Question

Hi  Does anyone own a condo versus a home? Benefits? Disadvantages? I’m looking into them here in Austin, TX because they seem to be far much more affordable than buying a home right now. I’ve looked into first time home buyers programs and don’t want to go that route. If I save 10-20% I can easily pay it off probably in less than 10 years. Would love to turn it into a investment property then move into an actual home. I’m 25, salary 55-60k, no kids. Assets include: one boyfriend and wiener dog  **seeking advice from people who have experience with condos***

Answer 1

We live in a townhouse. We bought a middle unit first and then our neighbors gave us an awesome deal on their end unit so we have two now. Renting middle unit out and living in the end unit with fenced yard. I personally love it. Low maintenance, lower insurance, lower bill on water and sewer. We are in a great neighborhood with great schools and when we wanted to rent our unit out we had it posted for 30 mins before it was rented out. And hoa does all lawn care and snow removal. Which works great for us.  

Comments

@rowdyish thank you. We were lucky. Hope you’re as lucky  

Answer 2

Condos have association fees. For me I can’t justify giving $300 a month a way to get the grass cut.  

Comments

But your taxes are lower, you will be paying the same some how some way, either way.  

Answer 3

I loved condo living. Yes, you do need to worry about association fees increasing. Before buying, I would ask to check out meeting minutes for the association to see exactly what you’re getting into. You can also ask about the fees and how often they’ve changed. I thought the fees were worth water, snow removal, trash removal, pool upkeep, and ground upkeep. I sold mine and profited $50k.  

Comments

@rowdyish The downside is the privacy and if you have horrible neighbors, you’re attached to them. Lol. I was single and felt safe at all times with so many people around.  

Answer 4

I owned a condo before I owned a house. I lived in downtown Boston so it was all condos! No houses. I loved it! Yes there were monthly condo fees but it wasnt much. Moved out of Boston and now own a house. Condo dues went to pay for all the things that now as a home owner I have to take care of myself. Just look into how much they have in their reserve (savings) and if any special assessments are coming. I say go for it!  

Answer 5

I say go for it. I’ve been looking as well in Austin but I don’t want to feel cramped

Answer 6

Oh man I LOVE AUSTIN but I have a kid, husband, dog and I live in Chicago. If I were you helllllll yes I’d get a condo! Especially if you can rent it and use it as income

Answer 7

I love owning my condo. You do have to pay an HOA but if you find the right place, it’s worth it. I am not good with home repairs or maintenance, so when things break (which will happen in an old or new home no matter what) I can call my HOA for help recommendations. If you are a first time buyer you may find owning a condo is less overwhelming than owning a home.  

Answer 8

I have lived in my condo for 10 years, I love it! I was a single mom at the time and didn’t want upkeep of a house and yard. Our HOA, is $325 a month, but we have 2 car garages, enclosed patios and they are actually very private for a condo community. I have some amazing neighbors and some not so great, but we are now like an extended family and everyone helps everyone out. Our HOA pays, all water, gas, trash, sewage, landscaping, roofs, siding, painting, pool, clubhouse, terminex, bug spray, pays for parties, etc. ours is less than owning a home with maintenance for sure in my area. If you go with a condo, make sure you can rent it out if you move, and join the HOA board, ASAP.  

Answer 9

I love condo living. It is easy breezy and makes me feel safe knowing I have people around me if I needed help. Especially if you are solo living I personally think it is the way to go.  

Answer 10

I live in a condo and there are only 5 units to my association. Our dues are 290/month. I have parking, trash and water included. I like the convenience, put us in a great location. It's way cheaper than the area rent. I like that I am not personally on the hook for repairs. Look carefully at the by laws but it's a great option if it puts you close to your lifestyle at a reduced rent/mortgage point.  

Answer 11

Love condo life.  

Answer 12

I did not buy a townhome but I rented one prior to buying my house. It was fine, but my turnoffs would be some of them have quite high association fees, you cannot really alter the exterior of your home or yard in any way (might be fine for some who don’t want to bother with that anyway) and you are attached to another unit much like apartment living. Also the one I lived in it seemed the snowplow always took forever and it was very inconvenient to the point I was better off doing it myself. However it is nice not to have to worry about any of the outdoor maintenance and upkeep. Can you rent one for awhile first to decide if you like that style of living?  

Answer 13

I owned a condo as a first time home buyer. It had its ups and downs. My HOA monthly fees were $245 a month and covered nothing but ground maintenance. There are a lot of condos that the HOA monthly fee covers trash, water etc. so that’s one thing I’d look for. Also make sure you read all the by laws that you have to abide by when living in a condo community. From my experience we had to get board approval to make any outside changes to our unit. For example if I wanted to add a ring door bell I had to fill out an application and present it to the board. But it was wonderful not having to mow the grass, trim the gardens and such. I enjoyed it while we lived there and would definitely buy again if the right opportunity came along.  

Answer 14

Same age/ pay/ BF/ dog- and just bought last year in austin. A house though. PM me if you have any questions!  

Answer 15

Hey Victoria! I live in the Austin area and there is actually a lot of meet ups for first time property buyer’s! I am looking into an investment property but I am doing my research and do you have a realtor?  

Comments

Victoria, cool me too! What I have noticed is that there is a lot of pros and cons. A big con are the fees that come with owning a condo that can add up with time making it a poor investment. Also you will have to consider is the condo free standing or attached to another unit. A pro when initially buying a condo is that it is definitely cheaper.  

Answer 16

We lived in a condo last year, we sold and moved city’s and bought a house. (Went from very high cost of living to high cost of living) I liked the condos for the most part. The main draw back was the neighbors below us did not like that we had a child and they constantly complained about us being noisy. (Which the strata helped us figure out though) Saying that we love these freedom of our house more. But my husband is very handy and deals with all house stuff himself. One thing to be mindful of if buying a condo is the stratas insurance. I am not sure how the insurance industry is right now where you are but it’s horrible right now in western Canada. So many forest fires/floods in the last few years that insurance companies are upping their fees for the building, which is usually covered by strata fees. Some stratas around here are having to up their fees by $200-300/ month to cover the additional costs.