thing with the community center, unless a tornadoe comes barreling through.

I do know of a few instance of special assessments but they were from older HOA.

They are trying to get better at keeping them to a minimum.

I think the larger issue especially if you live in a big complex is what to spend those dues on. As you can imagine all members have different ideas on what's important.

I only have 12 other members in our HOA so we have our local meetings at the neighborhood watering hole where we discuss issues. Some neighbors want the front yards resodded (is that a word) so we'll have a discussion on that but outside of that, we'll chat about where the Christmas/Hannaka party is going to be.

Where does the money come from if there is an unexpected repair or a scheduled repair costs more than budgeted? Do they buy insurance for that? The last people I knew to have an issue was about 5 years ago. Scheduled repaving of a road came in $20,000 over budget so all all 20 homeowners had to come up with $1,000.

 

[FINFAN]

I was going to suggest a townhome or duplex w/basement/yard if possible...mostly because guys like to have a place to hang with their friends that doesn't include the parents, lol, especially in high school! On the flip side you may like some privacy for entertaining your own company and your DS can go hang in his teen cave. What will off storage for upcoming sports equipment, bikes, a 2 car garage for that car he may want to work on laundry room with utility sink~I couldn't live without ours. Yard for fire pits, back yard gatherings. Will his friends have a place to park if they visit? Is there a possibility of a dog in the future? Having access from first floor to let it in the yard vs. an actual walk in the morning or winter is huge. To me, an end unit townhome with a 2 car garage and basement(or upstairs bonus room) would be ideal so no lawn care/roof/windows etc) neighbors to just one side and a yard to side and back would be a great compromise.

 

[msmama]

Don't forget to look into things like taxes when you move. Also, take into consideration any work you'd have to do (in either place) to make it into YOUR home (not someone elses.

Those are actually the reasons I'm still living in my overly large house for 2 people. With taxes and making a house feel like a home (and home prices in my area - for some reason the smaller houses tend to be in more disrepair) I don't feel like I'd get my money's worth selling my house.

Good luck!!

 

[SEA333]

Great advice already - also wanted to add that depending on your and your sons activities and lifestyles, a yard might not be a big deal. We have found that after 9 or 10 years old, our kids really stopped playing in the yard. They are just way too busy with sports, and thought the backyard was totally boring. They'd rather walk to the park and meet their friends to play basketball or catch with.

We have never been ones to turn our backyard into an amusement park, so that could be why they find it boring, but really we had no reason to since we have always lived by parks. I've always been amused by those people who border a playground/park and still have multiple thousands of dollars worth of Rainbow climbers in their yard.

 

[kathy884]

What scares me a little about condo are: Maintenance fees that can keep going up that you don't have control over. With a home you can do some juggling of maintenance costs (defer certain things without any real adverse affect based on your financial situation that year), choose to have someone mow your grass, do yard work, or do it yourself if the budget is tighter. // Changes overtime from owner residents to mostly renters in some condo complexes. Investors purchasing the condos vs. people who want to live there (I've seen some really nice condo that have changed for the worse over time. It's just more appealing to me to have neighbors who are in it for the long run.) Neighborhoods of single family homes seem a little more stable.

Despite that though I think it ends up being more of a lifestyle decision more than anything else.

 

[ruadisneyfan2]

What scares me a little about condo are: Maintenance fees that can keep going up that you don't have control over. With a home you can do some juggling of maintenance costs (defer certain things without any real adverse affect based on your financial situation that year), choose to have someone mow your grass, do yard work, or do it yourself if the budget is tighter. // Changes overtime from owner residents to mostly renters in some condo complexes. Investors purchasing the condos vs. people who want to live there (I've seen some really nice condo that have changed for the worse over time. It's just more appealing to me to have neighbors who are in it for the long run.) Neighborhoods of single family homes seem a little more stable.

Despite that though I think it ends up being more of a lifestyle decision more than anything else.

That's no different than property taxes that keep going up. Our taxes were $3200 in 1996 when we bought our home (single, detached home).
Now are taxes are close to $9000. We have no control over this either. It's either pay up or move and we like it here & like the schools.

 

[Pigeon]

That's no different than property taxes that keep going up. Our taxes were $3200 in 1996 when we bought our home (single, detached home).
Now are taxes are close to $9000. We have no control over this either. It's either pay up or move and we like it here & like the schools.

Except that with a condo, you have both of those issues, not just one.

 

[ruadisneyfan2]

Except that with a condo, you have both of those issues, not just one.

This is true but in our previous condo experience taxes and condo fees combined were still much lower than taxes on a single home. Throw in another $600 to join the swim club near our home to match what we had with the condo and the difference is even greater. The good part about that is we could stop the pool membership when our kids got older and grew tired of it. In a condo you're stuck with it whether you choose to use it or not.

 

[pigletto]

My answer would depend on the age and condition of the single family home. I think I would prefer the single family home, but not if it was going to have issues that I would worry about (wiring, plumbing, roof, windows, furnace, AC, etc etc). If you got a place that wasn't going to soak you in things needing to be replaced and fixed, with a reasonable size yard, I think the SFH sounds like something you would enjoy more..

 

[buckirj1]

I was in the OP's situation about 25 years ago (less the children part). Knowing this would be the only home I would ever buy, I opted for a handicapped-accessible ground floor 1-bedroom condo on a bus line. I've had similar ups and downs as has any homeowner, but I definitely got more bang for the buck than I would have with a small single family home. I feel I'm nicely situated as I age and quit driving.

 

[Zoesmama03]

Honestly I'd downsize the single family home and make budget for landscapers to come.

Having a yard for gardening is important to me too. I'm not quite in the mix to purchase a home yet but that is my plan. A small home for 11 year old dd and I.

Would a condo purchase(not rental) still leave you to maintaining appliances, wiring, plumbing and all that??? Some have landscapers that take care of the area but those things still fall on the owners. To me its no different. Network and find affordable, reliable and honest people if those things should arise.

Also your ds is getting closer to an age where he can help with that yard stuff. Back in the day kids that young mowed and everything.

 

[ilovemk76]

Thanks to everyone who has replied so far, both views are very helpful. I appreciate everyone's responses It is likely this may be my "forever" home but I am not 100% --it's hard to tell who or what may come into my life

Based on this, I would buy the single family house. If you stay single, this will be the house you want in retirement. If you meet somebody, then you can sell a house easier than a condo and get the forever home.

If possible, I would get a home without an HOA and use that money to hire somebody to do the lawn, mulching, trimming and general house repairs that would be covered by a condo with an HOA.