If I’m being honest guys, sometime I have questions about real estate and investments, so then I decide to make a video. And of the best ways for me to learn is to teach.

I’m ive been going through this conflict, of whether I want to buy a Condo or Single family home, and today I’m gong to break down the Pros and Cons and hopefully it helps those of you also having the same questions.

Quick info on complex and why I don’t advice it. Lack of appreciation and rules on renting

????Call Me????: https://bit.ly/30IBr0i

????Second Channel????: https://bit.ly/3c4sVPS

????1 on 1 Talk + My Budget + Stock Investments????
https://www.patreon.com/tommybryson

????MY M1 FINANCE PORTFOLIO???? PLUS $10
Link: https://m1.finance/fQsrul1PZcHM

Visual Perspective
– A condo can come in a lot of shapes and sizes ( from super fancy to not so fancy )
– Condo is you basically buying an apartment ( you actually own it and don’t pay any rent )
– Townhome is a cross between a single family home and a condo, so they are usually like 2-3 levels high and don’t have anyone live above them but people do live next to them and they do share walls )

For me if I’m being honest:
– I don’t want one of those Condos where it’s a massive building and you just own one unit, it kinda scares me
– I rather townhouse or smaller building

1. Price
– This is serious because this makes or break a deal
– In certain areas for example the prices of a condo/townhouse over a single family home is not really that different
– But in other areas a single family can be going for 700k and a condo 200-300k ( it’s a big a difference that has to be consider )

So my opinion and what I’m looking at:
– If you cant afford to buy a single family home and you never will
– Its okay to buy a condo if the math makes sense, and if the hoa fees are not gong to be to crazy high

2. Appreciation ( 4-6% – 2020s 14.5% are just a demand and supply issue )

– Understand that when it comes to your first property what ever appreciation to do get, is going to be eating up by all the phantom cost of the property ( basically all of the expenses )
– So that’s why you hear all the time, your personal home is not really an investments

So my Advice is:
– Condo vs Single family, usually the single family appreciates at a higher rate, but this is subjected to your area
– Because if prices for single families are souring, eventually the average person is going to turn to condos thus having a adverse effect

Tip: like if I buy a townhome or condo, I’ll be paying 40-160 in hoa fees, and another $200 in property taxes and 100 bucks in insurance that’s $400 ( and I can pay that working at mcdonlds for a week a month )

Tip for investor: Rent Difference between Condos and single family homes

3. Restrictions ( depends largely on Location )
– Usually on single family home the only restriction you have, are zoning laws but then you can basically rent your home to whoever, build a another level, rent it on air bnb
– But with a condo you might have to Get the Hoa approval for a lot of things ( because your sharing with other people obviously )

– Air bnb
– Rent your house to who you want to

HOA: who they are, what they do and how sometimes they are really bad.
– Monthly dues, fines, special assessments
– Accessing HOA Reserves ( this is money they have extra for replacing a roof and those big expenses, this will ofcourse depend how long they been up for )
– Renting problems and ones that are super strick

But in reality:
– Truth hoas are governed by their Documents so review them ( they might be a pain but legally they can only enforce whwats on paperand you can sue them )

Personal Opinion of the way you live:
– Personally I wouldn’t mind it to start, but eventually I would want my own space

* PRO TIP*
INFORMATION IS EVERYTHING

????Merch????
https://teespring.com/stores/tommybryson

✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬

????M1 FINANCE $10????
Link: https://m1.finance/fQsrul1PZcHM

????ACORN FREE $5????
Link: https://acorns.com/invite/38EYSU

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9

????????‍????DISCORD PRIVATE GROUP????????‍????
https://discord.gg/EcZEHpA

My Camera Gear: https://www.amazon.com/shop/tommybryson

✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w

????All My Social Media????
Link: https://linktr.ee/tommybryson

*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

source