First Time Home Buyer - House vs. Condo

Since Dh and I have gotten married we've lived in an apartment in my dad's house and paid minimal rent. He just sold the house last week so we obviously need to be out at closing.

We are looking to buy, and have looked at both condos and single family homes in our neighborhood in Queens. Tonight we are seeing one of each.

Single Family home tonight is a short sale for 300,000. It sold for over 600,000 in 2007. I'm expecting there to be a significant amount of work to be done, but I feel the invenstment opportunity is almost too good to pass up. Just hoping it is livable. Our mortgage would be about 1400. My brother will most likely be living in the basement and paying us 300 or 400 rent, making our mortgage very minimal. The taxes would be close to 300 a month. But taking into account the other bills that come with a home, not sure if its all that much in savings. (What is a good approximation for the other bills, gas, electric, insurance, water...)

The condo is only a few block from where we live now. It is a new development with 2 bedrooms, a bath, terrace, and a lot of extras. I know the condos in our area were worth a lot more than they are now prior to the recession. With the what we plan on putting down, the taxes, and maintenance our monthly charges would be close to 2200.

Assuming we fall in love with both tonight, which would be a smarter move. We have no kids at the moment but would like to TTC the end of the year.

Message edited 2/11/2011 12:13:22 PM.

Re: First Time Home Buyer

house-hands down

Re: First Time Home Buyer - House vs. Condo

house.

With the Condo - you have to live by rules set by the association.
With a house you make your own rules.

I'm in a co-op, and I'm sick of the people living under me, next to me.

Re: First Time Home Buyer - House vs. Condo

3 yrs ago, prior to getting married we were all set to buy a condo. I'm so happy we didn't! We just moved into our house a few months ago and I love the idea that we will make babies and raise all of our children in the same home. We plan to be in our house for the rest of our lives. If we had bought the condo, we'd be looking to move after having 1 kid. I hate packing and moving, so the few times the better.

Re: First Time Home Buyer - House vs. Condo

Re: First Time Home Buyer - House vs. Condo

House!

We live in a co-op and I hate having to follow their rules! I can't wait to have our own house!!

Re: First Time Home Buyer - House vs. Condo

If you can afford a house, I would get one. We couldn't, so we bought a co-op. It worked out well but now that we're pregnant, we really wish we had a house and are looking to move after the baby comes.

Re: First Time Home Buyer - House vs. Condo

300 a month for taxes!!!!!
That sounds so amazing!!!!!

I would go with the house!

Re: First Time Home Buyer - House vs. Condo

We bought a house and learned over the last 4 1/2 years that we are not homeowner people. We are in contract and will rent for a little while just to catch our breath and save, but then we'll probably buy a condo.

Re: First Time Home Buyer - House vs. Condo

I think it depends on how much work needs to be done on the home and what that would cost you.

If both are in the same condition though I would go house.

We have a 2bdrm coop and it is great but we will have to move in a cple yrs when we have a 2nd child/or just out grow the place so given the choice I would do house first IF it was ingood condition or I had someone who could do the work for a decent price bc if you have to pay a contractor you are looking at a whole lot more money kwim?

GOOD LUCK