Condo vs House in Los Angeles

I hear buyers debate this question all the time.

The good news: there are positive aspects of both.

The bad news: There are negative aspects to both as well.

Consider the following in your decision:

1. Location – Are both options available where you want to live? Do you have a car? Do you mind a commute to where you work and/or play?

2. Lifestyle – Do you have kids, pets, like to entertain, need space for friends/ family? Do you want to be able to do anything and everything on your property?

3. Maintenance Fees vs HOA – What does an HOA cover? Is that cheaper than paying for routine maintenance on your own home? Sometimes an HOA ends up being cheaper, since they will take care of everything outside the 4 walls of your condo.

4. HOA rules – While an HOA is convenient in terms of handling maintenance issues, you do give up a bit of freedom. Some HOAs have limits on dog size, ability to AirBnB, noise level requirements, etc.

5. Price – What is the difference in monthly payment? How will it affect your budget? A lower HOA ($200-$300) may be a wash when you consider the cost of maintaining a single-family home.

But anything over $500/month for HOA can start making a big difference in purchasing power.

Ultimately, they can both be the right option, but it’s best to sit down with a Realtor to hash out what suits your lifestyle and budget.

Best, R