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These townhome communities are over priced and packed to the rim with people. They offer no back yard, no privacy, and really no long term investment.
If we really needed to, we might rent one temporarily.
Too many people are spending big bucks on nothing. You can hear your neighbor running up and down the steps. You can't go out your back door without your neighbors seeing you. You don't even have a mail box. If your adjacent neighbors have a fire or water leak, you might be screwed out of a home.
Don't even get me started on apartments. Atleast they are for rent.
Condos, ha.
People purchase these townhomes and other houses for $100K+. They only have one child and don't need the 2500 square feet. Why pay $140K+ to live on Rogers Lane, when you can drive north on Highway 401 another ten minutes and purchase a house for the same price?
We really need to mandate square footage in accordance with family size! We have very limited homesite options available. Families should be permitted so many square foot per person in household, with the exception of a possible additional child in near future.
We really need to mandate square footage in accordance with family size! We have very limited homesite options available. Families should be permitted so many square foot per person in household, with the exception of a possible additional child in near future.
I don't think you will get too many in agreement with you there lol. :P)
Here's a rule of thumb that I think holds true for almost any area: Buying condos and townhouses in areas where land is plentiful is a riskier investment than buying one in urban areas or well established, desirable neighborhoods, where land is less available. My first home was a condo that was not far outside the beltline. While it didn't appreciate as rapidly as nearby homes, it did appreciate and it did give me some equity to put into my next purchase.
The other thing to keep in mind is the health of the HOA's that manage the community. Make sure that the community is well funded and maintained. It's also important to know whether or not the community is facing any assessments or if members of the association are habitually late on dues.
Here's a rule of thumb that I think holds true for almost any area: Buying condos and townhouses in areas where land is plentiful is a riskier investment than buying one in urban areas or well established, desirable neighborhoods, where land is less available. My first home was a condo that was not far outside the beltline. While it didn't appreciate as rapidly as nearby homes, it did appreciate and it did give me some equity to put into my next purchase.
The other thing to keep in mind is the health of the HOA's that manage the community. Make sure that the community is well funded and maintained. It's also important to know whether or not the community is facing any assessments or if members of the association are habitually late on dues.
How many units are owner-occupied vs. non-owner-occupied?
Lenders quail at lending in NOO communities as the risk of foreclosure is higher. Properties don't appreciate reliably since NOO landlords tend to vote not to maintain the property.
I recently had first time homebuyers who could only afford $140,000. We found a beautiful NEW townhouse community near Glenwood Avenue. The builder was also paying ALL closing costs, at this time.
Today, those same townhouses are listed in the $160s.
Maybe in a couple of years, my clients will sell and move into a house but the townhouse met their needs for now.
In the SAME community, I had a client who had bought a house from me about 3 years ago. She decided that since she was now traveling with her job, she had no time to keep up the yard. We sold her house, at a great profit to her, and she also moved into one of the larger units in this same neighborhood. The new townhouses, similar to hers are now selling for well over what she paid.
If you buy in the right area and know what the comps say and know how the townhouse community is managed, if a townhouse is a better fit for you than a single family house, there is nothing wrong with that.
Different people have different needs, wants and desires.
These townhome communities are over priced and packed to the rim with people. They offer no back yard, no privacy, and really no long term investment.
If we really needed to, we might rent one temporarily.
Too many people are spending big bucks on nothing. You can hear your neighbor running up and down the steps. You can't go out your back door without your neighbors seeing you. You don't even have a mail box. If your adjacent neighbors have a fire or water leak, you might be screwed out of a home.
Don't even get me started on apartments. Atleast they are for rent.
Condos, ha.
People purchase these townhomes and other houses for $100K+. They only have one child and don't need the 2500 square feet. Why pay $140K+ to live on Rogers Lane, when you can drive north on Highway 401 another ten minutes and purchase a house for the same price?
We really need to mandate square footage in accordance with family size! We have very limited homesite options available. Families should be permitted so many square foot per person in household, with the exception of a possible additional child in near future.
I doubt very much that it will ever be up to you to mandate where anyone lives or what anyone buys.
If you were raised with an open field and space, you wouldn't want anything less when your older.
Townhomes can be a great place to live if an Utopia existed. Your always going to live next to some rude neighbor that won't try to be quiet.
My wife and I looked at homes all over the triad, etc. We were approved for homes up into the $200K+.
However, we considered our lifestyle and living expenses. We estimated for potential job displacement in the near future and rehire salary adjustment. Thankfully, we considered something very modest with an acre of land. We moved out to the country and have decent space and a full covered porch and great neighbors. Our mortgage costs hundreds less than many renting apartments/condos around Brier Creek.
No wonder there are so many foreclosures. People are financing themselves to their maximums.
If we never touched a credit card, we would be in excellent shape right now.
The market is flooded with townhomes and apartments around Raleigh. The demographics of this area is changing rapidly and violence is escalating. We are very thankful to have left the urban community.
If you were raised with an open field and space, you wouldn't want anything less when your older.
Townhomes can be a great place to live if an Utopia existed. Your always going to live next to some rude neighbor that won't try to be quiet.
My wife and I looked at homes all over the triad, etc. We were approved for homes up into the $200K+.
However, we considered our lifestyle and living expenses. We estimated for potential job displacement in the near future and rehire salary adjustment. Thankfully, we considered something very modest with an acre of land. We moved out to the country and have decent space and a full covered porch and great neighbors. Our mortgage costs hundreds less than many renting apartments/condos around Brier Creek.
No wonder there are so many foreclosures. People are financing themselves to their maximums.
If we never touched a credit card, we would be in excellent shape right now.
The market is flooded with townhomes and apartments around Raleigh. The demographics of this area is changing rapidly and violence is escalating. We are very thankful to have left the urban community.
Get out while the getting is still good!
Oh no....yes it was, I just saw a star fall out of the sky. RUN, the sky is falling...
Many people happen to like living in condos, and townhomes ya know. I lived in a townhouse before I moved to the Triangle and never heard my neighbors once in the 2 years we lived there. The only reason we bought a single family home when we moved here is because we could. We also know that single family homes in desirable areas tend to appriciate more then townhomes.
The Town home's value is based on the Buyer willingness to pay the asking price. If there value should be lower than potential Buyers will have to offer less. Its Demand / Supply market nothing more. Once the demand drops with all the new Town homes under construction the Supply will increase and the natural market controls will take over and the prices will drop. As you read in an earlier post the Seller paid for the closing cost to make a sale. That was a concession once they can't give any more they will be forced to lower the price.
How many units are owner-occupied vs. non-owner-occupied?
Lenders quail at lending in NOO communities as the risk of foreclosure is higher. Properties don't appreciate reliably since NOO landlords tend to vote not to maintain the property.
How do you determine whether a community is OO or not (or what percentage of a community is owner occupied) ??
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Everyone has great views on the townhomes
