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With all this talk about property values going down the tube, I've been studying sites the Case-Shiller index, etc.
The question I have is, does the relative inexpense of townhomes allow them to keep their property value more than regular free-standing single family houses?
I'm looking to make an investment, but I don't know how much value a purchase is going to lose until we're out of this hole. The last thing I want to do is make a purchase and be upside down on it in two years.
With all this talk about property values going down the tube, I've been studying sites the Case-Shiller index, etc.
The question I have is, does the relative inexpense of townhomes allow them to keep their property value more than regular free-standing single family houses?
I'm looking to make an investment, but I don't know how much value a purchase is going to lose until we're out of this hole. The last thing I want to do is make a purchase and be upside down on it in two years.
Historically condos and townhomes do not retain their value as well as detached residences.
hmmm
i think it has a LOT to do with location. in little falls there are the MILLS condos. they have become equal to or in some instances more expensive than the single family homes surounding them.
single family houses appreciates more than townhouses.
but consider this - first time home buyers would most likely start with a budget of around 300-350k. since NJ is typically expensive, it is almost impossible to find a SFH with a 350k budget in a nice neighborhood (nice schools, easy commute, safe, etc), so there will always be a demand for townhouses and hence appreciation. if it were an inexpensive state like PA or TX, townhouses wouldnt appreciate as much.
Unfortunately, if the townhouse next to you has to be sold relatively quick and they will take any price, even a lower one, your value goes down as well.
Unfortunately, if the townhouse next to you has to be sold relatively quick and they will take any price, even a lower one, your value goes down as well.
isnt that logic true for any kinda property - a SFH, townhouse or a condo?
Townhouses / condos are a good investment when selling during a "Sellers Market"... they attract first time home buyers who can't afford 500K plus for a house. But during a "buyers market"... youre SOL! My first townhouse..I paid 122K..sold 10 yrs later for 121K. My second townhouse I purchased for 154K and sold for 225K 2 yrs. later. Location is key... and timing!
Townhomes are often rented and destroyed inside over time. In a weak market they do not hold their value as well as SF homes. Maybe something waterfront or in a small development in a super desireable location with a large floorplan (some in Moorestown list around $800K), might be a reasonable investment but you couldn't pay me to buy a condo or townhouse in NJ right now except possibly down the shore in a very good location.
I'm no expert but I always thought SFH's in general are a better value, investment or what ever than townhomes and condos that's why I think twice about them.
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