Condo, single family home or building a home?

When buying a home, one considers one’s options. One of the options considered in buying a new home is whether to buy a condominium as opposed to a single family house or building a home

We will take a look here specifically at the condominium option.

Condominiums are usually among the most affordable homes, but when buying a condo, one should be aware of the following:

• Condo prices are much more volatile than single family homes so in an economic down turn, Condo values erode much faster than single family homes and during the most recent economic upturn Condo prices outperformed single family homes.

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• Outperforming on the upside seems to be a new phenomenon though because in the past, even though Condos underperformed on the down side, they also underperformed on the upside. No one knows whether this recent phenomenon is the beginning of a trend or an anomaly.
• Condos generally do not have the same demand from home buyers as single family homes and as a result tend to lag badly behind single family homes. So, in spite of the recent phenomenon, Condos are less attractive and are mostly second homes or second choices for the buyer.
• Condo owners have to contend with associations which are responsible for maintenance and upkeep. This can lead to no end of problems and an open end of expenses such as association fees and dues over which they have no control.
• You should ensure that the Condo Association has sufficient of a reserve fund to meet its needs or the result could be shoddy maintenance or unexpected fee increases.
• Knowledge about you credit score, also called your FICO score is important in securing your home loan

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Real estate has been a time tested and superior investment.

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Land in Lehigh Acres, Florida is an affordable means of investing.

However, getting in quickly is important as land prices are getting ready to explode.

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