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Updated over 2 years ago on . Most recent reply

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Oswald Oswald
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Condo vs Single family home

Oswald Oswald
Posted

hi,

This is my first post on biggerpockets, so not sure if I my post has all the info that one needs to answer the question here.

I live in East Bay Area, California and I am planning on buying my first home. I have about $200K saved up and planning to buy a condo(about $850K) and later as I get married in a year or two, upgrade to single family house and have my condo rented out. 

From my preliminary research, I have found that condos' HOA fees work against their resale and price appreciation so I have my reservations to make a purchase right away. Also, upgrading later to single family house (about $1.5 M) will require enough savings for downpayment.


So here is my question:

Should I buy Condo now and save on my rent only to buy Single Family Home later OR should I continue to stay in a rental and then make a purchase of single family house in a year or two.

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