Spas Florida

What are the differences in owning a Condo, Townhouse,Villa and Home in Florida?

I have heard that the difference is you own the outside and are responsible for the upkeep on the Townhouse. On the Condo the condo association takes care of the outside. If you are buying either one you still do not own the property just the apartment that you live in . If this is true which is better and why? It seems that it would be better to buy a house or mobile home (land owned) so that at least you own the property the home is on. The fees on condos and townhouses can be very expensive and you can rarely rent them out for enough to pay mortage and fees. If the value does'nt increase on them not only are you losing money but you are paying a fee so your tennant can enjoy the amenities that come with the townhouse or condo. My husband and I are looking to buy a home which we will probally live in for at least 4 years and are not sure which would be better. If we cannot find a suitable house in our price range I think a land owned mobile home would be best.

Public Comments

1. The very best is a single family home. Next best is a Manufactured home on land. The best value for resale later is the brick and mortar home. Townhomes and Condos have maintenance fees and association fees and they can get costly. They can have steep increases and sometimes frequently. Also, there is risks involved. For example: I owned a condo my son was living in. The condo upstairs had a broken line to the hot water heater and my condo got flooded. Since my son was out of town it sat in water and got mold. The associations insurance did not cover the damage (a loophole) and the lady who owned the condo upstairs had State Farm and they would not pay. We had to totally gut the condo at our expense and then fight her insurance to get it covered. It took 3 years and $10,000 in attorney fees to get them to pay it. We lost the attorney fees. The problem was we had to prove the owner of the condo upstairs had renters who were negligent or she was negligent. How hard is that? Remember, your condo is on someone elses ground by someones elses rules. Your hand are tied and you can be kicked out for missing one association fee or for now following one of their rules (book full). Simple as that. And it does happen all the time. I knew a person who was on a 3 month trip to Europe, came back and found they were already in the process of taking her condo for the assoc. fees she missed since she was out of town. She was litterally locked out. Florida real estate is down. Check out the different areas but stay away from areas that can be hit by tornadoes and hurricanes as insurance will be very high. Try to buy a home as your first choice. The modular home on land is ok but they don't hold up as well and sometimes you get problems. They are made with cheeper materials and show signs of wear and tear faster. You need more money for upkeep. Why do you pick Florida? It may be a retirement area but there are many nice places to live where you wont have to suffer every time there is bad weather. Many retires go to Arizona, Nevada, and New Mexico and you can still find deals on homes in some areas. All 3 states have modulars on land on the edge of towns lower cost. In Nevada, about 30 minutes out of Carson City is a community of Silver Springs. It is rural but booming and you can still get a modular on land for $100,000. It is high desert near a reservoir for fishing and boating and not far from Reno. There are places like this out there in every state you just need to do your research. I am familiar with AZ, NV and CA. Good Luck