Should I Buy a Condo or Wait for a House?

"My husband and I have bought homes twice — both times we paid over asking price, both times we were “chasing the market,” and both times… the market caught up. We now have great equity in both homes."

A Real Talk Guide for Renters Paying $3K+ a Month

If you're currently paying over $3,000 a month in rent, it's time for a real conversation. Should you wait until you can afford your dream single-family home, or should you start building wealth by buying a condo now?

The answer? It depends. But if you're serious about creating equity and escaping the rent cycle, this guide is for you.

Let’s talk about the true cost of waiting, what a condo could offer you today, and why your first home doesn’t need to be your forever home.

1. The Hidden Costs of Waiting to Buy

Most people think the biggest downside to waiting is that home prices will go up. And while that’s true, there’s actually a second — often overlooked — cost: amortization.

Here’s what that means for you:

• Equity appreciation: Homes generally increase in value over time. If you wait two years, the price of your dream home will likely rise — maybe beyond your budget.

• Amortization gains: Every mortgage payment reduces your loan balance. That builds equity even if home values stay flat.

So while you’re renting and paying $3,500 a month (that’s $42,000 a year), someone else is building wealth with your money.

Wait two years? That’s $84,000 in rent with zero equity in return. Meanwhile, buyers are stacking equity month after month.

2. Why Condos Make Smart Entry Points — Especially for High-Earning Renters

Let’s break this myth right now:

“Buying a condo means settling.”

Not true. Condos can be powerful stepping stones into the market. For first-time buyers with six-figure household incomes, a well-chosen condo can:

• Get you into the real estate market sooner

• Let you start building equity now

• Offer tax advantages like mortgage interest and property tax deductions

• Still provide the lifestyle you want (yes, it has bathrooms, a kitchen, and a place to park...just like a house!)

And if you’re strategic about the location, a condo can perform just as competitively as a single-family home when it’s time to sell or rent it out later.

3. The Condo Advantage: Amenities, Maintenance & Affordability

Here’s where condos really shine, especially for busy professionals and high-earning couples.

🏊‍♂️ Built-In Perks (Without the Headaches)

Many condos come with:

• Gated communities

• Pools (without the pool guy bill)

• Clubhouses and gyms

• Green belts and walking paths

• Shared utility costs (water, trash, etc.)

Instead of managing all those costs separately, the HOA (Homeowner Association) dues cover it.

💬 “Yes, HOA dues are real, but so are utility bills, lawn care, pool maintenance, and gym memberships in a house. One way or another, you’re paying for lifestyle.” – Amber Jones

4. Three Common Condo Buyer Fears (And Why They’re Not Dealbreakers)

Let’s bust through the most common fears I hear from buyers every day.

1. “What if I regret it?”

You won’t know until you try. If you rent and hate the space, you walk away with nothing. If you buy and decide to move later, you’ll likely have built some equity, which is a financial win.

2. “What if I hate my neighbors or the HOA?”

Truth? That’s a risk anywhere you live. Even in a single-family home, you don’t pick your neighbors. And as a renter, you’re already dealing with management companies without any say in the matter.

3. “What about the HOA fees?”

Great question. Lenders must factor HOA fees into your loan approval. That means your payment, including dues, still has to fit your income and debt ratio. Plus, many of these fees cover services you're already paying separately as a renter.

5. The Market Reality: There’s No Perfect Time, Only the Right Time for You

I don’t have a crystal ball. But I can tell you this from experience:

My husband and I have bought homes twice. Both times we paid over asking price, both times we were “chasing the market,” and both times… the market caught up. We now have great equity in both homes.

At the end of the day, we asked ourselves, "Can we afford the monthly payment?"
Because guess what — whether you rent or buy, you’re paying to live somewhere.

💡 Key Takeaway for High-Earning Renters

If you're earning over $100K a year and paying $3,000+ in rent, your money has serious potential. A condo may not be your dream home, but it could be your launchpad to financial freedom.

Don’t wait for the perfect house. Consider the perfect next step.