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With the median home price of a single family home in California at $567,690,
according to the California Association of Realtors, condominiums have
become an increasingly attractive home ownership option for singles, young
couples, young families and retired couples as starter homes as opposed to
the traditional detached single family home.
Condos are usually located in well established, proven suburban
neighborhoods and yet are usually located close to major freeways which
provide the homeowner with accessibility to the workplace. Some condos are
the same size as houses in regard to square footage, and others have the
square footage of comparable apartments. They vary in price range and can
be a good starter home for young couples or singles. While the rapid price
appreciation in the state, especially in the Los Angeles, California area, has
accelerated the price of single family homes, according to a California
Association of Realtors report it has also strained the purchasing ability of
many young families. Many young couples therefore may often opt for a
condominium in a neighborhood with a better school system as opposed to
purchasing a single family home in a less desirable neighborhood.
As for retired couples who may just want to downsize and avoid being
saddled with the responsibility for exterior lawn maintenance, they usually
have the equity and credit rating to buy in more luxurious condominiums in
the Diamond Bar, California community for example, where luxurious, 1400
sq. ft, 2 ? bedroom condos with European kitchens start at
$550,000.
Condominiums have proven to be almost as profitable in the last
five years as compared to investments in single family detached
homes. The rate of appreciation of condominiums and single family
detached homes over the last five years has been similar in the
communities of Diamond Bar, Walnut, and Rowland Heights, with
both exceeding 20% annually. However, as the market has cooled
and there has been a price correction in available condominiums,
they still are a very good investment.
One thing to keep in mind is that when you buy a condo, you are
also buying into the entire building, or common areas, in which
your condo is located. As a co-owner of the building, and very
often through the property's homeowner's association, you will be
assessed your proportional share of the cost for repairs required in
common areas, such as the roof, heating system, or general
exterior maintenance. These costs need to be factored into your
overall monthly budget.
Condominiums can be a great investment as they can enable the
home buyer the opportunity to live in a much more desirable
neighborhood as well as provide the homeowner the tax benefits
of homeownership. The sale prices for condominiums generally sell
for 20 to 30 percent less than similar detached single family
homes. You will have all the amenities of owning your own home,
but will be able to share the cost of upkeep on the building, roof,
and maintenance. For most buyers priced out of the single family
home market, the choice is to buy a condo that meets their living
needs, builds equity and improves their credit rating-- or continue
to rent. The choice seems pretty clear!
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