looking to buy a townhome - need advise (Charlotte: real estate, apartment complexes)

[beowulfkid]

Hello friends - we are relatively new to charlotte and are prospective first-time home buyers; We are still in the process of saving money (almost 50% saved so far) to buy a town home in south charlotte area.
Couple of facts:
1) We are at least 9-12 months away from buying
2) Why townhome? well.. as part of my job, I need to move from one place to other often and so cannot imagine buying a single family home and getting into trouble of renting one...
3) I want to think ahead and kind of get a feel of how things work out before I jump into home ownership.

Questions:

1) My thoughts are renting a townhome is relatively easier when compared to single family home.. Am I right?
2) How does taking help of a property management company really work out? As we are new to the country, How much money these companies charge ? Normally, do they guarantee a time period before which they can rent the house ?
3) We live in ballantyne area and we like it. I heard that there are some good schools in this area which will help from house prices falling down. Are there any areas in charlotte area in which renting a townhome is relatively easier?
4) Any builders that I need to avoid?
5) Any builders I should prefer with your past experience?

[JanuaryGirl]

Originally Posted by beowulfkid

Hello friends - we are relatively new to charlotte and are prospective first-time home buyers; We are still in the process of saving money (almost 50% saved so far) to buy a town home in south charlotte area.
Couple of facts:
1) We are at least 9-12 months away from buying
2) Why townhome? well.. as part of my job, I need to move from one place to other often and so cannot imagine buying a single family home and getting into trouble of renting one...
3) I want to think ahead and kind of get a feel of how things work out before I jump into home ownership.

Questions:

1) My thoughts are renting a townhome is relatively easier when compared to single family home.. Am I right?
2) How does taking help of a property management company really work out? As we are new to the country, How much money these companies charge ? Normally, do they guarantee a time period before which they can rent the house ?
3) We live in ballantyne area and we like it. I heard that there are some good schools in this area which will help from house prices falling down. Are there any areas in charlotte area in which renting a townhome is relatively easier?
4) Any builders that I need to avoid?
5) Any builders I should prefer with your past experience?

I am no expert, but I will offer some insight...

I think renting out a townhome vs. house is going to greatly depend on price, neighborhood, and amenities. People that want their own yard and space will rent a single family home. Many people that don't care about that will rent apartments for the community amenities. If you buy a townhome, I would just make sure the price and amenities make it competitive with similar-quality apartment complexes.

The property management companies I know of around here charge about 10% of the monthly rent. Many have deals where they don't charge you that 10% if the home is unoccupied/between renters.

One more thing to consider is how renting will affect your taxes. I don't know how taxes work for you coming from abroad. Homeowners get a tax break, but I know there are some laws that you must live in the house yourself for at least two years-- if you rent it out before then I believe there are penalties. Something to consider if you may move soon, there are probably people here that can give you more specifc info.

[pink caddy]

The easy answer is : Rent a townhouse first and determine if you like the lifestyle. At the same time start to learn which would be better for you vis a vi job, costs, taxes, location, etc.

[lumbollo]

Originally Posted by beowulfkid

....Questions:

1) My thoughts are renting a townhome is relatively easier when compared to single family home.. Am I right?
2) How does taking help of a property management company really work out? As we are new to the country, How much money these companies charge ? Normally, do they guarantee a time period before which they can rent the house ?
3) We live in ballantyne area and we like it. I heard that there are some good schools in this area which will help from house prices falling down. Are there any areas in charlotte area in which renting a townhome is relatively easier?
4) Any builders that I need to avoid?
5) Any builders I should prefer with your past experience?

Answers: (my opinion)

1. That depends on what is expected by the owner. It's almost certain you will have to sign a lease, put down a deposit, and be expected to do a certain amount of upkeep. In both cases you might be required to cut the grass. I say rent something similar to what you expect to buy to see how you like it.
2. In the USA management companies are paid for by the owner, not the renters. They take a cut of the rental fee if they are managing the property. You can engate a real estate agent to help you find a rental place, but IMO, since you are not commiting yourself to purchasing the place, you probably don't need it.
3. Don't choose property in Charlotte based on schools. School assignment policies in this county are routinely and arbitrarly changed and may be completely different years from now. CMS is a county system, not a city system and is always one election away from radical change. Personally I don't care for Ballentyne as it seems too planned and mundane for my tastes.
4. Unfortunately, there is really no way to single out a bad builder as you don't know their situation. I would say that in terms of quality this can and will vary by neighborhood and is highly dependant upon the local supervision. If you decide to build, you should visit the property every day and make sure they are doing what they said they are going to do.
5. Same answer as 4. I recommend that you avoid going with tract construction these days because it is still way over priced for the economy that we have.