Yvonne Walker, Real Estate Pro in Pearland, TX

My son is looking to purchase in Virginia Beach, what is the advantage of a single residence vs a condo?

Asked by Yvonne Walker, Pearland, TX Mon Apr 22, 2013

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13
Just curious Yvonne.... seeing how you are a real estate agent, how do you not know the difference between condos and single family homes and townhouses(simple ownership)?

Jonathan O'Connor
Willam E. Wood & Associates
Virginia Beach
1 vote Thank Flag Link Mon Apr 22, 2013
Jonaathan,
I am in Texas and I can appreciate advise from other Agents in a different State and your market. I do know the difference between the two but as you are the specialist in your market area I thought it would be advantageous to ask again the experts. I did not ask what was a condo nor a townhouse I asked what was the advantage of a single residence or a condo in your maret area. I thank everyone who was thoughtful and replied with their expertise.
I am blessed to see so many Colleagues with knowledge in their area.
Blessings to all!
Flag Tue Apr 23, 2013
It depends on what he wants. If he is not able to keep up with yard work and exterior maintenance a condo may be his first choice. While single family homes appreciate in value faster then condos it doesn't make sense to buy one if its too much work. Buy what he can afford and he feels comfortable with. It really depends on his needs. Does he have a dog? A single family home might be better? Kids, a single. Just starting out? a condo Works all the time? a condo It just depends on his wants and needs and how a big a place he needs. From a rent it out when he moves stand point either is good as we have so many people asking for rentals it doesn't matter both move. Good luck and Happy House Hunting! Email me for available properties: seashorenealy@gmail.com
0 votes Thank Flag Link Sun Sep 1, 2013
Take the condo fee and divide by 0.0055 and you will get the equivalent "price" in principle, interest, taxes, and insurance, at today's mortgage rates, that will be "eaten up" by the condo fees.

Condos are a kind of ownership. They are not a kind of construction. It is possible to buy a detached condo.

But, given what your son is pre-approved for, if a condo is what satisfies his needs and desires there is nothing wrong with his buying one. The purchase of a condo will cut down on the actual price he can pay due to the condo fees is all.

In this market, anyone expecting to sell their home is still going to be offering some sort of closing costs assistance. Full CCA under $225,000 in price works out to about 4% of the price. Over $250,000 abot 3% of the price. If I were writing an offer for your son, that is what we would be asking for from the seller.

It costs nothing to hire a Buyer's Agent. They are paid out of the co-broker commission which is that part of the entire commission paid by the seller to have a Buyer's Agent bring them a ready willing and able buyer, and take them through the home search process all the way to handing your son the keys at the closing table.

By chance is your son A. Active Duty B. Certified Wounded Warrior C. Retired 20 Year Veteran D. Dept. of Defense Employee ? If so, he will very much like our Military On The Move Program at William E. Wood and Associates. (We are the only real estate company that offers it in the greater Hampton Roads area.)

Let me know if I can assist you.

Jonathan O'Connor
William E. Wood & Associates
757-373-9355
joconnor@williamewood.com
0 votes Thank Flag Link Mon Apr 22, 2013
Yvonne,
The responses you are getting contain very good information. Unless I overlooked it, I did not notice any mention of "special assessments" that condo's are subject to if the dues are not sufficient to pay for maintenance and upkeep of the entire complex and all units. I will be happy to explain this in more detail.
A single family detached home could be the best choice for your son. He should explore the pros and cons of each type residence.

Fred Ritchie 757-287-2641
Associate Broker
RE/MAX Allegiance
0 votes Thank Flag Link Mon Apr 22, 2013
Good Evening Yvonne!
I've noticed that most of the Realtors that have responded have had very similar answers and they all are true. There is one thing that I have noticed that no one has approached. That is the lenders are now looking at condo's and apartments as a higher risk than in years past. Lenders are having stricter guidelines when approving a loan for condo's and apartments because of them being walked out on when the dues can't be paid for or in a foreclosure process. This is happening for many reasons but the most common is that the condo is an income property or second home and that is let go before the primary residence when the owner is in a bad financial situation. The lenders are looking at how many units are rented verses the total owned. The requirements for the down payment and minimum credit score can even be higher than a single dwelling home. They are doing these things to protect their investment, bottom line and minimalize their risk. There is a lot to consider and it will come down to personal preference, future plans and total cost. Feel free to contact me for more information or to talk it over. I can be reached at 1-800-677-2410 office or januaryfleet@williamewood.com.
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Yvonne, The advantage is clearly no exterior maintenance. Living in a marine environment I know first hand that keeping up a home is more costly. If he travels or will be gone for periods of time it's nice to know someone else is looking after the exterior! Condo ownership definitely has it's advantages and that's the biggest one I can think of! Is this for rental or primary residence? Tom and I are the owners and brokers of Beach Pros Realty and we'd be happy to help your son decide between the two and help him get the best deal in his price range. Call us at 1-800-994-6760! Our website is http://www.beachprosreatly.com.
0 votes Thank Flag Link Mon Apr 22, 2013
Yvonne, just think of how much more buying power your son could have without the condo fees ! I would be very excited to sit down and have a conversation with your son .....and then find him just the right house that he can turn into his home. Please forward my number to him, you will be glad that you did. I am a REALTOR, Associate Broker and Graduate of the Realtor's Institute. Most importantly your son will be glad that I helped him. I will exceed his every expectation.

Ron Clark

ABFC USN ( RET )
757 754 8498
William E Wood and Associates REALTORS
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Yvonne,

As another agent stated, there are pros and cons. This depends upon his lifestyle and how much time he wants to put into the care of his home. Condos will normally include upkeep and maintenance of the exterior of the property which makes things so much easier when your time is limited. As a condo owner, you may have restrictions on what can and cannot be done to the outside of the property. You may also get more bang for your money, i.e.: granite, wood floors, as compared to a single family home where land is included. When it comes to reselling, a single family home is much more attractive and will hold its value much better. As a tax write off, there is no difference. Another thing he may want to consider is when he wants to start a family. I hope this helps.

Rossana Roble
Performance Realty, Inc.
630 Cedar Road
Chesapeake, VA 23322
PH: (757)842-0084
Email: roble.rossana@gmail.com
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Yvonne.

Condo living offers 'care free' living with the exterior of the property and the yard work and common areas being maintained for a fee. Pricing will depend on location. Virginia Beach is a very large geographic area. I would be happy to talk with your son and get his wants/needs list, and put together a summary of location and what is available. There are many options -- Beach living is great!

Please contact me at:

Thresa Joyce
Long & Foster Real Estate
317 30th Street
Virginia Beach, VA 23451
757.376.1264
thresa.joyce@longandfoster.com
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Yvonne,
A couple of things: a) Condos will have a Condo Fee which takes care of the exterior of the unit, along with grass cutting, etc. These could range from app. $100 to several hundred dollars, depending on the Condo. b) A single family residence may have a POA fee, but they normally are less than $50. However, your son will have to do all the exterior maintenence, grass cutting, etc., himself. There are pros and cons in either scenario. If your son will contact me, I'll be happy to sit down with him and go over his options.

Best Regards,
Richard Tate
Rose and Womble Realty
757-705-0822
rtate@roseandwomble.com
Licemsed in Va.
0 votes Thank Flag Link Mon Apr 22, 2013
When looking to buy it is always a good idea to think about the future ....there will be a time when your son will want to want to take advantage of the equity that he built up and sell. What will be most attractive to buyers, and that is a single family detached home. Please ask him to visit my web site and learn about me and what drives me. The site is http://www.ronclark.us Ask him to read my letter of introduction and learn about me and what drives me to help others. I completed a 29 year career in the navy and have been helping buyers and sellers in the real estate business since 2001 Please ask him to call me at 757 754 8498
0 votes Thank Flag Link Mon Apr 22, 2013
NO FEES! or very low fees, Call or email me if you would like for me to perform a MLS search based upon your criteria and send it to your email for you to review. Call anytime day/night, doesn't matter to me. Thanks!

Tyler Spruill
REALTOR, ABR, SFR
Rose and Womble Realty Co.
757-739-9119
tspruill@roseandwomble.com
0 votes Thank Flag Link Mon Apr 22, 2013
Typically a single family residence will hold its value better than a condo, as a condo has restrictions and HOA dues. But in some cases a condo may actually hold its value, it just depends on the location.

Please contact me at (800) 215-0211 for any further assistance.

Have a great day!

Best Regards;
Anthony Alleva, CSSA
Certified Short Sale Agent
REO REALTOR®
License #0225-205922
Allison James Estates & Homes
601 Dinwiddie Street
Portsmouth, VA 23704
Toll Free (800) 215-0211
Email: info@anthonyalleva.com
Website: http://www.AnthonyAlleva.com
0 votes Thank Flag Link Mon Apr 22, 2013
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