First purchaser advice - Condo vs SFH

[Christopher Nguyen]

Hi all,

Before you say the SFH is a better option (because it definitely is from an investment standpoint): I'm debating my options because I want to have a primary residence without housemates before I get an investment property. Assuming that's my criteria...I had a couple questions and hopefully someone can help me out here:

1. The condo would be on the cheaper side ($450-550K) while my budget for the SFH would be $750-850K (I probably also need to save another 2 years if I go this route). If I go for the cheaper route, am I foregoing any 'first time buyer' benefits? I.e. maybe the first loan you get is larger than the next loans you get. I'm completely making that up but just wondering if there is anything like that.

2. Can you take a HELOC on a condo? I am leaning towards getting the condo, taking a HELOC on it, then using that for an investment property down the road

3. If you think the SFH is 110% better than the condo and worth having housemates (I've had housemates for years and can't seem to find one who doesn't constantly mess up shared appliances, etc. and am just frankly getting older and want my own space), I'd love to be convinced! I know it's definitely better from an investment standpoint...but maybe I'm forgetting of ways to have my own space while having housemates. I.e. I build/live in an ADU and rent out the rooms.

4. I've been eyeing San Bruno area (norcal) for a condo, but honestly anywhere in peninsula near SF would be great. If you know anyone, I'm open ears.