Pros And Cons Of Buying A Condo In Temecula

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Pros Of Buying A Condo In Temecula

In Temecula, condos can be a viable option for many homebuyers. In this blog post and video, we will go over the pros and cons of buying a condo in Temecula.  Depending on the situation, condos can be very beneficial for many people. At the end of this blog post, we will have a condo home search that will show you every single available condo on the market in Temecula and the surrounding area. If you are interested in purchasing a condo please reach out and we can guide you and give you the best Guidance.  with our years of selling and Appraisal experience, we will make the condo purchase a successful one.

Condos Are Low Maintenence 

One of the pros of buying a condo in Temecula is the lack of maintenance. Most of the time, your HOA is going to take care of all the outside grounds and even termite,  painting, and roof maintenance in some cases. Condos are often very beneficial to people who travel or a younger couple that does not want to spend time mowing lawns for gardening.

Community Amenities

In Temecula, one of the great things about buying a condo is the amenities inside the condo grounds. Most of the condo complexes in Temecula will have community pools, hot tubs, BBQ areas, Sports courts Etc.

Temecula Condos Are A Great Way To Meet People

 One of the great things about condo complexes that we have learned firsthand is the opportunity to meet new people. Often times on a Saturday or Sunday many of the residents will spend time at the pool or barbecuing.  If meeting people is an important part of your lifestyle condos in Temecula often give you this

Condos Usually Cost Less than A Home In Temecula

Generally speaking, condos in Temecula are going to cost less to purchase when compared to single-family residences.  This is a great option for people who have a limited amount of resources to put down or want a lower monthly payment.

Outside Maintenance Taken Care Of

As mentioned above, many times condo complexes take care of painting, termite work or roof maintenance with your hoi. Make sure to verify this before purchasing if it is important to you. Any type of Maintenance obviously costs money and having these three things taken care of can save money over the long term. 

Temecula Condo Complexes Are Often Gated

Most condo complexes will be gated. Whether this adds an extra layer of security or not is up for debate but can definitely give you peace of mind.

Cons Of Buying A Condo In Temecula
Condos Usually Have Small Yards

Usually, condo complexes will have a small yard.  we find that this does not work for people who have larger dogs  Or that like to entertain a great deal. Before buying a condo in Temecula make sure that a smaller yard will work for you.

You will also have instances where the condo complex is located on the second floor, in these cases, you will not have a yard at all. Usually, a small patio that will fit a barbecue and a few chairs is all you’ll have when it comes to outdoor space.

Harder To Resell

The buyer pool for condos in Temecula is going to be smaller than single-family residences. This will not help your case when it comes to resale. We are not saying that it’s a huge negative but when 70% of buyers are looking for an SFR, it does make it a little more difficult for resale especially in a down market.

Higher HOA’S in Temecula Condos

In Temecula, for a single-family residence, HOAs are going to run around $100 per month. With condos,  the HOA per month is going to be on average around $300. For many people, this is definitely going to be a negative. People do not want to spend this amount on an HOA, especially if they aren’t going to use the amenities. That extra $200 could be used for your monthly payment on a loan for a single-family residence.

Parking 

When buying a condo, figuring out parking is very important. Often, condos do not even have covered parking. some condos do have a one or two-car garage or carport-style parking.  be sure to verify how many parking spots each condo complex is allowed if there is no garage. If you do not want your car out in the elements,  this could be a huge negative when buying a condo in Temecula.

Second Floor Units In Temecula

As we mentioned earlier, many of these condo complexes have first and second-floor units. This could be a huge negative for many people. First, walking upstairs just won’t work for many people. Also, having somebody above or below you is not an ideal situation. 

Not Pros or Cons, Just Preference

In a condo complex in Temecula, many of the residents will be younger people, single and less likely to have young children than single-family residences in Temecula. This is not necessarily a good or bad thing, just what you will find with this type of living. 

Great For People That travel

If you are somebody that travels a great deal condos in Temecula can be a perfect fit for your lifestyle. With low maintenance and not a lot to worry about you can leave and come back not have to stress about taking care of things or high maintenance. 

Harder To Find Condos That Are FHA Approved

Many condo complexes are not FHA-approved. This is a problem because the three and a half percent down that many people are attracted to will not work. There are however 3% and 5% down conventional loans that work. The condo complex essentially has to be FHA-approved. It’s not impossible but 30 to 50 percent of condo complexes will not close if the buyer has an FHA loan. This is something to think about and verify before making offers on certain complexes.

Thank you for reading our blog, if you have any interest in moving to Temecula or the surrounding area please read the  Google Reviews here for Greenleaf Real Estate & Appraisal.

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