Take a Look at 'Bargain' Condos and Townhomes

Condominiums and townhomes may offer the best real estate bargains for entry-level home buyers and investors in 2011. Monthly payments to purchase a condominium is likely less than rent for a comparable apartment and inventory is plentiful. In California's Inland Valley cities of Chino, Fontana, LaVerne, Montclair, Ontario, Pomona, Rancho Cucamonga and Upland, about 250 condominiums and townhomes are listed for $150,000 or less.

How much less? You could buy a 2-bedroom condo for less than $40,000 in Fontana, $56,700 in Ontario, $71,000 in Pomona, $79,900 in Chino or Rancho Cucamonga, $89,900 in Upland, or $99,999 in Montclair. In Claremont, the lowest-priced 2-bedroom condominium is listed for sale at $249,000.

Being part of a Home Owner Association (HOA) has many advantages. Rules and regulations protect the value of your home. Sharing the cost of installing and maintaining a pool, tennis court, and/or gated driveway makes those amenities more affordable. A majority of home owners must agree to any special assessment or increase in the monthly HOA fees.

If you are thinking of buying a condominium or townhouse, call us. We'll give you tips on evaluating HOA communities and our research can help you decide whether to buy a home in a particular complex.