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Buying a Condo vs. Home: Key Considerations for Different Scenarios

This guide explores the critical factors to consider when deciding between purchasing a condo or a home, tailored for varying financial and personal circumstances. We analyze three scenarios featuring individuals at different life stages and income levels: a recent graduate engineer, a high school teacher with a family, and a seasoned brain surgeon. Key aspects such as income, resale value, maintenance, insurance, and location are examined to help prospective buyers make informed decisions.

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Buying a Condo vs. Home: Key Considerations for Different Scenarios

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  1. PURCHASING A CONDO vs HOME GROUP 2 Salim Abdo (Organizer) Richard Do (Tech) Jacob Helvie (Organizer) Danielle Rodriguez (Tech) Javier Sarabia (Summarizer) Md. Sarker (Summarizer)

  2. Scenario # 1 • Ms. Rodriguez • Age: 24 • Recent Cal Poly Graduate • Mechanical Engineer • $55,000/yr • Single!!! • No Children • Retirement at age 55

  3. Scenario # 2 • Mr. Sarabia • Age: 35 • High School Teacher • $25,000/yr • Married • 4 Children • Retirement at age 70

  4. Scenario # 3 • Mr. Abdo • Age: 50 • Brain Surgeon • $158,000/yr • Married • 2 Children • Retirement at age 55

  5. Factors to Investigate • Buyers Income • Resale Value • Maintenance • Insurance • Location • Dependencies

  6. Resources • Internet • Real Estate Consultants • Personal Experiences

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