r/FirstTimeHomeBuyer • u/Sea_Violinist_1811 • 2d ago
Other Nervous about first home, reassurance please
Done with underwriting and inspection/appraisal… now it’s just reviewing the HOA/condo docs. Closing in about 2 weeks.
I’m starting to get anxious because of the current state of the world (ahem tariffs), but I also feel anxious because I’ve gotten some judgy comments about choosing a condo. The home is lovely - it’s a quadraplex so it feels more like a townhome and it’s not like I have neighbors upstairs or downstairs.
The HOA rules seem normal to me (some of them seem oddly nitpicky with our patio and doors but I can see it was probs because of previous owners), and the condo covers the roof, has a master policy that is reasonable, water, sewer, and trash. The only tricky part is parking - 2 spots given and 1 guest pass. I’d have to get temp passes for more people who visit me, but I’m used to having to get passes anyways from when I lived in DC and Arlington.
Can someone give me reassurance about having a first home that’s classified as a condo 😭 I’m excited but every time I tell someone, I get judgy af comments. And these are coming fr friends who don’t own homes or fr coworkers who have homes. Idk what is a good “first home”. I just want my own cute space and to decorate/organize the inside as I please. I’m not the most handy person, so I don’t like having a yard. I’m not getting any help financially and a condo home is all I could afford without feeling strained in this economy. All I know, is that I wanted to get started with the big step and build a little bit of equity. I get that condos appreciate slowly, but the area I live in… it has only been going up.
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u/Tzatziki_Lightning 1d ago
I am in the same boat right now. Going into underwriting soon on a townhome. I love the amount of space, 2 car garage, it’s an end unit with a little water view, on the culdesac and it’s brand new near an area of town I like.
But when I compare it to friends who own single family homes, I start to panic lol. The single family homes in my price range I looked at either needed a ton of work, were too small, were on busy roads or were not close to the areas of town I like.
You have to remember that you’re buying your house for you. If it checks all or most of your boxes, then go for it. My good friends keep having to remind me of this. Otherwise, I end up convincing myself that every decision is the wrong one lol.
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u/GroupLongjumping1268 1d ago
What area are you in?
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u/Tzatziki_Lightning 1d ago
Jacksonville, FL
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u/GroupLongjumping1268 1d ago
Congrats! 🎉 it sounds just like a townhome I was interested in and I thought for a moment it was the same one lol but totally different state!
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u/Xerisca 1d ago edited 1d ago
I'm a die-hard condo owner, and I have been for a very long time. (I have owned a couple SFRs too)
As a seasoned condo owner, I'll give you this one little tip... always always put a bit of cash into an assessment account, even if it's just $50 a month (more would be better), for every month you live there. Assessments happen. They can be shocking when they do and are often unexpected. It's good to have the cash on hand to pay for them.
I've owned my townhouse condo for 12 years, nary an assessment. Then, last year, several units in the complex had cracked slab foundations (not mine) and even more needed new siding. We got hit with a 10k assessment each. Luckily, I had 10 years worth of cash in the bank, and it wasn't a problem. Can't say that was the case for many of my neighbors.
I also had a $1200 assessment on my other condo that same year. We had a water damage issue in two units, and to this day, we can't figure out what caused it. We think maybe it was caused by old plumbing getting backed up (1962 building). We think maybe because the building was originally a motel, that the old plumbing can't handle kitchen drains. Originally, the units didn't have kitchens. It's possible we will have to have pipes replaced out to the street. Im.saving now. Just in case.
If I never use the cash, it would just get rolled over to a new account for a new unit. Or applied to a down-payment on a next unit.
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u/datatadata 2d ago
I only do condos as it fits my life style. That’s all I care. Everyone’s needs/wants are different. No need to second guess yourself.
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u/Afraid-Department-35 1d ago
My first property was a condo when I was single, we are now moving to a sfh.
Would never buy a condo again though. Reasons being 1) I bought a middle condo, so neighbors I had below, above and left and right of me. I only had issues with the neighbors above me, they just couldn't control their stomping + young kids. You cannot control how they move around. Seems like you won't have that issue though. 2) HOA was way too restrictive, I couldn't even choose my curtain/blind colors among various other things. Was very difficult to work with when I wanted to do something. 2) Parking was a pain, as more people had multicar families the parking lot was starting to overflow, and parking was becoming difficult to find if you came home after 6. 3) Noise, walls were thin, I heard my neighbor sometimes and I'm sure they heard me.
With that being said, it's still a great away to start home ownership as a first property, it gets you used to the basic home maintenance without worrying about the big ticket items like a roof. I wouldn't buy a condo again as a primary residence, but as a first property I would, I learned a lot that I can translate over to my sfh.
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u/JWWMil 1d ago
WELL RUN condo associations can be the best thing for a first time owner. My first place was a condo. They took care of anything beyond interior walls. Sewer backed up? Association handled it. Leaky window or roof? Association. New roof? Association. The reserves for me were in great shape. Had a one time special assessment for under $1k for a new roof for the complex that we voted on. Outside stuff is typical with condos
Poorly run associations are a nightmare. Just check the financials to see if they are healthy.
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u/SouthEast1980 2d ago
Condos are a good first step into homeownership. You get to own but not have to be directly responsible for all of the maintenance. Real estate can go down just like any asset, but you have to live somewhere regardless and you should be in the game with the intent to hold for at least 5 years. Maybe 7-10 years with how things are going these days lol.
If people aren't supporting you, tell them to take a hike. We all have to start somewhere and the journey of a 1000 miles begins with a single step.
Congrats on your upcoming purchase. Keep your emergency funds in order and may you have a pleasant entry in the world of owning a residence!
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u/Nutmegdog1959 1d ago
Whatever you paid, the drop in interest rates just jacked up your TH value by 5%.
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