Josy Says...
I owned both in the past 25 years in two different States.
You might have to deal with an HOA for a house also, and it all depends where you buy it. You can have HOA fees, and restrictions on both. Do you have a family?
Are you planning to have kids?
Do you have a green thumb?
Can you take care of your own lawn?
Can you cut your own grass?
Do you make enough money to hire a company to care for your lawn?
HOAs are notorious in Florida, and will pursue you for minor infractions.
How about the economy?
It is the best time now to purchase a home?
The condo does not increase in values over the years, but a house will. It all depends on your particular situation, and you need to evaluate carefully.
I do not need a house, because I cannot afford it. I do not have small children, and am planning to move in a condo (55+ community) in the next few years I cannot maintain a big house, and I am also looking at the social aspect of an adult community.
How old are you?
If you are a young guy, and are still in school a condo will do for now. My sons brought condos, and townhomes while they were in College.
They got married later on, and purchased homes.
You must never buy a one bedroom condo, and should always get at least a 2BRS/2BTHS.
It will be impossible for you to sell the one bedroom, and do not get a 2BRS/1BTH.
They both are almost impossible to sell in the future.
Do you expect your income to increase significantly in the future?
Do you need the equities in the condo to purchase a home in the future?
If you are still in school, and expect to make more money after you graduate a condo is OK for now. You must think hard before you buy a condo, or home. I must remind you of taxes, insurance, and home repairs.
HOA charges $1, 000 per year for a 3BRS/2BTHS home, and does absolutely zero. You are responsible for your own lawn, and the outside of your property including the replacement of your roof. If you are handy I encourage you to get a single family home with no HOA, because it is a rip off. You can ask more questions if you need to in the future.
Good luck!
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