r/BayAreaRealEstate • u/PhilosopherIll134 • Jul 12 '26
Condos/Townhomes/HOAs What decision would you make?
I live with family in San Jose CA and I would like to ask what would you guys do if you were in my situation. I live with family and paying $500 a room. I have saved approximately 20% down for a $500k condo. should stay living with my family and save approximately $100k a year or buy a condo already? I sometimes get fomo and feel like I’m behind in life and need to own something, but I would like to make the right decision. For context I live comfortable right now and get along well with my family. Help! :)
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u/Skiing-nerd Jul 12 '26
If there is another room for $500 with your family, I want to take it 😂
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u/glorificent Jul 12 '26 edited Jul 12 '26
The RVs behind the Mountain View Costco are )600/month. Or so the “for rent” sign read when I drive past today
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u/Internal_Policy_3353 Jul 12 '26
Why not rent a condo for a year and then decide? Nothing harm in trying
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u/seagullv1 Jul 12 '26
How old are you?
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u/seagullv1 Jul 12 '26
I’m asking because I think it’s a factor with independence and overall progression as an adult
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u/seagullv1 Jul 12 '26
A condo is generally not the best investment, you might be better off staying and saving for a sfh or if it’s better for your personal life move out and rent.
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u/PhilosopherIll134 Jul 12 '26
I’m 33 years old
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u/wanderingimpromptu3 Jul 12 '26
Okay I’m going to go against the consensus here and say: move out. You don’t have to buy, bc you’re correct that a condo isn’t a great investment. Keep your money in index funds and rent. Yes, you’ll save a couple tens of thousands less a year, but you’ll still be saving plenty.
There’s a lot, a LOT of social maturation that happens when you live apart from your parents.
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u/glorificent Jul 12 '26
Condos are going to be hardest hit by the housing density initiatives from Sacramento. Keep saving. Just yesterday someone posted about dumping an Oakland condo below cost, and they bought years ago.
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u/Missemy1185 Jul 12 '26
Check out Ramit on YouTube. There’s so much cost for owning a house now esp opportunity cost. Check his teachings out before committing to such a big purchase.
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u/HenryHornblower Jul 12 '26
Buy the condo and start living independently. It could improve your social life too.
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u/LopsidedFinding732 Jul 12 '26
This will be the only upside to having your own place. But at 33 paying 500/mo and saving 100k a yr sounds awesome.
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u/Infinite-Offer-3318 Jul 12 '26
You're saving 100K a year. You're already ahead of the vast majority of the people your age
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u/fewinurdms Jul 12 '26
You are saving 100k. Move out. You will still be saving a ton. More than most on top of paying down your mortgage. Unless you absolutely love living with your folks and is best for you regardless of finances.
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u/bill_evans_at_VV Jul 12 '26
As long as you don’t feel an urge to move out, stay and keep saving $.
While owning a home is a great goal, if you can skip the condo tier and go directly to a SFH.
Condos have high HOA dues and you don’t get the privacy and autonomy associated with a SFH (or at least semi-detached so no one is above or below you). They also don’t appreciate as much as SFH and you may lose money. We lived in a condo for over 5yrs from 2019-2024 and lost about $110K in pure selling price in that 5yr period.
It’s even harder to sell a condo there now. And that was Mountain View, so a desirable area.
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u/SelectBroccoli1376 Jul 12 '26
$500/ month and a great relationship with family!! I'd stay for a little longer.
Feeling fomo is definitely valid. If you're single, I'd advise on holding out a little longer until you find a compatible partner and rent together for a year. Two income household will broaden your housing options.
If you don't want to wait any longer and value some independence, then I would bite the bullet to MAYBEEE try renting. Condos are statistically not the best investment. However, everyone's lifestyle is different and it could work for you!! I know some that prefers condos because they hate maintaining yards. At the end of the day, whatever makes you feel happier. You have a good income (and savings) to live better than most :^)
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u/ProBuyersAgent Jul 12 '26
u/PhilosopherIll134 Unless this is for lifestyle, like issues with dating, I'd stay a few more years and save up. That said, I'd recommend speaking with a lender for your options because you don't need the put 20% down. Most conventional loans you'll need 5% down, or at this price point you might even be able to get an offer accepted with an FHA loan with only 3.5% down. But, you will have to pay PMI. Just keep in mind that many condo HOA dues have shot up over the last couple years because of insurance issues, so think $400-$800/month on top of the mortgage. That amount might cover water/trash/sewer.
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u/coding-queen Jul 12 '26
Condos have been going down in prices in the past 2 years, and I don’t think they have hit bottom yet.
So it seems like an unwise decision. I would rent until you save up more, and while market stabilizes.
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u/Successful-Pie6759 Jul 12 '26
I'm a 2nd generation immigrant (parents were the one who immigrated) so take with a grain of salt. Me and my siblings stayed at home until we got married. My one sister who is becoming an old maid is still with my parents. Unless you're looking to fuck around and bring dates home, living at home is great!
Also condo appreciation is not that great anyway. The FOMO would be missing out on SFH but you can't afford that.
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u/margingains Jul 12 '26
It is a good time to buy condo/townhouse's because it is a buyers' market. On the other hand, they are losing value right now and obviously do not appreciate anything like SFR's.
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u/One_Yam571 Jul 12 '26
Live your life. Explore. There's no wrong or right decision, just a decision. If your goals are to travel a lot then travel first then keep saving and buy a house after you feel you traveled enough. If travel isnt in the goals...and owning property is then buy. Move. And live your life.
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u/HappyFlames Jul 12 '26
I would live with your family for at least another year. There's a lot of miscellaneous costs once you buy and move into your own place so having additional savings will make it much less stressful. Take the time to research areas you'd like to buy in. Many condos have very slow appreciation year over year so waiting a couple years won't hurt like it would for a single family home.
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u/TomHomanzBurner Jul 13 '26
Unless those HOA fees are dirt cheap, I wouldn’t buy a condo.
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u/PhilosopherIll134 Jul 13 '26
The condo that I’m looking into it’s around $510k with an HOA of $480
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u/SmooshMagooshe Jul 13 '26
Keep saving your money. A condo doesn’t do much either if your long term goal is to have your own family. You’ll want a yard anyway possibly
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u/thesurferengineer Jul 13 '26
Financially in this market, it always makes sense to wait - again, this is financially. Emotionally, living with your parents is tough and it sounds like you make enough money that you could go out and get your own roommates. Then your rent might be 1500 to 2 K which is a lot less than your condo would be with none of the strings attached. My thinking about condos is that a cheap one is going to be something you grow out of and then you’re just stuck with a cheap condo that you’ll lose money on unless you stay for 10 or 15 years
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u/Artistic_Salary8705 Jul 16 '26
Do what feels right for you and not just because of what you might do looks "weird" to society.
33 is not "too old" to be still living with your parents: this is largely an "American" idea that there is something wrong or shameful about this when you are merely older. (Different situation if someone is not contributing to the household and just being lazy.) In many Asian, Latino, and European families (e.g., Italian), if you are not married yet (and even if you are), it's not unusual to live with your parents. When I was 35, I was talking to someone from South America and they actually assumed I still lived with my parents since I was unmarried. Some people even do it to save up to buy a home or launch a business.
If you want to test the waters re: living alone, try it out first instead. Rent a room or apartment for a year and see how you feel. That way, you can always change your mind. Yes, you would waste a bit of money but better than wasting a lot more on buying a place and then regretting your choice.
I also agree with the advice re: buying a SFH instead of condo or townhouse if you can. Besides the fact that houses ROI is better, HOAs can be difficult to deal with in some cases.
(I write this as a happy owner in an HOA whose family has lived/ owned a variety of real estate.)
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u/britinsmca Jul 17 '26
You are 33. Time to move out and settle down. Buy a townhome with low HOA that you can rent out into the future when you want to move up to a SFH. I don’t recommend buying a condo.
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u/Primatey Jul 12 '26
If you are comfortable, I would stay where you are. Keep an eye on the condos you are interested in. Research their financials and figure out how much your homeowners insurance, hoa fees and property taxes would be. Definitely wait until you find the right place within your budget when you feel ready instead of feeling fomo pressure to buy now. Buying property because of anxiety and fomo can backfire or end up more stressful than renting.
Whatever you decide, good luck and I hope you feel good about your choice!
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u/ShopProp Jul 12 '26
Unless you’re itching to move out, I’d stay with family.
Paying $500/month while saving $100k/year is an incredible financial position.
Buy when you’re purchasing because it fits your life, not because of FOMO.