My Friend Bought a Condo and Regrets It. Here's Why

Buying a home isn't such an easy thing to do when you're single. Although mortgage lenders will write loans to single applicants, there are income requirements you'll have to meet that are harder when there's only one salary at play. 

When a good friend of mine was buying a home several years ago on her own, she decided to purchase a condo instead of a standalone home. At the time, mortgage rates were much lower than what they are today. But she felt that a condo would lend to a more affordable mortgage overall.

My friend was reasonably happy in her condo -- until she wasn't. And now, she regrets her decision for one big reason.

When you need more space but can't afford to upsize

When my friend purchased her condo, she was single. Now, she has a romantic partner she's looking to live with. The problem? There's not enough space in her home.

My friend worked out of an office at the time she purchased her condo, so she didn't consider the need for a home office. Then the COVID-19 pandemic happened, and now, like many other people, she's working remotely for the foreseeable future. So is her partner. But that doesn't work so well when you have a one-bedroom home. 

My friend's condo offers a decent amount of space for one person. But it's not so well-suited to having more than one person live there. 

Meanwhile, my friend's partner currently rents, so he doesn't have a place to sell or equity to tap. My friend has equity in her condo, but because home prices and mortgage rates are up, she can't afford to upsize. So she's basically stuck.

And the frustrating thing is that she probably could sell her condo with relative ease if that were an option. Realtor.com says that condos tend to sell faster than single-family homes even in a down market, because these homes commonly cost less and can have lower maintenance costs than standalone homes. 

My friend's condo is also located in a desirable neighborhood within a well-known city. So chances are, she'd be able to find a buyer. She just has nowhere to go.

Be careful when buying a condo

A condo can be a good starter home and alternative to a single-family home, especially if you're buying a place on your own. And it's generally a wise choice if you're someone who doesn't need a lot of space and doesn't have the time, patience, or skill to perform home maintenance. (You'll need to clean and maintain the interior of your home, but with a condo, building and exterior maintenance are generally handled by someone else through the fees you pay.)

But if you're going to buy a condo, remember that your situation might change, and you might end up needing more space down the line. Upsizing may not be easy based on what the housing market looks like. Purchasing a small standalone home may be a better choice if you can afford it and are willing to do the maintenance. 

My friend, meanwhile, insists that she's stuck in her condo until the housing market cools and mortgage rates drop. At that point, she and her partner may be able to pool their financial resources and buy a small standalone home. 

Until then, moving in together just isn't feasible. And it's a shame that a lack of square footage is getting in the way of my friend's romantic plans.