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Old 02-20-2012, 05:21 PM
 
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I prefer to stay in edina/richfield/st louis park. Any recommendations? at least three bedrooms. Is this a good move or are you better off buying a house in this state.
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Old 02-21-2012, 04:56 AM
 
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It really depends on what you want. I know people that prefer townhomes because they don't want to deal with outside maintenance, don't want to live in an apartment either so it's a good compromise. I would try to find one that has one level living as much as possible as resale is better on those. Our oldest is looking to buy a townhome mainly because he has bad allergies and cutting the grass is not a good thing for him. His plans are to live there for however long and then keep it for a rental property down the road. Plans may change but he can buy a townhome for a lot less than renting these days. He has a couple friends that want to rent from him so that makes it even more attractive.
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Old 02-21-2012, 10:37 AM
 
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Quote:
Originally Posted by golfgal View Post
It really depends on what you want. I know people that prefer townhomes because they don't want to deal with outside maintenance, don't want to live in an apartment either so it's a good compromise. I would try to find one that has one level living as much as possible as resale is better on those. Our oldest is looking to buy a townhome mainly because he has bad allergies and cutting the grass is not a good thing for him. His plans are to live there for however long and then keep it for a rental property down the road. Plans may change but he can buy a townhome for a lot less than renting these days. He has a couple friends that want to rent from him so that makes it even more attractive.
golfgal do you know any good townhomes? because the rental prices on a 3 bedroom are just way too outrageous.
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Old 02-21-2012, 11:46 AM
 
Location: Minneapolis (St. Louis Park)
5,993 posts, read 10,152,957 times
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Where do you come from? What were prices like there?

You could probably find CRAZY good deals on townhomes in the suburbs, where they are largely overbuilt (GolfGal, you may know...). Places like Shakopee, Lakeville, Apple Valley, Woodbury, Maple Grove, etc. come to mind. In Edina I know of some CHEAP townhomes/condos near 65th and Barrie Rd, near Southdale and the Galleria. I saw some floating below $100K a while back, so you may want to look into that area in www.zillow.com
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Old 02-21-2012, 12:18 PM
 
Location: Woodbury, MN
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Town-homes are fine but don't forget about the monthly fees. If you are able to keep up a home I think it is generally cheaper. I saw a home in Minnetonka (great school district) you might like.
13019 Stanton Dr, Minnetonka, MN 55305 MLS# 4122197 - Zillow
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Old 02-21-2012, 12:37 PM
 
20,793 posts, read 61,167,344 times
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Well, the monthly fees are a lot of what people like about townhomes--that is what pays for your snow removal, lawn care, etc.

I know our son has been looking at realtor.com in his price range and has come up with a lot in the Eagan and Apple Valley areas. I don't have specifics on them though.
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Old 02-21-2012, 01:30 PM
 
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Like anything, townhouse vs. stand alone home comes down to what you need and want. If you don't want your own private lot, and/or you don't want to deal with snow and lawn or exterior maintenance, townhomes can suit you well, and can be a nicely-priced option.

From my own experience owning a townhome (not in MSP) and also serving two years as our association president, here are a few things to consider if you go that route:

1) Look for a professionally-managed association. This avoids the possibility that *you* will ever end up trying to manage the association (trust me, you don't want to do it), and also minimizes the chances that somebody who doesn't know what they are doing will screw things up.

2) Look at financial statements and specifically cash reserves. A low monthly payment is meaningless if the association is so broke that they collect $2,000 in special assessments each year to pay for basic repairs.

3) Request annual meeting and board meeting minutes for the last year or so, and look carefully for signs of impending problems.
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