I am wondering about the resale value of a condo vs. a home?

Asked by Rachael Zevecke, 66210 Wed Dec 9, 2009

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Trisha Lee, Agent, Columbia, MO
Wed Dec 9, 2009
Rachel -
The answers you've already gotten are really great and I'd like to add one more thing. Personally I've lived both in a condo and single family home, loved both and they each fit for my life at that time (single, versus married with kids). You question was about RESALE value and for your part of the country it generally is always better for a single family home. In resort areas it's a different situation (like Aspen for skiing where you can rent your condo and it's a second home situation). The lifestyle question and answer are critical for enjoyment today and even for rental, you'll probably have better luck renting with a single family home rather than a condo if you can't sell. Sit down with an agent that's been in the business for awhile and ask for a consultation on your options. they ought to be able to pull some hard numbers for you out of your local MLS to really give you a clear picture of your particular market. Good luck.

Trisha Lee REMAX Boone Realty, Columbia, MO
TrishaLee@Remax.net 573-999-1000
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Mary Hutchis…, Agent, Prairie Village, KS
Wed Dec 9, 2009
Rachael, I agree with Tiffany. Single family homes are generally better for resale--a larger market. If you are thinking about buying and wondering about condo living vs. single family home--look at your lifestyle. Do you enjoy yard work, can you tackle exterior home maintenence, do you want more space - which a single family home provides? With a condo, generally you are closer to amenities (sometimes walking distance), there are lots of other people living next door (could get noisty) and do you want pets? Are the monthly condo fees something you are comfortable with? There are bargains out there right now with both options--tour both types of housing and see what your gut says. I'd be happy to help you-
Mary Hutchison
Prudential Kansas City Realty
816 510 1262
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., , Denver County, CO
Wed Dec 9, 2009
In our market, houses appreciate better than condos or townhomes. The older condos get, the higher the HOA fees get and high HOA fees hurt resale. Also, if there get to get too many rentals in the complex, then FHA will no longer do financing for buyers. You can put down 3.5% for FHA owner occupants as long as FHA is still financing in that partciular complex. Another thing to be concerned with is how much money the HOA has. In this economy, a lot of owners have stopped paying their HOA dues to do a decrease in income and a lot of condos are going to foreclosure. If the HOA does not have much money than they will not be able to do exterior repairs and the complex will be become run down looking.
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Ronald Hill, , Longwood, FL
Wed Dec 9, 2009
As in the previous answer, and the problem with condos is they generally require a larger down payment
If the condo association has been good at collecting dues and not too many condos are rented, a 20% down payment is typical and again generally if the balance to finance is less than 50,000 you cant get financing. So you would need to pay all cash for the property. Single family homes only require 3.5% down payment. That allows many more buyers to be able to purchase.
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Tiffany Saun…, , Kansas City, MO
Wed Dec 9, 2009
Hi there~ That would depend on the location, condition and ammenities they both have to offer. However, on the whole, single family homes have better resale value. If you'd like for me to conduct a comparison report to help you determine the values of each property, please don't hesitate to contact me. Or visit my website as I would be happy to help:)!
Thank you-
Tiffany Saunders-Licensed in KS & MO
Re/Max Results- Foreclosure, Short Sale, REO, Residential, Luxury, Condominium & Land Specialist
(816) 728-0724 cell
(816) 285-2352 fax
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