Condo vs. Single-Family Home: Which is the Smart First Buy for You?

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26 мар 2024

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Комментарии : 121

@curtisjackson1795 3 месяца назад

I’m looking to buy a single-family I like my peace. & Privacy. 🏡

@ShaheedahHill 3 месяца назад

@curtisjackson1795 Thank you for watching

@hazina1947 3 месяца назад

I've owned both and prefer SF living. A major disadvantage of purchasing a condo is people not paying their share of the HOA fee. If they aren't paying it impacts the budget set annually by the BOD. Another disadvantage of condo ownership is the HOA fee can be more than the principal on your SF home!

@ShaheedahHill 3 месяца назад

@hazina1947 Thank you for watching, so true on those fees, the condo may be $200K but the HOA fee is $900 a month. You have to be really careful.

@Lmiller83 3 месяца назад

Single Family home all day. A Condo to me is just a luxury apt. I bought a brand new home this year.

@ShaheedahHill 2 месяца назад

That is awesome!

@KFontLab 2 месяца назад

I’m glad I purchased a townhome for my first purchase. I have an end unit, and my neighbors are pretty cool. We all work and don’t like noise 🤣. The con for me is I don’t like paying HOA fees, but who does ? All in all I’m happy with my purchase.

@ShaheedahHill 2 месяца назад

Thanks for sharing

@adrianelias2365 2 месяца назад

Most say HOA fees are the worst thing about a condo, but maintenance has to get done. Hoa means no one has to mow lawns, cut bushes, maintain amenities, fix exterior walls, etc. HOA is good since someone else takes care of it

@jamaicanblackqueen8897 3 месяца назад

Hi Shaheedah, we bought a single family home. We saw bought and single family home was best for us from living In an apartment for 20 years. Will share my story once we are settle.

@jessicaalexander19 3 месяца назад

I’d love to hear!

@ShaheedahHill 3 месяца назад

@jamaicanblackqueen8897 You know I want to hear it, thanks for being so engaged with my channel for the last few years. If you want to do an interview on the channel just let me know, you can share your tips and experience 😊

@jamaicanblackqueen8897 3 месяца назад

@ShaheedahHill I'm a shy person, so I might write it out. Lol.

@oshynclair7592 2 месяца назад

There's also detached townhomes, too

@reedareeda3045 3 месяца назад

If you prefer the maintenance help of a condo but want some space, a detached single family condo is a great alternative. We have detached single family condo subdivisions here in the northeast.

@ShaheedahHill 3 месяца назад

@reedareeda3045 Thanks for watching and sharing

@MrsThollo 3 месяца назад

Great video. It's great that you mentioned that the cons of buying a condo can also be advantages depending on personal preferences; that is exactly how it was for me. I was especially happy with my decision when we had a bad blizzard - there was a perfectly shoveled courtyard for me to use on my way to work.

@ShaheedahHill 3 месяца назад

@MrsThollo Thank you for watching

@AyoAde777 3 месяца назад

With single family homes, you can prioritize what you want to fix and when to fix them in their order of importance. But with a condo, you can get hit with a 40k special assessment fee, especially if previous funds were mismanaged. You'll have to borrow or pay special assessment fee in installments if you do not have it. HOA monthly fees always go up, I have never heard of it being reduced. HOA can put a lien on your home if you don't pay your fines and fees. Imagine working for a lifetime only to have your house foreclosed and sold without your knowledge. You are also in more control of your single family home. Imagine paying 300k for a town house / condo only to be told what color you can' t paint it, why you can't park your car in front of your garage or why you can't have green curtains. My friend's upstairs neighbor vacum their floors at 11:30 PM, you can hear when the next door couple are fighting. Condo and town houses can be a good start for someone who is looking to get on the property ladder and unable to afford a house but it might cost you more in the long run. While for some, it's a matter of preference, for others, it's the only choice available to own a home. I think we can all agree that all homes are expensive and almost out of reach for most people in this day and age.

@ShaheedahHill 3 месяца назад

@AyoAde777 Thanks for watching and sharing

@MrsThollo Месяц назад

True. Reading the CC&Rs are important BEFORE you buy. I love that they spell out the expectations of uniformity so there should not be any surprises when decorating.

@missbttrsctch 3 месяца назад

HUUUUUUGGE con: HOAs! Thank you Sha!!

@ShaheedahHill 3 месяца назад

@missbttrsctch Thank you for watching

@NayLashay 3 месяца назад

I bought a detached condo, love it!

@ShaheedahHill 3 месяца назад

That is awesome! @NayLashay Thank you for watching

@MrsThollo 3 месяца назад

This. I find a lot of people are not aware of the different types and sizes of condos. I had to tell my sister, I've seen condos bigger than her duplex apartment and other people's houses.

@alphaomega1351 3 месяца назад

Wait ✋🏻 until they raise the HOA fees. 😳

@MrsThollo 3 месяца назад

@@alphaomega1351 Well, hopefully she did her homework before purchasing and left room in her budget for increases. I have faith in her. 💪🏾

@aneesahm4301 2 месяца назад

Just bought a condo. I’m a first time buyer and in my area I cannot afford a single family home right now. I hope to sell in 4-5 years and get a SFH.

@ShaheedahHill 2 месяца назад

@aneesahm4301 Thanks for watching and sharing

@lelaslipgloss1728 18 дней назад

How was the process as a first time buyer?

@lelaslipgloss1728 18 дней назад

And congratulations ❤❤❤

@mymotherwasright3079 День назад

Me too!😊

@crazygirlfun1 3 месяца назад

Condos are gloried apartments. I wish I would pay a mortgage on an apartment. I can't do HOAs.

@tfptravel.food.peace.3788 3 месяца назад

I think it's to each their own. My mom and her husband bought a condo because they enjoy no maintenance. They are older and enjoy it. One of the pros of an HOA is they keep everything uniformed. In my opinion. Everyone has to follow rules so everyone is on the same page.

@ShaheedahHill 3 месяца назад

@crazygirlfun1 Thank you for watching

@user-23w8s1n 3 месяца назад

😂 I was on my high horse like that when I started looking for homes until I saw those prices. I’m now building a brand new beautiful townhome and I could not be more happy. It fit my budget and it’s new. The houses were high priced and older and not even worth it.

@andariegos9466 3 месяца назад

We retired in 2015. We sold our home, moved out of state and have been renting ever since. We truly wish we could buy a condo because it’s just better for our lifestyle. But HOA fees and assessments are on the steady rise. So we’ve decided on a new state and will be buying a single home.

@ShaheedahHill 3 месяца назад

@andariegos9466 Thanks for watching and sharing

@carolhenny2790 3 месяца назад

Bought both, and you’re right. There are pros and cons for both. I enjoyed the condo because I always had a well manicured community, access to resort style pool, and large tennis court. Not to mention the mortgage was a lot less. I didn’t like sharing walls or smelling my neighbors beans in my powder room. Single family houses are a lot of maintenance. Sometimes large expenses, so although you’re not paying HOA, it’s best to save as if you are. That new AC unit may wipe out your savings. May worth the peace and quiet for some.

@ShaheedahHill 3 месяца назад

@carolhenny2790 Thanks for watching and sharing

@MrsThollo 3 месяца назад

Perfectly balanced comment. For me, my property taxes are wayyy less in a condo. Actually, if I decide to purchase a house, I'm sure to be priced out of my neighborhood. Several homes here are $1-2 million.

@feep303 3 месяца назад

Thank God I do not smell my neighbors food in my townhouse. I be forgetting I have neighbors.

@Msangel06 3 месяца назад

Condo, penthouse, townhouse. Single, no kids.

@ShaheedahHill 3 месяца назад

@Msangel06 Thank you for watching

@walterhunter3353 3 месяца назад

A home prices here in Dallas is just too expensive

@ShaheedahHill 3 месяца назад

@walterhunter3353 Thank you for watching

@casmitastephenson8819 3 месяца назад

I don't want nothing else than a single house.. I don't want to share walls.. I don't want nobody tell me what to do when I buy.. if you have to tell what you can do are not the better I rent then..

@ShaheedahHill 3 месяца назад

Thanks for the feedback. I think for this video my mic was just placed too low. But if there is a mic you recommend, please share.

@raymi9436 3 месяца назад

Great video! ❤😊

@ShaheedahHill 3 месяца назад

@raymi9436 Thank you for watching

@Arizona_lilly Месяц назад

I was going to go e a manufacturer home but the townhouse is more stable and costly it’s just home is to much right now is I here we do have shared walls and connections I don’t wanna be connected maybe if our garages r connected ok but aside from that sharing a full wall etc no I want to be able to have my own space even if it’s Tiny 8 feet town houses do have small backyard or patio and very small front but I need a covered garage there’s many types but seeing them town house connected 1 big building 3 homes but the color of each section is slightly different u can tell I don’t need a big back yard or front yard it really depends . manufacture for sure is better then apartment due to cost and having ur own parking outside and patio front and back door washer dryer …. Mske makes sense it depends my mom tells me they will be hard to sell which I don’t believe everyone has different living situation not ever one has or needs 5 bedroom and backyard a single person a small family what ever i dont listen because she make no sense

@kenishasmith9834 3 месяца назад

Thanks Shaheeda! I love your channel and all the valuable information you share with us!

@ShaheedahHill 3 месяца назад

@kenishasmith9834 Thank you for watching

@kriselawson2 3 месяца назад

Ms. Shaheedah… I DON’T LIKE HOA FEES… ‘NOUGH SAID! Thank you for all you do!✝️🛐🙏🏽🥰💯

@samuelmahmud1909 3 месяца назад

Great video coverage single family home

@ShaheedahHill 3 месяца назад

@samuelmahmud1909 Thank you for watching

@DrFinancialLiteracy Месяц назад

tHANKS AND STAY BLESSED.

@ShaheedahHill Месяц назад

Thank you too

@shayc.2562 3 месяца назад

Hey Shaheedah, Thanks for this informative video. I was just thinking about this, and your video popped up. Just subscribed to your channel. 🙂

@ShaheedahHill 3 месяца назад

@shayc.2562 Thank you for watching and welcome to the channel!

@madjouba4290 2 месяца назад

I eventually want to experience both. My first purchase will be a multi family townhouse and I’m thinking of living in it for a year then rent it out or Airbnb & move on to a condo lifestyle. I like to experience all my options 😂

@ShaheedahHill 2 месяца назад

@madjouba4290 Thank you for watching

@fdoctor79 3 месяца назад

I am a long term renter and I preferred a single family home vs an apartment. However, I was not a fan of location and I like amenities that came with me renting a home. So for me an ideal location, single family home with amenties is a win for me...does this exist? 😅 Tfs

@ShaheedahHill 2 месяца назад

Yes, you can find single family with amenities, swim/tennis is most common.. @fdoctor79 Thank you for watching

@allismalone8364 3 месяца назад

I make around 53k a year . I’m nervous for a SF. My fear is something goes wrong ( expensive ) and I don’t have no money to get it fixed right then and there. I slightly feel better with condos but the way the market has been I may have to do a SF.

@ShaheedahHill 3 месяца назад

@allismalone8364 Thanks for watching and sharing

@wilfredoriverajr. 2 месяца назад

I been trying to buy a condo @ swfl. The fact that these places carry insurance in a way that makes them in financable is killing me

@ShaheedahHill 2 месяца назад

@wilfredoriverajr. Thanks for watching and sharing -- Florida is a difficult market for insurance right now, maybe think of moving further inland.

@wilfredoriverajr. 2 месяца назад

@@ShaheedahHill as we speak, thank you

@wilfredoriverajr. Месяц назад

My broker told me he heard an attorney advise a client not to disclose this until after the cash sale.

@ItsRrielle 23 дня назад

Growing up I've always lived in a single family home and it's a lot of work! Even though you call the shots, it's still so much work. I have been looking into purchasing a condo in the city, since I'm single and kid free. Any tips on selecting the right condo within a budget?

@ShaheedahHill 23 дня назад

ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ctNTnIt7yLA.html

@medsocsci 3 месяца назад

Another con with condos and townhomes is the high HOA fee. I've seen HOA fees as high as $700 per month in my area.

@ShaheedahHill 3 месяца назад

@medsocsci Thanks for watching and sharing

@user-23w8s1n 3 месяца назад

My HOA is only $64 per month.

@medsocsci 2 месяца назад

@@user-23w8s1n You're lucky. In my area, I rarely see HOA fees below $200. They're usually $300 to $500 for condos and townhomes.

@mikehunt3204 2 месяца назад

Respectfully I thought she was going to tell us something we didn’t know

@ShaheedahHill 2 месяца назад

😂 @mikehunt3204 Thank you for watching

@JusDrgn 3 месяца назад

So I’m interested in my first home as a FTHB, at my age I really don’t want a SFH I don’t have children so school district isn’t a priority for me but living in an apt as much as I hate living wall to wall I don’t like a townhouse as many that are being built now are more modern and seem comparable to SFH. Price wise at least in the Atlanta and surrounding areas prices run higher for SFH and slightly cheaper for TH.

@ShaheedahHill 3 месяца назад

@JusDrgn Thank you for watching

@se2664 3 месяца назад

Can you talk about investing in mortgage notes?

@ShaheedahHill 2 месяца назад

Maybe, @se2664 Thank you for watching

@ShayWilliam341 3 месяца назад

I’m looking to buy a townhome , I’ve seen several in my area that’s in my budget.

@ShaheedahHill 3 месяца назад

@ShayWilliam341 Thank you for watching

@jacquelinewilson7628 2 месяца назад

Hi I have a question is it wise to put extra money into your Escrow for your taxes so you want have a shortage? I hope you understand my question which I'm sure you will because you are so helpful thank you .

@ShaheedahHill 2 месяца назад

You want to put enough to cover the payment but not too much over because you are not earning interest on that money, so if you think you will have a shortage...begin saving some extra money in your own savings account. Here is a video that I did about my mortgage payment increasing. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-MSN86nPzvtQ.html

@SS-zl3ox 2 месяца назад

Do you have any videos on mortgage insurance to cover your home if get ill or someone dies? We just closed and keep getting offers to sign up for it

@ShaheedahHill 2 месяца назад

@SS-zl3ox Thank you for watching No I don't but you are better off just getting a term life policy that your beneficiaries can use for whatever and not just to pay off the house. I do have a video about what you should look out for after closing. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yG_6pR8ptkE.html

@SS-zl3ox 2 месяца назад

@@ShaheedahHill okay this is very helpful information. Thank you so much I appreciate it and will also watch the recommended video. Bless you!

@natashalowery3224 2 месяца назад

Hello Mrs.Hill could you do a video on the subject of buying a house for 1000 dollars. I keep seeing these videos pop up recently and I know you’re the one to ask about this topic. Thank you!

@ShaheedahHill 2 месяца назад

Send me a link to their video... are they talking about buying tax liens? Thanks

@natashalowery3224 2 месяца назад

youtube.com/@Officialjourneywiththehintons?si=no5HrDeh3LQthtc8

@natashalowery3224 2 месяца назад

Yes they are talking about tax liens.

@ShaheedahHill 2 месяца назад

@@natashalowery3224 I can do a video, but just because you buy the tax lien, it doesn't mean you own the house. In many states they give the owner and opporutunity to pay you back with interest. In order to get the house it could be a year or 2 of them not paying you and then you can foreclose. I will do a video. So its not a scam but it is not as straightforward as buying a house for $1000. To me this is a better investment opportunity than a homeownership strategy.

@natashalowery3224 2 месяца назад

Thank you Mrs Hill. The explanation is actually good enough for me. But a video would be beneficial and appreciated as well.

@gterobert Месяц назад

i dont mind maintenance on home just wonder what depreciates more a home or condo

@ShaheedahHill Месяц назад

@gterobert Thank you for watching, it really depends on the city you are in and the market. They both should appreciate not depreciate. If you are worried, have your agent give you the data on price appreciation over the last 5-10 years.

@PYTU 3 месяца назад

No condo for me. Single family preferred. I have done rowhome apartment and duplex already time for something new. No to them HOA fees too. We can do the work ourselves.

@ShaheedahHill 3 месяца назад

@PYTU Thank you for watching

@Prime1018 2 месяца назад

I purchased a condo last year, and regret it. Can you discuss the process of selling home, in particular a condo. Thank you!

@AndreinaDeleon-gg1dp 2 месяца назад

A townhouse?

@ShaheedahHill 2 месяца назад

Thank you for watching and I will make a video on it. I need to update this one I made during the pandemic, but this will give you a start...ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ueFkWkkDP90.html

@Prime1018 2 месяца назад

@@ShaheedahHill Thank you!!!!!!!

@KillerKGames 2 месяца назад

If i had a 8 month gap in employment prior to 17 months ago but still had a household income of 55k that year. Last year had 82k income and this year on track for 120k. Do you think the employment gap would ruin my chances to get approved or affect the rate very badly. The house price we are aiming for is 150k (low cost of living city), 20% down with around 20-30k in cash reserves after. Thank you. Just wonder if we should wait or not.

@ShaheedahHill 2 месяца назад

It shouldn't be too much of an issue since you are so close to the 24 months most lenders want. I would check with a lender to be sure, in general they don't want to see more than a 6 month gap in employment but there are always exceptions.

@KillerKGames 2 месяца назад

@ShaheedahHill we got pre approved no problem through multiple lenders! The fact we have no debt besides a car that has 3% interest rate(to good to pay off early and helps with credit) of $440, probably helps aswell with the DTI.

@bigrod997 2 месяца назад

Single family all day! Who wants to share a wall and deal with condo restrictions?

@ShaheedahHill 2 месяца назад

@bigrod997 Thank you for watching

@avrilliburd5479 3 месяца назад

A condo is an attached single family and so is a townhome. A house is a detached single family. A duplex is multi-family

@ShaheedahHill 3 месяца назад

@avrilliburd5479 Thank you for watching

@SylviaPhilpot 2 месяца назад

Hi my name is Sylvia and I'm wondering why a loan number on your mortgage account is change to a new loan number

@ShaheedahHill 2 месяца назад

@SylviaPhilpot Thank you for watching - often the mortgage company will sell your loan to another company shortly after closing. However, the terms of the loan will not change. I think this is what you are referring to.

@SylviaPhilpot 2 месяца назад

When you say sell to a another company what do you mean 🤔 because I want to pay my mortgage but they're telling me to wait will I have to pay more please 🙏 explain for me thanks Sylvia 😊

@SylviaPhilpot 2 месяца назад

And would they sell my loan number

@alphaomega1351 3 месяца назад

There are no cons to single family homes. One could easily pay for maintenance and without being mandated to do so in a HOA setting. You just as well continue renting if a condo is the best you can do. Who wants to deal with neighbors so close in proximity? The noise from their pets, kids, company? And let's not forget the ever increasing HOA fees. No 👎, thank you! 😳

@tfptravel.food.peace.3788 3 месяца назад

I wouldn't say "easily" . Some people don't have 10k just laying around if HVAC just goes out.

@alphaomega1351 2 месяца назад

@tfptravel.food.peace.3788 First off, I doubt it'd cost that much. Whatever the cost, they'd have the option to shop around for the most feasible price. Or to save for said repairs. Anything is better than paying $500 to $2000 per month in HOA fees. 😳

@adrianelias2365 2 месяца назад

Con for a single family home is the cost. I'm from California and most homes around me are $500k to $600k. You tell me how many young adults can afford that. Condominiums are typically half the price which already makes it attractive.