Is A Condo Worth Investing In?

jeromy's with us in fort myers florida

hi Jeremy welcome to the Dave Ramsey

chef hi Dave I said listen you feel the

Buffy phones gel and the both of your

organization's do I just can't thank you

guys enough guys emplacing well thank

you very much

we're big Bobby bones fans around here -

how can I help well my wife and I we

sold her house and the real estate when

we purchased was a rock-bottom

we got a college you got our houses our

jobs we stayed in there for about ten

years or just recently sold it and we

made a ton of money my question is if

you were in my position would you

purchase a condo with HOA fees or would

you purchase a single-family home and

then finance the rest so you can buy a

condo debt-free yeah if you buy a home

you're going to spend more correct in my

area yeah okay

well no it's this it's the size of home

you're looking at there's no it's a

different different scenario age so I

mean I love the idea of being debt-free

obviously that that's what I'm all about

is to get you to that point if you were

to finance some on the home what would

how much would you finance well in my

area about where I'm only just a small

small stuff I probably be financing

about 60 mm-hmm maybe 120 total I have

about 70 cash but in your household

income is what 80 okay so if you

borrowed $60,000 you could pay that off

in like two years right possibly yes yes

thirty thousand a year out of 80 that's

true yeah you're right you know it's no

brainer you're right yeah I'm probably

doing that okay and the reason is a

single family number one you don't the

HOA fees probably and unless you buy a

home that has a in a neighborhood that

has an HOA but the the reason is if you

put a identical pricing which is not

what we're talking about but if you said

okay we're talking about one hundred

twenty thousand dollar house or 120

thousand dollar condo which one's going

to go up more in value if they are I'd

tentacle in neighborhood and in appeal

overall the single family will

appreciate more than the condo now

they're never identical so it's that's a

theory theoretical thing I'm saying if

the condo is in a better area it could

appreciate more you know if it's a more

desirable condo than a less desirable

single-family so but all things being

equal single families will do better

than condos or zero lot lines or you

know duplexes those kinds of things so

I'm gonna go towards a single-family

it's still a very conservative purchase

on your part and you can still pay it

off very very quickly okay well thank

you so much for appreciate you answering

that absolutely my honor thank you for

being a new listener thanks for calling