Is it better to buy for condo or single home for investment?

Asked by tlcpropmage, Beaverton, OR Mon May 21, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

10
Christopher…, Agent, Beaverton, OR
Mon May 21, 2012
A good question. The short answer is, if you can afford a single family detached home and don't mind taking care of lawn, painting etc, then purchase a single family home. But if you are in a lower price point (speaking of Beaverton/Hillsboro) and want nothing to do with maintaining a home, then a condo is what you should purchase. I sell condos in the Tanasbourne area with a starting price point of $119,900 which is really affordable. Most of my Buyers (previous renters) love my neighborhood because it comes with a pool, gym, clubhouse, gameroom and basketball court with no outside work.
Hope this helps.
1 vote
Lana Lavenba…, Agent, Grants Pass, OR
Mon May 21, 2012
It depends on what your wants and needs are. Some people prefer the condo so that they have no outside to keep up - where as others want the single home so they can do anything they want inside and out.
1 vote
jahoo, Agent, Beaverton, OR
Mon May 21, 2012
Tic,

I will go for the single house, by all means.

The ownership is fee simple, clear and strong.

Most importnat, are the HOA fees or dues , because they do not help your calculations for investment. And mostly, they tend to suddendly go up, you are involved in long term suits ,for common areas or common materials (like roof or siding). those are items happenning a lot lately.

Single home is simple, straight forward decision.

Looking forward!
KARMEN BARICEVIC, CSP

Broker, Presidents Award, Emerald Award
John L. Scott Real Estate
West Hills, Portland
direct 503-380-3315/fax 503-291-1610
karmenb@johnlscott.com
0 votes
Carla Muss-J…, , Portland, OR
Mon May 21, 2012
All investments need to be looked at carefully and with a condo vs. detached home there are a lot more variables.

What's your price point? Do you want any sort of monthly-cash flow? Is the investment for tax write off purposes?

There's so many elements involved and it's not a simple answer for a number of different reasons. What are the long-term/short-term goals? etc., etc.

It's best if you took some time to investigate this thoroughly. Unfortunately, asking a simple question on a message board about a not so simple answer is the problem. Best to call up an agent and get some help.

I've owned both condo and detached rentals and there are, indeed, the plus and minus to each. So it all depends on what your wants and needs are, and this no one can ascertain without more discussion.

Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyers Agent since 1999
0 votes
HLR, , Oregon
Mon May 21, 2012
Over all the answer is a SFR unless you are in a very urban area.

HLR

In my 37 years of Residential Appraising, working 2 states, Oregon and Washington, SFR have a much better stable market over all, and only in downtown areas of big cities have I found Condo as stable values. Overall.
0 votes
Brian Fosnau…, Agent, Portland, OR
Mon May 21, 2012
In the Beaverton area, I would say a single family home would be the better option. With vacancy rates the 2nd lowest in the country, there is a great need for rental homes in our area. Also from my experience, people would rather rent a home over a condo simply because of the better privacy a single family home provides. Let me know if you need any help finding an investment home to buy!
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon May 21, 2012
It depends on your exit strategy; condos are always going to be trickier to get financed when you sell. Few people have a well-defined exit strategy.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Matt Duckwor…, Agent, Nacogdoches, TX
Mon May 21, 2012
That really depends on the area you operate in. I work in a college town and condos and townhouses sell like hot cakes but finding good single family homes that need work can be a good investment to to either fix up and sell or rent out.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon May 21, 2012
There is no correct answer for this. Some won't look at condos and some won't look at single family homes. There is a market for both.
0 votes
Tina Lam, Agent, San Jose, CA
Mon May 21, 2012
The answer depends on each investor's personal preferences and financial goals. You should speak with an investment realtor who can assess your needs.
Web Reference:  http://www.archershomes.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more