First-time home buyers in Burlington County (Palmyra: foreclosure, condo, townhouse)

[mascioc2]

My boyfriend and I are looking to start house hunting this spring and are trying to decide what the best investment would be for us. Our budget is $170K-$225K and we are trying to decide if it would be best for us to start out in a condo or townhouse or buy a starter single-family home (we've come across a lot of single-family homes in Moorestown by Lenola Road - any thoughts on this area??).

Ultimately, what would be the best investment decision, buying a two bedroom townhome/condo and selling in 4-5 years or updating an older single family home in Moorestown on the border of Maple Shade.

Thanks!

[EKevinD]

Our first home was in Lenola section of Moorestown lived there for 7 years and then moved across town. Was a foreclosure that we put a lot of sweat equity into and it paid off when we sold in 2000. Great way to get into Moorestown. If you plan on moving out of Moorestown buying there is perhaps less appealing as there are better homes available in that price range in nearby towns like Palmyra or Maple Shade. You will find that the RE taxes are not that much different for the same size house in surrounding towns. Nice lot sizes on some houses in Lenola where you could add on and stay a tad longer than your 4-5 year time horizon as well. Happy to answer any questions.

[frankgn87]

Thats a good area to get into due to the fact your in Moorestown with its wonderful schools at a maple shade price. + it will be an easier sell when you go to sell for the same reason too.. I would not recommend a townhome as they are notorously harder to sell and lose value quicker then a single