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Do they appreciate at the same rate as detached homes?
I am looking for something in the 350K level. I am considering a town house in north Raleigh, south of 540. For the same price, I can find a detached home in Wake Forest. I like the detached homes, but I don't want to deal with the traffic everyday.
At 350k you should have many more options than simply a detached home in Wake Forest.
The general rule I've observed is that townhomes are more volatile - in a strong market they appreciate at a solid rate but in a weak market, they are more vulnerable to drops in value than are single-family homes. There are, of course, plenty of exceptions but as a rule single-family is a bit more stable.
I have had realtors tell me over the years that in most cases a single family home is a better investment.
I've seen the townhomes at Carriages at Allyns Landing, and think they're beautiful. But they're not really in a "neighborhood" that one could walk through. At least not very far. The street they're on is narrow, and people drive fast along there.
The exteriors are beautiful and remind me of something you'd see up in New England.
In the long run, I think single family homes appreciate more than townhomes.
Well, any financial advisor or investor will tell you that you never count on your primary home as an investment.
As far as real estate appreciation, you need to factor in market, location, condition, supply and demand.
I find that townhouses often cost less for the same square footage as single homes. But percentage wise, they can increase in value nearly the same.
Keep in mind that the majority of the population, is aging (baby boomers). With that, townhomes and especially condo sales have taken off along with 55 and over communities who can't keep inventory.
My advice would be to shop for your home carefully. If you purchase in the right area, keep it in good condition and don't over improve it, you can build quite a bit of equity provided you stay in your home for a number of years.
Location: East Wake County - Zebulon, Specifically
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I agree with Lauren. If you buy in the right area, whatever you buy will appreciate. But also remember that time is an all important factor with appreciation.
Wow, these townhomes are really nice. One of the neighbors said a new builder has taken over and is really dressing these things up. Looks like a great place as I am looking for a low maintenance place to retire. Does anyone know who the builder is?
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Carriages at Allyns Landing
