First Home - House vs Condo/TH? (Sugar Land, River Oaks: insurance, condos) - Houston - Texas (TX) - City-Data Forum

Rusdude · 08-31-2008, 06:10 PM

Hi!

I'm in the initial stages of looking for my first home, but one of the things that I am undecided on is whether to purchase a house or a condo/townhouse. As a single professional, I'm perfectly fine with a smaller place without a lawn/backyard/pool/etc., but I don't know whether the value of condos holds up/appreciates as well as houses (common sense would lead me to think that houses are better because you own the land).

Does anyone have any opinion on this subject or could point me to sources where I could research this topic further?

FYI, my life right now revolves around West Loop -- I work at 290 & 610, live at W. Loop & S. Loop, and most of the places I visit are in between. I wouldn't like to move very far from the Loop as a prospect of long commute doesn't appeal to me (or my wallet). Also, a relatively centrally-located place will serve me well when I change jobs (I work with people who commute from Sugar Land and Clear Lake -- they are not having fun).

jfre81 · 08-31-2008, 06:17 PM

I'd have to say go the townhome/condo route, since that's probably going to come cheaper than a house around there. Not that you specified a price range or anything, but you did say you can do without the yard and such.

oceangaia · 08-31-2008, 06:43 PM

I'd go with the condo. If you don't care much about the yard then why pay for it? If you get a condo in a desirable area it should hold it's value. You seem to be looking at this more from the perspective of an investment rather than a place to live, which would be a mistake in my opinion.

jfre81 · 08-31-2008, 06:58 PM

Quote:

Originally Posted by DiverTodd62

You seem to be looking at this more from the perspective of an investment rather than a place to live, which would be a mistake in my opinion.

Yup. The housing boom is dead. Nothing you buy is going to make you any richer. Sure, a house might "appreciate" a bit but maintenance, taxes, insurance etc. is going to undo any gains in that department, and that's only if somebody's willing to pay what you're told it's worth.

This is all about a place to lay your head.

texas7 · 09-01-2008, 08:55 AM

Agree TH/Condo is great just watch out for the maintenance fees - some are incredibly high while others are relatively cheap.

jfre81 · 09-01-2008, 09:02 AM

Quote:

Originally Posted by texas7

Agree TH/Condo is great just watch out for the maintenance fees - some are incredibly high while others are relatively cheap.

And when you're comparing, see what all each place's fee includes. It's not the same across the board.

VickiMBA · 09-01-2008, 08:31 PM

A townhouse/condo sounds like a good fit for you, and one that's well-managed will hold its value well. As the others have mentioned, pay close attention to the monthly maintenance fees, as they can vary quite a bit. In addition, be wary if the price seems "too good to be true". Oftentimes, these properties have deferred maintenance, or are in the process of getting renovated (i.e. new roofs, pavement, etc.), and are getting ready to pass on large increases in the monthly maintenance fees.

Another option is a patio home. They are single family homes with tiny front/back yards. Lots of them have been popping up in recent years around and inside the Loop (Midtown, Downtown/Ballpark area, etc.). They typically have one annual maintenance fee that cover front lawn maintenance. With a patio home, you get the low maintenance benefits of TH/condo combined with the benefits of having a detached home.

dv1033 · 09-01-2008, 08:38 PM

Quote:

Originally Posted by Rusdude

Hi!

I'm in the initial stages of looking for my first home, but one of the things that I am undecided on is whether to purchase a house or a condo/townhouse. As a single professional, I'm perfectly fine with a smaller place without a lawn/backyard/pool/etc., but I don't know whether the value of condos holds up/appreciates as well as houses (common sense would lead me to think that houses are better because you own the land).

Does anyone have any opinion on this subject or could point me to sources where I could research this topic further?

FYI, my life right now revolves around West Loop -- I work at 290 & 610, live at W. Loop & S. Loop, and most of the places I visit are in between. I wouldn't like to move very far from the Loop as a prospect of long commute doesn't appeal to me (or my wallet). Also, a relatively centrally-located place will serve me well when I change jobs (I work with people who commute from Sugar Land and Clear Lake -- they are not having fun).

Look into the Heights/Washington Ave. area. It has many new th/condos and it is a great area for young professionals such as yourself. Plus it is located close to the West Loop.

Californio · 09-02-2008, 12:53 AM

Let me put it in perspective. When you buy a home, your buying the land. When you buy a condo, you're buying walls.

Oildog · 09-03-2008, 12:46 PM

I went with a townhouse in the River Oaks/Midtown area there are many available. Prices range from 150s to 300s. I didnt want a yard to maintain, but got a 3/2.5/2 for 250k. Maintenance fees were about 1k/year covered lawn/water/sewer/garbage. I think its great for a single professional. Many restaurants and pubs a short walk or cab ride.