House vs condo buying

{{whyLabel}}: Lenders use this to determine your borrowing power; a ratio above 36-43% often leads to rejection or high interest rates.

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• Add up all monthly debt payments (student loans, car, credit cards).
• Divide by your gross monthly income.
• Aim for a DTI below 36% for the best 2025 mortgage rates (currently averaging 6.0-6.5%).

{{doneWhenLabel}}: You have a precise percentage and know your maximum monthly mortgage capacity.

{{whyLabel}}: The sticker price is only part of the cost; closing costs and reserves are critical for a successful purchase.

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• Set aside 2-5% of the purchase price for closing costs (taxes, title insurance, lender fees).
• Budget for immediate 'move-in' expenses (approx. $5,000 - $10,000).
• Ensure you have 3-6 months of emergency savings remaining after the down payment.

{{doneWhenLabel}}: You have a documented maximum purchase price and a breakdown of liquid cash needed.

{{whyLabel}}: This book provides a comprehensive framework for navigating the complex jargon and legalities of modern real estate.

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• Focus on the chapters regarding 'Market Analysis' and 'Negotiation'.
• Use the provided worksheets to list your 'Must-Haves' vs. 'Nice-to-Haves'.
• Note down questions specifically for your future real estate agent.

{{doneWhenLabel}}: You have finished the book and created a personalized list of 10 critical questions for your agent.

{{whyLabel}}: Maintenance is the biggest lifestyle difference; houses require manual labor/hiring, while condos outsource it for a fee.

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• House: Budget 1-2% of the home's value annually for repairs (roof, HVAC, yard).
• Condo: Review what the HOA covers (usually exterior, roof, and common areas).
• Decide if you prefer 'Sweat Equity' (house) or 'Convenience' (condo).

{{doneWhenLabel}}: You have chosen a property type based on your willingness to perform or pay for maintenance.

{{whyLabel}}: Condo fees can be $500-$1,000+ monthly and can spike unexpectedly if the building's reserve fund is low.

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• Research local average HOA fees for 2025 (often consuming 1/3 of the total monthly cost).
• Understand 'Special Assessments': one-time large payments for major repairs (e.g., new elevators).
• Compare these fees against the cost of DIY maintenance for a house.

{{doneWhenLabel}}: You have a side-by-side monthly cost comparison for a $400k house vs. a $400k condo.

{{whyLabel}}: Condos involve shared walls and strict rules (CC&Rs), while houses offer more freedom but less community security.

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• Review typical CC&Rs: pet restrictions, rental caps, and renovation limits.
• Consider noise tolerance: condos have neighbors above/below/beside.
• Assess yard needs: do you need a private fence for a dog or garden?

{{doneWhenLabel}}: You have a 'Lifestyle Fit' score for both property types.

{{whyLabel}}: An agent's expertise in specific neighborhoods or building types (condo vs. house) is vital for negotiation.

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• Ask about their experience with 'HOA Reserve Studies' if looking at condos.
• Ask for their 'Days on Market' average for single-family homes in your target area.
• Ensure they are full-time professionals with at least 5 years of local experience.

{{doneWhenLabel}}: You have signed a buyer's agency agreement with your top choice.

{{whyLabel}}: A poorly funded reserve (below 70%) is a red flag for future fee hikes or special assessments.

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• Request the most recent Reserve Study from the seller.
• Check the 'Percent Funded' column; 70-100% is strong, below 30% is critical risk.
• Look for planned major projects (roof, pool) in the next 5 years.

{{doneWhenLabel}}: You have verified the financial health of the association.

{{whyLabel}}: For houses, you need to know the state of the 'Big Five': Roof, Foundation, HVAC, Plumbing, and Electrical.

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• Hire a certified inspector (cost: $300-$600).
• Attend the inspection in person to ask questions.
• For condos, ensure they inspect the interior systems and any accessible common areas.

{{doneWhenLabel}}: You have a written report and a list of repair requests for the seller.

{{whyLabel}}: Insurance rates have risen significantly (up to 70% in some areas); securing a quote early is mandatory for mortgage approval.

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• House: Get 'HO-3' or 'HO-5' full coverage.
• Condo: Get 'HO-6' (walls-in) coverage; the HOA covers the exterior.
• Compare at least three quotes from generic providers.

{{doneWhenLabel}}: You have an insurance binder ready for the lender.

{{whyLabel}}: Quality movers book up months in advance, especially for weekend slots.

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• Get in-home estimates from three reputable companies.
• Verify their insurance and 'USDOT' number.
• If moving into a condo, check for 'Loading Dock' or 'Elevator' reservation requirements.

{{doneWhenLabel}}: You have a signed contract and a confirmed moving date.

{{whyLabel}}: Prevents service gaps and ensures you don't pay for the previous owner's usage.

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• Schedule 'Stop' service for your current home and 'Start' for the new one.
• Update your address with the USPS, bank, and employer.
• For condos, confirm which utilities (water/trash) are included in the HOA fee.

{{doneWhenLabel}}: All utility transfers are confirmed for the day of closing.

{{whyLabel}}: This is your last chance to ensure the property is in the agreed condition and repairs were made.

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• Test all appliances, faucets, and light switches.
• Check that the seller has removed all trash and personal items.
• Verify that no new damage occurred during the seller's move-out.

{{doneWhenLabel}}: You have signed the walkthrough verification form.