Buying condo/townhome vs Home affordability CA (LA)?
So my bf and have been wanting to buy a house for some time but of course just have a few thousand saved and new promotion last year. We really want a house but cant yet afford the 350k-400k range that we see in homes. I am not working yet after graduating 2 years ago. My bf has a very stable job that pays well and he is approved to buy 250K house.
He thought why don’t we look into a condo as a starter? We could probably find a condo around 180k-230k.
But I feel condos don’t appreiciate by a lot as homes do. If it makes sense to rent it out later, and it makes money for us then I can see buying a condo as a good starter and make money later.
My question is, I believe a condo costs so much more ex; could cost min $ 1,400-1,650 mnth
house payment $ 800.00-1100./mnth
PMI less than 20% down payment $ 100.00-250. mnth
property taxes $ 200.-300 mnth
home insurance $ 50.0-90 mnth
HOA’s fees $ 80.0-300 mnth