Would you rather... (a condo vs. single-family home question)

[Disneybuckeye]

Another vote for single family home. We recently sold our single family home of 26 years that was in a meh school district from day one. We made a great return on our investment. We, like 90% of the other parents who live there, utilized private schools. School ratings do not always matter.

We are currently in an apartment while our new home is being built. We cannot wait to get out of here.

Our new home has an HOA to May for landscape maintenance and snow removal. Don’t anticipate it being an issue based on talking to the others who live there. We also have a loose HOA at our lake house for lawn care, road maintenance, and trash removal. Never had an issue and worth every penny to not have to worry about it.

 

[Luv Bunnies]

We are single-family homeowners who are ready to sell and go back to townhouse living. DH and I bought a one-bedroom condo after we were married, then moved up to a 3-bedroom townhouse and finally, a 5-bedroom house. We've been in our home for 21 years and are planning to sell sometime next year and purchase a townhouse. Our reasons:

- Our two boys are grown. One has special needs (high-functioning autism) and will be living with us for the foreseeable future. The other is away at college across the country and only home for breaks. Even if he needs to live with us for a while after graduation, we will have a room for him. Our current house is more than the three (or even four) of us need. Most of the extra space is taken up with "stuff" that we can do without. We have a formal living room that we rarely use. We could get rid of all that extra furniture and have less to keep clean.
- Our house has almost quadrupled in value since we bought it. It looks great on paper, but it's money that we're just sitting on. We made a large down payment with an inheritance from DH's mom, and our monthly payment is very low compared to most people we know. But, we could sell this house, pay cash for a townhouse, eliminate the monthly payment plus many expenses that go with owning a home. With no monthly payment, and the difference between the sale and the purchase, and just the monthly HOA fee to pay, we would have more in savings and more of our monthly income available to us.
- Within the next five or so years, our current house will need a new roof, exterior paint, new fences, a new driveway, plus other little things. Aside from the cost, we don't want to deal with getting estimates, hiring people, overseeing the work, etc. I remember how nice is was at our townhouse when these things were taken care of. We'd get a notice on the door saying the trim was being painted on such-and-such a day. We'd get home and it was all done. My sister's townhouse complex just resealed all the internal streets and driveways. She didn't have to deal with anything except parking her car outside the complex for a day. I know that some HOAs are a pain, but we feel like we have experience and know what to expect and what questions to ask before buying in.
- We have a big backyard that we rarely use. I would love to have a small yard or even just a balcony. After moving, we will cut the $100 monthly expense of our gardeners. We will also save on our water bill (no lawn to water), insurance, and possibly electricity with a smaller place.

We have thought this over quite a bit and have already toured many open houses. We have narrowed down the areas and complexes we like best and have talked to several realtors. We don't care as much about schools since our kids are grown. We really think downsizing is the best decision for us. When we were just starting out with kids, I think the single-family home was the way to go. I'm looking forward to getting rid of all the "stuff" we've accumulated that we no longer need. I'm also looking forward to having a smaller home to keep clean.

 

[Artygal90]

Wow everyone, thanks so much for your input and stories! You've all given us a lot to think about. I didn't do a formal count but it seems like single family homes tend to win out for more privacy and no HOA issues. But the condo people make a strong case!

We ended up going to an open house today for the house that prompted me to post this question. It's super-cute in person, and if it weren't for the absurdly small bathroom we could absolutely see ourselves living there. Plus, some people from a couple doors down came by with their babies in tow (they wanted to see what the house looked like after the renovations) and talked to us about how much they like the neighborhood. It will probably be off the market by the time we are ready to buy but it was good to walk through a smaller house and see how we liked the layout.

 

[nkereina]

Didn't read all the replies, but my vote would be for the single family home. Where we live, condos/townhomes are not as popular or as readily available.

My aunt owns a townhome-style condo and while its ideal for her as a single female, she has had some issues with the HOA and neighbors. Her nextdoor neighbor (shared wall) had water issues that they had to go to small claims over because it impacted her unit. The neighbors across the street are slobs and constantly violate the HOA bylaws, but no one holds them accountable for it. At their quarterly HOA meetings, all the residents just complain and get into verbal altercations which makes for tension in the neighborhood. So, while she likes the low maintenance, she doesn't like having that "community" style living where she has to come home and worry about what the neighborhood drama is today. I tend to agree with her that I wouldn't like that either, and like to be anonymous when I come home to my safe, comfortable haven away from that crap!

 

[Kellydelly]

I vote for a single family home. We bought a modest 4 bedroom colonial (built in the late 60s) with the thought that it was a starter home, but we could stay there forever if need be. After 21 years and 4 kids we are ready to move, but we have to wait 4 more years for our youngest to graduate high school. We will move to another single family home. I can't imagine sharing walls or yard with neighbors.

 

[_19disnA]

Not sure if being in a single family home vs. a condo has anything to do with your neighbors across the street doing things you find annoying. At least in a condo, you can complain to the HOA and let them handle it (but perhaps they can't do anything about it). Honestly, the best the OP can do is take the various advice offered in prior pages and do what makes the most sense for them. There isn't one answer that fits everyone's tastes/needs.

 

[lovin'fl]

Not sure if being in a single family home vs. a condo has anything to do with your neighbors across the street doing things you find annoying. At least in a condo, you can complain to the HOA and let them handle it (but perhaps they can't do anything about it). Honestly, the best the OP can do is take the various advice offered in prior pages and do what makes the most sense for them. There isn't one answer that fits everyone's tastes/needs.

This is true. And while I'm loving maintenance free life in my townhome (and the lower mortgage payments cause a 2000 sf single family home that is all upgraded and new, like this townhome is, would be a jump up in price by maybe $100K). But the lack of privacy and possible noise issues (which I am okay with current noise but if ever we get louder neighbors...ugghh) has us second guessing and we may go back to single family home in a few years. I just really really don't want to keep up with outside stuff (yard, gardens, roof, gutters, powerwashing, painting). My last house really put a whooping on me in that department and it was only 1/4 acre but wooded and messy and from the 70s so lots of stuff needed to be redone. I don't think I'm a true condo living person but, dang, I really hate yardwork. HATE IT!!!!! So I guess it's down to what I hate more...yardwork or lack of privacy. Hmmmmmm....not sure.

 

[mousefan73]

For me personally having a home within walking distances to things is top of the list. Our kids can walk to the public pool on their own. Priceless in the summers. Same with library and other town stuff. i also prefer biking or walking to get stuff done. It's a lifestyle thing.. Some are happy having their own four walls and come and go from their garages. I had neighbor once who I swear I did not know how tall he was or ever seen him use his front door.

Since this is your first home, a condo might be a good start.if you are young still be going out a bit and prefer to sleep in on weekends over blowing leaves.

 

[tvguy]

This is true. And while I'm loving maintenance free life in my townhome (and the lower mortgage payments cause a 2000 sf single family home that is all upgraded and new, like this townhome is, would be a jump up in price by maybe $100K). But the lack of privacy and possible noise issues (which I am okay with current noise but if ever we get louder neighbors...ugghh) has us second guessing and we may go back to single family home in a few years. I just really really don't want to keep up with outside stuff (yard, gardens, roof, gutters, powerwashing, painting). My last house really put a whooping on me in that department and it was only 1/4 acre but wooded and messy and from the 70s so lots of stuff needed to be redone. I don't think I'm a true condo living person but, dang, I really hate yardwork. HATE IT!!!!! So I guess it's down to what I hate more...yardwork or lack of privacy. Hmmmmmm....not sure.

My daughter has found the HOA fees often exceed (by several fold) what it would cost her to hire a gardener to maintain the yard in a single family home.

 

[nkereina]

Not sure if being in a single family home vs. a condo has anything to do with your neighbors across the street doing things you find annoying. At least in a condo, you can complain to the HOA and let them handle it (but perhaps they can't do anything about it). Honestly, the best the OP can do is take the various advice offered in prior pages and do what makes the most sense for them. There isn't one answer that fits everyone's tastes/needs.

My aunt lives in a townhome governed by an HOA. The neighbors violate HOA bylaws all the time, but the HOA has little recourse. As just one example, the neighbors leave their garbage cans at the end of their driveway for days at a time, often not even removing them between garbage pickups. Not only an eye sore, but it draws critters and its in violation of an HOA bylaw that says it needs to be removed within 24 hours of garbage day. The HOA sends letters, but to no avail. Of course this can happen at a regular single family home as well, but the difference is that these townhome owners are paying to be part of an HOA that has these rules so these like-minded people can live together among the same standards maintaining property values together. When someone doesn't abide by it, it affects the community as a whole and makes the dues their paying lessen in value. If this occurs in a regular single family home, its no less annoying but at least you're not paying a monthly fee to maintain rules the neighbor is directly violating week after week. Unfortunately, the extent of an HOA's legal authority is placing liens on a property, which I have found (in my own experience) they either never do, or its just not enough to scare homeowners straight.

 

[mnrose]

My daughter has found the HOA fees often exceed (by several fold) what it would cost her to hire a gardener to maintain the yard in a single family home.

That really depends. The condo we are buying for my son has dues of 416 a month, which includes water, sewer, garbage, landscape maintenance, building maintenance (window fail? HOA replaces it), HVAC system and maintenance, electricity, heat, internet, cable TV, fitness center, and pool. I dare say it would be IMPOSSIBLE to replicate ALL of that in a single family home for anything close to that price. Of course, it also includes insurance on the building itself. All he will have to have is an HO6 policy which costs only a few hundred a year. Much less than homeowner's insurance on a single family home of the same size. All in all, it's a bargain for monthly expenses. We've run the math and there's no way to buy a single family home for the same outlay, not to mention that the single family home would have maintenance expenses that are unpredictable. Everything in this unit is very predictable. In fact, we couldn't rent for the same price either.

 

[tvguy]

That really depends. The condo we are buying for my son has dues of 416 a month, which includes water, sewer, garbage, landscape maintenance, building maintenance (window fail? HOA replaces it), HVAC system and maintenance, electricity, heat, internet, cable TV, fitness center, and pool. I dare say it would be IMPOSSIBLE to replicate ALL of that in a single family home for anything close to that price. Of course, it also includes insurance on the building itself. All he will have to have is an HO6 policy which costs only a few hundred a year. Much less than homeowner's insurance on a single family home of the same size. All in all, it's a bargain for monthly expenses. We've run the math and there's no way to buy a single family home for the same outlay, not to mention that the single family home would have maintenance expenses that are unpredictable. Everything in this unit is very predictable. In fact, we couldn't rent for the same price either.

WOW! If there was anything like that around here for only $416, that WOULD be a good deal. Here an HOA will cover upkeep of common areas, water, sewer and garbage and the exterior paint and siding upkeep and some...the roof, but your windows, HVAC and all interior built in appliance upkeep, electricity and gas, internet, cable TV is all your responsibility.

 

[HopperFan]

My daughter has found the HOA fees often exceed (by several fold) what it would cost her to hire a gardener to maintain the yard in a single family home.

I pay $550 a month. This is a walled gated community with 24/7 human guards. We have a huge maintenance team that keep it up like a resort. The landscape is incredible including multiple ponds with fountains. 3 man management team on site and all administrative expenses. We have access to two pools and two hot tubs, one is an indoor/outdoor set up, fitness room, sauna, basketball court, tennis courts, racquetball courts, shuffle board (it is FL). There are 3 other pools that we can not use. So pool expenses for 5 pools and hot tubs. Each pool has bathrooms. We have gazebo and gated entry to the beach. It covers ALL the insurance for the exterior of the buildings, hurricane insurance, pest control. For us personally; water, cable, internet, landline telephone included (we only pay electric and a small amount to upgrade internet).

That really depends. The condo we are buying for my son has dues of 416 a month, which includes water, sewer, garbage, landscape maintenance, building maintenance (window fail? HOA replaces it), HVAC system and maintenance, electricity, heat, internet, cable TV, fitness center, and pool. I dare say it would be IMPOSSIBLE to replicate ALL of that in a single family home for anything close to that price. Of course, it also includes insurance on the building itself. All he will have to have is an HO6 policy which costs only a few hundred a year. Much less than homeowner's insurance on a single family home of the same size. All in all, it's a bargain for monthly expenses. We've run the math and there's no way to buy a single family home for the same outlay, not to mention that the single family home would have maintenance expenses that are unpredictable. Everything in this unit is very predictable. In fact, we couldn't rent for the same price either.

Absolutely. Many folks forget to realize that your insurance is lower because the COA is paying for the insurance of the exterior of the buildings, your taxes are lower because you do not own the land, the utilities and things like bug control. Like I said when I did a big spreadsheet comparing like sq footage of 3 bedroom homes on small lots vs my 3 bedroom condo in a much better location with tons of amenities .... the house was going to cost much more when we added the insurance, taxes, maintenance, utilities etc and that didn't even count all the amenities one had over the other. I was VERY ANTI-condo and the family fought me. So I was sure my math would back up my house .... it didn't even come close. We bought a 3 bedroom, 2 bathroom townhome with outdoor storage, large screened porch, laundry and a small garden area I am allowed to customize.

Now all things are not equal, we are in a very nice complex with excellent financial health ... that is important.

My aunt lives in a townhome governed by an HOA. The neighbors violate HOA bylaws all the time, but the HOA has little recourse. As just one example, the neighbors leave their garbage cans at the end of their driveway for days at a time, often not even removing them between garbage pickups. Not only an eye sore, but it draws critters and its in violation of an HOA bylaw that says it needs to be removed within 24 hours of garbage day. The HOA sends letters, but to no avail. Of course this can happen at a regular single family home as well, but the difference is that these townhome owners are paying to be part of an HOA that has these rules so these like-minded people can live together among the same standards maintaining property values together. When someone doesn't abide by it, it affects the community as a whole and makes the dues their paying lessen in value. If this occurs in a regular single family home, its no less annoying but at least you're not paying a monthly fee to maintain rules the neighbor is directly violating week after week. Unfortunately, the extent of an HOA's legal authority is placing liens on a property, which I have found (in my own experience) they either never do, or its just not enough to scare homeowners straight.

Having been on a HOA board about 15 of the last 27 years .... I understand and often a lien is something you don't want to do because of the cost. We have held financial obligations against homes for sale, and forced them to make structural changes that were not approved or we would block the sale. In this particular instance if her HOA is not addressing this, they need to vote in a new HOA. At the least they can pay someone to take their cans up each week, then bill the homeowner along with their HOA as a special assessment. If they don't pay they are in poor standing and can have more ramifications, at sale or even on their credit. One thing they should look at is there are any city or county ordinances. I can actually go online here and submit a complaint to my city who will come out and cite the homeowner for that, which is great for the HOA to avoid.

 

[yoopermom]

As you can see from these replies, HOAs vary wildly from place to place. Best recommendation, if you go that way, is to read yours very carefully, and talk to as many of the other condo owners as possible. I have the unusual situation where in small town suburb SE WI, my DM/DSF, my DA/DU, and DSGM (step grandmother) all live in a row in the same set of condos! The development is 15 years old, and HOA fees were kept VERY low in the beginning to attract buyers, but now that is coming back to bite them as massive updates/upgrades are required, and as my DM says, "It's a commune/collective", aka if only some need a new roof, too bad, you are all getting it. Only some driveways wrecked by the snowplows, oh well you are all paying for it, etc, etc.

And there is absolutely NO privacy in this one at least. Everyone knows everyone else's business (lots of retirees). When the ambulance was called out there, my uncle called me to make sure it wasn't called for my (often ill) stepfather! And I live 300 miles away.....

They are happy in their situation, but I would go stark raving mad inside of a week.

Terri

 

[grumpy101]

I just purchased my condo last October and I love every moment of being on my own. My family and Friends were guiding me along the way telling the pros and cons of each one in the end I went with the condo yes it does feel like an apartment sometimes but I live in a nice neighborhood and I am closer to work which is nice. If I would have gone with a house I would be budgeting for a whole lot more like water sewer and trash. I would find a complex that takes care of water sewer and trash if you are worried about money that way all you have to pay for is internet and electric and gas if the place has gas.

 

[fla4fun]

Yikes! So was this something you discovered after having put in an offer? Or after touring the property? This is one of my major worries about somewhere with an HOA!

I live in an HOA neighborhood and I never will again. Our neighborhood is single family homes. I like the concept of a condo, but will never find one without an HOA. We have the same headaches with the various boards and committees and covenants as condo dwellers do, including budgets and financials. We wanted to paint the house. We went to the approved store, got the paint scheme out of the approved book, and when we submitted all the paperwork for approval to paint, they said it wasn’t an approved paint scheme. We went back to the store, and they were confused because it clearly states that it is an approved scheme for our neighborhood, so we submitted it again. Denied again. At this point, we have given up and won’t paint until the HOA requires it. That is just one example. So much for being proactive and taking care of the house on our schedule . . .

 

[mnrose]

WOW! If there was anything like that around here for only $416, that WOULD be a good deal. Here an HOA will cover upkeep of common areas, water, sewer and garbage and the exterior paint and siding upkeep and some...the roof, but your windows, HVAC and all interior built in appliance upkeep, electricity and gas, internet, cable TV is all your responsibility.

We definitely have those sorts of HOA's too. It really depends. You've got to do your research, and look hard at the financials. What's the monthly income? What's the reserve like? Are they budgeting for major expenses so that you don't get hit with a large assessment (there was one complex in Marin where I used to live that was trying to assess each unit the equivalent of nearly 60% of the value of the unit....making the units unsellable....yikes). Has there been litigation in the association?

On paper, the unit we are buying "looks good." We hope it stays that way. Of course, there are times that things "look good" with a single family home too....and then it all goes to hell. We've had some rather large, and unexpected, expenses with a single family home we own as a rental. It's cost us a small fortune in unexpected things going wrong....even though "on paper" it all looked good when we bought it. I absolutely know that is a risk of home ownership. Many things to think about in deciding between home ownership and condo ownership.