Townhouse in Woodbury vs. single family home in Plainview? (Syosset: HOA fees, insurance)
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Hello everyone. I am about to make a decision as a first time home buyer. My options are a townhouse in Woodbury with Syosset schools or a single family ranch in Plainview with Plainview-Old Bethpage schools. The cost of the townhouse (3 bedroom, 2.5 baths) is higher than the house, but the house (3 bedrooms) has one bathroom and after factoring in the cost of adding another bathroom the cost equals out. The taxes are identical and the common charges for the townhouse are about $300. I have a 3 year old daughter so the decision really comes down to what option is best for her socially and educationally. Everyone's advise would be appreciated.
Hello everyone. I am about to make a decision as a first time home buyer. My options are a townhouse in Woodbury with Syosset schools or a single family ranch in Plainview with Plainview-Old Bethpage schools. The cost of the townhouse (3 bedroom, 2.5 baths) is higher than the house, but the house (3 bedrooms) has one bathroom and after factoring in the cost of adding another bathroom the cost equals out. The taxes are identical and the common charges for the townhouse are about $300. I have a 3 year old daughter so the decision really comes down to what option is best for her socially and educationally. Everyone's advise would be appreciated.
Are there any amenities available to owners of the Woodbury Townhouse? When was the last increase in common charges and how much?
Have you looked into the rules and regulations, especially as it pertains to children and their possible activities (bike riding, etc.)?
The townhouse has a pool, tennis courts and a clubhouse/gym. It also has a fire place and a small but adequate back yard. There are no restrictions for children. the common charges have been steady over the last few years. The single family home does not have any of these amenities except for a larger backyard, though privacy is not much better due to the proximity of other houses and yards.
Are you a single mom? If so I think a townhouse might be a better option because it (probably) takes the outside maintenance out of the equation. That can be a pain. This is especially true if you are a first time homeowner.
We are a family of three (3 year old daughter.) We are trying to decide where would be the best place for her to grow up over the next few years before possibly trading up. Obviously, we prefer syosset schools and like the idea of having a pool for her during the summer as well.
Hello everyone. I am about to make a decision as a first time home buyer. My options are a townhouse in Woodbury with Syosset schools or a single family ranch in Plainview with Plainview-Old Bethpage schools. The cost of the townhouse (3 bedroom, 2.5 baths) is higher than the house, but the house (3 bedrooms) has one bathroom and after factoring in the cost of adding another bathroom the cost equals out. The taxes are identical and the common charges for the townhouse are about $300. I have a 3 year old daughter so the decision really comes down to what option is best for her socially and educationally. Everyone's advise would be appreciated.
I would take the house. I had a condo. Everything inside a condo you are responsible for, just like a home. I dont think it will cost you $300 per month in maint. on a home, even with a landscaper. Sure, there is basic maint. needed, remodeling cost, ect..... with both.
As a condo shopper for the last six months (and with a history of owning three single family homes), I have some thoughts:
1. We have seen a lot of older folks at condo open houses. And we have watched fairly priced condos in Nassau sell quickly this year. I think there will be increasing demand for condos for baby boomers who would like to leave Long Island and retire, but must stay to be close to family. As a result, I think condos will be less harder to sell than they have in the past. This could be good when you do want to switch to a single family home.
2. I assume you've seen the last three years' financials, the offering statement and the bylaws and you are satisfied with them. Have you spoken to the condo property manager or HOA president regarding any questions you may have? Are you sure there haven't been any special assessments levied on residents in the last few years? I found that some complexes lowball their monthly fees and then hit you with special assessments every year.
3. I assume you have checked the items covered by the HOA fees. Novices look at condos and assume everything on the outside is covered by the fee. Not so. Many complexes on Long Island will only use fees for clubhouse, pool, common area and road maintenance, landscaping and plowing, roof repair and outside painting. Everything else on the outside (i.e., a piece of siding that falls off or a deck in disrepair) is yours. Some complexes still expect you to shovel snow from your own driveway and walks.
4. If your condo only has a one-car garage, item #1 above may not apply. One-car condos with limited outside parking are harder to sell. Why developers chose to build one-car garages in a place like Long Island is beyond me. If you want a condo, get one with a two-car garage and a driveway that holds at least another two cars.
5. If your condo has electric heat here in the land of LIPA, also reconsider #1 above. You'll obviously pay through the nose for heat and these may take longer to sell, although I'm surprised at how well they have been selling this year. Some folks are masochists, I guess.
6. Try to compare costs apples to apples. A landscaping service for the Plainview home may not be all that cheap. Giving your child an in-ground pool of the kind at the complex can cost $50-$75K to install and $1.5-$2K to maintain annually at a single-family home.
There are not as many families with school-aged children in condos. Condos tend to attract empty nesters and singles.
People with school-aged children like having front and backyards for the kids and their friends to entertain themselves. Also for backyard BBQs with extended family. You may at one point like to have a swing set for your child.
Condo pools are usually kind of small. They are also unattended. You are better off using the town pool with lifeguards. In addition, the liablity for a condo pool adds much to the condo's insurance plan. They only keep increasing and these costs will be added to your monthly maintenance. All the condo needs is one accident with that pool.
Noise. How solid are those shared walls between units. Since you are the one with a child, it might be your older neighbors who will be complaining to you. Who lives next door to the unit of interest?
Condo Boards. They are always fighting. Being on the condo board is a thankless job that no one wants and if you take it, everyone is going to end up hating you at some point. Majority vote and/or board rules so if they make a decision that you don't like, too bad for you.
It's always harder to sell a condo than a SFH, especially in a down market.
Quality of Life rules. If you leave your kids' tricyclebikes/toys outside your front door, are your neighbors going to complain? Are you ok with their rules about where to place the trash cans? Do you like to garden or would like to raise your own vegetables? Are you ok if you are not allowed? I had a friend who lived in a condo which had a rule about leaving your garage door open for an extended period of time. If you like freedom of choice, a condo is not for you. Some won't let you decorate your front door. Some limit Christmas decorations.
Take a ride around the development on different days of the week during the day time and night time. See who else is living there.
What are the rules for pets? At some point you might want to get a puppy for your child. Are you ok hearing your neighbor's barking dog through the walls or making sure that your dog does not bark and disturb your neighbors.
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