6 Thoughts on What is cheaper, have a flat or a house?
  1. Reply
    Frankiesgrl
    February 2, 2013 at 6:29 pm

    Well since you are calculating the fees and taxes i guess you will have the answer then……. DUH

  2. Reply
    sandman
    February 2, 2013 at 6:47 pm

    If all that is identical,then the only difference is the freedom of being out from under community rules.Get a single home,cut your own grass.

  3. Reply
    Ash c
    February 2, 2013 at 7:09 pm

    condo is much cheaper

  4. Reply
    James S
    February 2, 2013 at 7:35 pm

    The condo is way cheaper, but you will not get the return with the condo like you will with the house

  5. Reply
    Lauren
    February 2, 2013 at 7:57 pm

    Generally, a condo is cheaper than a single home, when you consider the amenities you get, because you have more people paying the expenses. For example, if you want a pool in a single family home, you alone pay for the pool expenses. In a condo, all the owners divide the cost among themselves, so you only pay a part of the cost of the pool.

    Your monthly assessments go to pay for all the expenses you would normally have if you owned your own home, plus some additional reserves so that when things wear out, they can be replaced without getting additional money from the owners. If you owned a home, you would pay these expenses, and hopefully put money away in savings in case the roof leaked, or something like that.

    Your monthly assessments pay some of the insurance, but you also need to have a condo owners policy to cover the insides of your unit (your posessions, and probably your walls, carpet, cabinets, countertops, and appliances) and your liability. You should also get a special assessment rider so that if you get a special assessment for something, your insurance will pay that for you (this is simplified – check with your insurance agent) – but together, these should be about the same as a homeowner would pay for their home… unless your association has had some losses, in which case the condo insurance could be more.

    Your taxes should be about the same for the same appraised value condo or house.

  6. Reply
    novastarbanker
    February 2, 2013 at 7:58 pm

    Based on purchase price, taxes, insurance, and monthly maintainence, your numbers will be what they will be. In the longrun, it may actually be cheaper to go the way of the condo, as the upkeep is minimal. Let’s say you bought the house, and the roof needed to be repaired, your responsinble for that. In a cond, your responsibilities are sheetrock in, and everything else lays on the management company, and the Board who runs them. Siding, roofing, pipes that run between units, landscaping, etc. are all the responsibility of someone else, so that may be the edge you are looking for. Hope this helped!!

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