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I know it's a matter of preference, but I'd like others opinions anyway.
My situation - I have three teenagers (1 almost out of the house and 1 not far behind. The last still in highschool) My hubby and I are in our early 50's so we are looking at a good 15+ years of employment till retirement. We do not plan to stay in CT when we retire. My husband works in Farmington and we just sold our house to downsize and look for a home in Cromwell/Portland/Rocky Hill area. Do we buy a condo or a house? We could rent a condo down the road or sell a house (again). Decor is generally newer in a condo CA/Wood floors/ammenities, but we could do what we want in a house although we are way past redecorating. I've been on all the condo vs house sites, but the pros and cons seem equal and they haven't swayed me either way. Maybe some personal experience from that area will help. Our budget is only $210,000.
Thank you very much.
This might sound crazy but if you're only staying in CT for 15yrs why not just find a house to rent. This way you can leave and not worry about selling anything. Plus probably save a lot of money. No down payment, no maintenance, no fixing up or selling costs, ect.
A quick look in the areas we are interested in show condos/houses that are also on the market. I'd hate our rental to get sold from under us and have to move all over again. unfortunately, not a great variety in places with good schools and a lot have no pets policies. I'll keep looking. Wouldn't our mortgage (with 20% down) be much cheaper? Rents are so high right now.
You can also rent out a house if you retire and move out. While it's not as common in CT and the northeast as in other parts of the country, it certainly can be done.
If you're going to be there for 15 years, I'd think a house can also be a better value over the long run than a condo. Condos in Connecticut have not really gained anything since the recession/housing bubble crash of 2007-2009. Single Family homes at least have gained back *some* of their lost value, especially outside of the cities. After hitting bottom value wise in 2012/3, single family homes have come back a bit - about 4% in total over the past few years. Condos hit bottom value-wise in 2013 and it's basically been flat since then. It could be a longer climb back up. (And, outside the cities, SF homes have gone up more than 4% - just a quick search online has Avon in the Hartford area up 7% and Westport in FFC up about 10% in two years)
The problem you're having is that at $210,000, you're near the bottom of single family home values for the towns you're searching. While it's not in handyman special value, it's also not often the renovated/ remodeled home you might prefer. You'd have to up your price to get that.
However, if you look hard, there are some remodeled homes out there in your price range, just not tons of them. Something like this
I, too, agree that you may be happier in a single family home than a condo. Many condos have pet limits and especially dog weight limits/ breed bans. Condos essentially were never designed for large family groups with pets. At that point most people buy a house.
Check also condo monthly fees. While condo taxes may be cheaper than single family home taxes, the added condo fees may push your total monthly bill right back into a range comparable to a single family home. Although you might get a pool, tennis courts, etc. thrown in, if that's important to you.
Wouldn't our mortgage (with 20% down) be much cheaper? Rents are so high right now.
Don't forget paying the taxes and insurance every 6 mths.
But if u had to choose with the teenagers, I would get a house. Even if they are well behaved its nice to have a house and the elbow room.. if u can manage with the budget.
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