Question about buying older home vs. newer condo?

Single family homes are the highest appreciating property types above all others, including condo's.. Condo's come with a mired of other issues as well.. because of the recent down turn, most condo projects don't qualify for financing.. For FHA, the project has to be approved.. for conventional, the complex has to fill out a "Condo Questionnaire" where they ask about how many units are vacant, what's the owner vs. investor ratio, how much $$ in reserves are maintained, how many "Paying" owner are there.. etc.. if the don't pass the standards, you cannot get financing on that unit.. My suggestion would be to look at Single Family Homes.. preferably 3 bed, 2 bath, 2 car garage.. that's the American standard.. it's the most popular property type, so when you go to sell, you will have the greatest market looking at your home.. as far as repairs, with Condo's your responsible for "Walls In".. meaning exterior is maintained by the complex, you're responsible for everything else.. including the pipes and wires.. if you have any concerns about an older home, get a home inspection, and purchase a home warranty.. the home warranty costs about $350 -$500 per year, where condo fees run $100 to $500 per month.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It comes down to preference. With a condo you still are responsible for everything within the walls (since you mentioned pipes). A SFR is a bit more privacy while a Condo is more of an apartment type environment. HOA's may cover some expenses you may have to pay if you went with a SFR. Some HOA's cover water and trash, have a pool, or a club house you can use for parties. etc... (each complex is different so check what's included.). SO I suggest you think of what you expect in your future living situation, privacy, garage space, home up keep, appreciation in the communities you are considering, and proximity to neighbors.

Christi -- I owe this mortgage company in Tampa Florida. We are the number 1 lender in the state of Florida right now according to this website you are on. I specialize in Condos, old homes and new homes. You are much better off to buy a home with a few years on it. If you can call me to chat about this -- that would be be best. Call me anytime at 813 601 0221 - this is my personal cell phone. Andrew Alfonso