The Benefits of Purchasing a Temecula Condo
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 so 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 Require Little Upkeep
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 convenient for people who travel frequently or for a young couple who 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 An Excellent Place To Meet New People
One of the great things about condo complexes that we have learned firsthand is the opportunity to meet new people. On a Saturday or Sunday, many of the residents will spend time at the pool or barbecuing. If getting to know people is important to you, Temecula condos often give you the chance to do so.
In Temecula, condos are typically less expensive than single-family homes.
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 is taken care of
As mentioned above, many times condo complexes take care of painting, termite work, or roof maintenance with your HOA. 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 Condominium Complexes Are Frequently Gated
Most condo complexes will be gated. Whether this adds an extra layer of security or not is up for debate, but it can definitely give you peace of mind.
The Drawbacks of Purchasing a Temecula Condo
Condominiums typically 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 who 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 that for 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 HOAs in Temecula Condos
In Temecula, for a single-family residence, HOAs are going to run around $100 per month. The monthly HOA fee for condos is typically around $300. For many people, this is definitely going to be 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.
ParkingÂ
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 my preference.
In a condo complex in Temecula, many of the residents will be younger, single, and less likely to have young children than residents of single-family residences in Temecula. This is not necessarily a good or bad thing; it is just what you will find with this type of living.
Excellent for travelers
If you are somebody who travels a lot, 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 without having to stress about taking care of things or having high maintenance.
It’s 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. However, conventional loans with down payments of 3% and 5% are viable options.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 are interested in moving to Temecula or the surrounding area, please read the Google reviews here for Greenleaf Real Estate & Appraisal.
We are licensed as both real estate brokers and certified residential appraisers. We love what we do and will bring a great deal of passion, experience, and expertise to the table for you.
