Here’s what it came down to. I wanted to move into something that wasn’t going to need any work that was one. With houses, they typically require a lot of handy work, meaning you may need to replace some fixtures, in a few months time you may need to replace the roof, or the siding. There’s a ton of things you may have problems with. Houses are typically more expensive than condos price wise, monthly payment wise, single family’s are generally cheaper. You don’t have to pay for a HOA fee, which are tacked on fees that cover everything from building management, building upkeep, water bills, garbage fees, and so and so forth.
Not having to pay that HOA fee means saving yourself an extra 200 to 500 dollars a month!
Now buying a two family home is even more expensive than buying a single family house, you have all the same expenses as buying a single family and then some. The only difference is, when owning a multi family, you have the opportunity to rent the opposite side out, saving you on your mortgage payment.
I chose to go with a condo, because A. I didn’t have to put any work into it, if I did I would end up making the home worth more so that was a place. B. the mortgage was affordable as was the HOA fee, C. the price tag compared to other condominiums 30 minutes away was generally cheaper by hundreds of thousands of dollars!
Get a free sample of my Ebook on my social media, which will go into extreme detail on how to buy real estate. Or go to the link below and get the full book
A book that helped me in my journey was “rich dad poor dad” and it may help you! Link below