Better investment house vs townhouse? (Jacksonville: bank owned, sales, real estate)

[Hrx316610]

Hello everybody, So here's my question, which from a resale/investment point of view is better to buy, a house or a townhome? (IN JAX AREA) I mean I am leaning more to a townhome only because to busy working to maintain a house and all the yard and home maintaince that comes with it. Plus the townhome I am looking into buying, the HOA fees are only 50 dollars a month so that is prefect for me! But im just worrying about the resale/investment?? Need some helppp! Thank you.

[mspink]

I make no claim to be an expert, but I believe that the single family option is traditionally better for resale. We're preparing for a move down there and will be trying to sell a condo in Wisconsin. I don't have high hopes, and I expect it will end up being rented. I also noticed on my last trip down to Jacksonville that the are a LOT of townhouses, and a lot of those seem to be in foreclosure. It could take a while to climb out of that hole.

[Hrx316610]

Well from what i have been seeing by research, resale on certain kinds of property has alot to do with location. For example, if it is near a city or suburb, which it is near a city and the age group percentage population, which is between the 20 to 30 area mostly in jax that has to do with young professionals that are working and or single (kinda like me) not wanting or maybe having time to maintain a house, and depending on if there are alot of a certain kind of property just like you said there are alot of townhomes and condos which i think might be helpful for resale. Im also seeing that HOA fees have a big part in it and these being only 50 a month they are the cheapest i have found in the area. As for foreclosures just from researching properties these last few months i can say that every kind of property has alot of foreclosures, just a bad market. Also, as of right now i am watching real estate real closely and no matter what is it as fast as they are on the market if it is a half decent property at a decent price (no matter what is it house or townhome) they are selling fast. Especially with investors, they target property that will rent easy mostly townhomes and condos because it is better for those who like i said work all hours and dont have time to own and maintain and just want to rent. Also, most investors are out of state so they dont have to worry about the outside maintaince and wouldnt mind pay a low HOA such as 50 dollars. Also, i would plan on staying in the townhome for awhile and im just worried about down the road if the fast sales of townhomes stay steady in the jax area??

[wacktool]

A townhouse is nothing like a condo. I live in a townhouse with a 2 car garage / private drive, garbage pickup etc. Just like a house that I moved from minus the space between the houses and all the yard work. Townhouses here 32258 Bartam sell fast when posted for sell. I bought this place as a forlosure and paid 1/2 of what the original owner did when it was built 3 years ago (coj.net property records). Houses seem to sit longer. My suggestion is to reach out to the HOA of the town homes and ask questions.. Ie any recent assessments, budget status, etc. take several drives through the community to see how well the up keep is.

[Pealim]

Just to give you an idea, I live in a townhouse. If I could sell my townhouse and break even, I would. In a heartbeat. I don't want to rent my place out even though the rental market is "hot" so we make due with the space we have. We bought this place 8 years ago when I was a young professional. I'm still young now but with a family

[mspink]

Originally Posted by wacktool

A townhouse is nothing like a condo. I live in a townhouse with a 2 car garage / private drive, garbage pickup etc. Just like a house that I moved from minus the space between the houses and all the yard work. Townhouses here 32258 Bartam sell fast when posted for sell. I bought this place as a forlosure and paid 1/2 of what the original owner did when it was built 3 years ago (coj.net property records). Houses seem to sit longer. My suggestion is to reach out to the HOA of the town homes and ask questions.. Ie any recent assessments, budget status, etc. take several drives through the community to see how well the up keep is.

For what it's worth, that's exactly what our condo is like. 2 stories, garage, our own driveway, and because we're up north, even a finished basement. Really it's a house, it's just stuck to another one on one side (end unit). Legally, it's a condo though, because the land and the outside structure are co-owned by the entire community.

[grayrunner]

Just remember, that any townhouse, condo, or even HOA owner is dependent on the financial health of the whole development. If enough owners default they will have to raise your HOA fees, sometimes dramatically and you can't control it. And that is happening everywhere! I don't think wev'e even hit bottom yet. I do have to do lawn maintenance etc, but I also have lost a lot of neighbors to foreclosure and I dont have to pick up their share of the tab. Frankly in this market, I wouldn't buy anything, maybe steal it in a bank owned property auction at ten cents on the dollar and fix it up.