Condo vs House vs Townhouse | Which Type of Real Estate Should You Purchase? | First Time Home Buyer
In this video, real estate agent and Realtor Matt Leighton talks about the six main things to think about when you are deciding between purchasing a condo, townhouse or single-family detached home.
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Condo vs Townhouse vs House | Top 6 Factors to Consider When Purchasing a Home
0:55 - 1. Money. What is your budget? It seems simple enough, but we also want to consider the maintenance costs involved with each type of property. Condos will be the cheapest type of property, but they will come with a monthly condo fee that helps to go towards the maintenance of the community. Townhomes will usually have a quarterly fee. Single-family homes will not have a monthly fee, but all the maintenance costs are the homeowner's responsibility. It's usually a good idea to budget about 1% of the home's value per year towards maintenance and repair items.
2:35 - 2. Location. Where do you want to live and are there condos/townhomes/houses in the neighborhoods that you're looking in? Once you have your budget and your desired location, there may only be one or two types of inventory available for you. Before you even have the condo vs townhouse vs house conversation, narrow down your budget and your desired neighborhoods.
4:21 - 3. How long will you live there? Can you make a condo work for a few years or will you outgrow it immediately? Do you see yourself staying in the same house for the next 5 years or do you think you may get a job transfer? Think about these types of factors when you look to purchase your next property. The goal is to avoid a situation where you are forced to sell the property soon after you buy because the property is a bad fit or doesn't fit with your plans.
5:19 - 4. What are your long-term plans? Are you expecting a child? Do you anticipate a job transfer in the near future? Sit down and think about where you will be in five years. Some buyers get fixated on 30 years because they see a 30-year mortgage. Don't think that far out. Break things down to the next 3-5 years and ask yourself where you think you will be to further understand which type of property is right for you.
7:14 - 5. What are your dealbreakers? What are those things about your next home that you absolutely cannot live without? Do you have to have a yard? Do you need a garage? If you get together a list of about five dealbreakers, that should give you a clear understanding of the type of property that would be a good fit for you at this time.
8:25 - 6. What is your lifestyle? Do you bar-hop downtown a lot? Do you have three dogs that need space to run around? Are you a first time home buyer and you think you will only stay in the property a few years before you buy something bigger? Think about what makes you happy and work backward from there.
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matt@OrangeLineCondo.com
Matt Leighton - Arlington VA Real Estate Agent
Licensed in VA & DC
Matt [at] Orange Line Condo dot com
Century 21 Redwood Realty
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