Home Buying in Monterey>Question Details

Tarek Abdels…, Home Buyer in Danville, CA

Hello, I'm considering Monterey bay for a second home for investment and retirement. Should I buy a condo or a house?

Asked by Tarek Abdelsalam, Danville, CA Sat Apr 13, 2013

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6
Hi Tarek, It will depend on your needs; however, generally speaking... resale is easier with a home than a condominium. There are also some in-between options (PUD) where you purchase a home and pay HOA fees that take care of the gardening and upkeep. If you would like to contact me or meet in person to discuss - 831-402-3800. I work with many investors from Silicon Valley and the greater bay area. In fact, I love working with investors. This market is "low supply" at the moment and cash investors are able to get into the market much easier than individuals with loan contingencies. For example - My last 2 home sales had 5 and 6 offers respectively within 48 hours. In both cases, the owners selected the cash buyer (investors) since it was a simpler and faster close of escrow (coe). I look forward to learning more about your investment goals. You can invest in Greenfield and Soledad starting about $200K and then rent properties. In Seaside you can get in at about 300-400K and in Pacific Grove - most investments are at $500K on up. Let me know what type of investment interests you the most. ;)
0 votes Thank Flag Link Wed May 8, 2013
Part of deciding whether to purchase a condo or a single family home for a second home / retirment home can be made easier by asking yourself a few questions about how you want to live in the home and your preferred lifestyle. The second set of questions would be your preferred budget. On the Monterey peninsula we have a variety of condo / town home communities at price levels as low as a $300,000, with lovely mid range condos in the $500,000-$600,000 range. In addition we have luxury condo/town home communities that offer golf and social memberships. In general you can purchase a condo in an area you may like at a more affordable price than a single family home. Some folks prefer not to be bothered with landscaping and love that a condo community will handle all the exterior maintenace. Then on the other hand, many people prefer the additional privacy of a single family home and the ability to create their own vision for the exterior landscaping. Although intially the home will be an investment, you do want to consider how you want to live in it when you convert it to a retirement home.
0 votes Thank Flag Link Sun Apr 28, 2013
Single family homes have better appreciation over time. The overall cost per month depends upon the amount of maintenance that the home would need, If you are trying to decided between a condo and a house, I am assuming that you are thinking about a smaller house, rather than a large estate with a huge amount of gardening. My suggestion would be to look at both, and then decide what feels better to you. You will get more for your money initially with a condo, but then you will lose some of the privacy that a single family home will provide. There are some really nice complexes that feel like houses rather than apartments. But bottom line is to come and look at all of your options and then narrow it down to what fits you best.
0 votes Thank Flag Link Sun Apr 14, 2013
I agree with you Lesile. I'd prefer a single 3 bedrooms home over a condo. I'm looking for not more than 500k with some updatss, backyard and near the beach.
Flag Sun Apr 14, 2013
Hello Tarek, I can email you listings to study and compare. Do you have a pre-approval, down payment and closing costs? It only takes a few dozen questions to qualify you in minutes. Here is a needs list to gather for processing a loan approval, DU Approval or pre-approval letter to get out shopping for a home of your choice. http://tinyurl.com/9m2rsb2

Here are some links to study and consider that I offer.
http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sun Apr 14, 2013
Tarek,

It depends on whether you want a yard or not. Most condos will only have a small patio and no yard also you will have HOA fees which can run you any where from $300 - $600 per mo. If you were to buy a home with a yard and hire yourself a gardener on a monthly basis you would be ahead of the game! The gardener would be much cheaper than the HOA dues.
If you don't want to bother with the roof, yard maintenance, the exterior of the building, and want a swimming pool then the Condo is the way to go. Also do you want a garage?? Not all condos have garages.

Hope this helps!

Annette Boggs
(831) 601-5800
0 votes Thank Flag Link Sun Apr 14, 2013
Thanks Annette. I have three kids so I'd prefer to have at least three bedrooms and two baths which I guess it's difficult to find in a condo. A garage is not an issue. Something near the beach that brings good monthly investment for now and a nice comfortable place for retirement 15 years from now would be great.
Flag Sun Apr 14, 2013
Depends on your interest and your budget. Condos and planned unit developments are usually less expensive than home purchases - there is less that you are buying - you are not buying land. However, there is a homeowner's association fee per month to manage the land and other commonly held assets. I usually consider the monthly fee a good deal for the homeowner as the same services would cost an individual homeowner more. You have to come to our area and look to see what your purchasing power will buy you and see what would be of interest to you. A good investment usually depends on LOCATION! Buy a reasonably priced home or condo in the best location you can afford!
0 votes Thank Flag Link Sat Apr 13, 2013
PS - send info privately if you like to Bobbie@carmelrealtycompany.com
Flag Sun Apr 14, 2013
$500,000 is a tough price in our area, very tough. Also, prices are going up rapidly. You will get a more features and updates in a condo at this price than in a home. I think you will find you need to be closer to $700,000 to $800,000 minimum - in Pacific Grove or parts of Monterey, and probably not very near the beach.

If you want to send e-mail address, I will send you what is available in your price range.
Flag Sun Apr 14, 2013
Thanks Barbara. SInce it will be a second home, I prefer to have low maintenance and some self service so I don't have to travel from my primary resident to take care of things. I'm looking for house in the range of 500k so do you think I can get a nice 3 bedrooms house near the beach with this figure?
Flag Sun Apr 14, 2013
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