Lender · San Diego, CA · Member since 2022 · 235 posts · 94 votes
Hi all! I recently asked a question if I should house hack (in San Diego) a condo to get started now (I'm 22) OR should I wait until I have enough to buy a house and house hack a house?
I only have 50k saved up now which can get me a condo, but would probably need to wait another 1-2 years to have enough to put a down payment down on a house + have enough reserves
I'm only considering trying to get a house instead and wait because they appreciate more over time and there's more room to add value down the line - I can add an ADU to a house and won't ever be able to do that with a condo...please let me know your thoughts!
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
3y
Normally I'd advise against a condo, but I don't like the thought of waiting. The opportunity costs are just too high. If you do go the condo route, make sure you read the HOA agreement THOROUGHLY and think harder about resale value than you would with a SFH. You'll also want to make sure you can attend the HOA board meetings. Good luck!
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
3y
Hi, Mary! Congratulations to you for already having $50k saved up and on getting such an early start in your investing journey. San Diego is such a beautiful town and it will always be in high demand. Condos aren't beloved everywhere but in a major metro area like San Diego they are going to appeal to a lot of people. Financing can be a little trickier with condos so be sure to work with an experienced Realtor and lender. And the condo association might prove difficult to work with, especially if you're sub-leasing or looking to move out in the near future and keep it as a long, medium or short term rental. In fact, I believe San Diego has some pretty tight restrictions on short term rentals at least so that might not be a future option depending on where you buy. Just do your homework and make sure you've thought about your exit strategies in case you want to move out or move up. If you plan on staying in San Diego, I'd buy sooner rather than later. You'll have more saved up in a year or two, but housing prices will probably also have continued to rise.
Hi all! I recently asked a question if I should house hack (in San Diego) a condo to get started now (I'm 22) OR should I wait until I have enough to buy a house and house hack a house?
I only have 50k saved up now which can get me a condo, but would probably need to wait another 1-2 years to have enough to put a down payment down on a house + have enough reserves
I'm only considering trying to get a house instead and wait because they appreciate more over time and there's more room to add value down the line - I can add an ADU to a house and won't ever be able to do that with a condo...please let me know your thoughts!
I think this depends on the type of house hack your gonna do and how
much your willing to suffer/work. Also consider teaming up with someone else trying to do the same thing