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Moving to Cary area soon. Will be downsizing and want to own. Have started the house hunt and would like some feedback from home owners of both town houses and single stand alones. The prices seem to range from low $100s and up so there seems to be a lot to pick from. Also, any input on buying an existing home vs new build? Where are the deals? How much are hoa?
I've spent quite a bit of time in my ex's townhome (lived there for about a month) and it really turned me off of townhomes. It seriously lacks windows. It has 3 stories (plus a high ceiling) so a lot of stairs. The deck is tiny...not really enough elbow room to turn around on. And of course, it has an HOA which is a pain. Ex freaks out if the kids play their music too loud, of course, because he is concerned about disturbing the neighbors (I never heard the neighbors, so a quality build probably prevents that)
I made a list of my must haves when I down sized and moved here. Ultimately I wanted an open floor plan, a screened porch, lots of trees for shade, a nice yard to look at out my windows. Hardwood floors. A townhome just didn't work for me. I bought a small house with a shady lot. I do have more yardwork to do, but I enjoy that.
You just have to decide what you are really looking for.
I am a townhouse dweller. I'm single with an end unit, so noise and sufficient windows aren't really a problem (it's in the woods, so NO ONE'S unit is super-bright). It's PERFECT for me. Being single, I am too busy for a yard, cutting grass and all that. I don't have kids or entertain much, so I don't need a HUGE yard - I have a patio sufficient for a small cookout, which I do from time to time. My HOA is pretty cool (I've heard HORROR stories). I don't have any major complaints. The dues are a little high, but these are older units and that's to be expected. Since I have a 3-bedroom, there is MORE than enough space for one person.
After living in houses all of my life, we purchased a town house this April. We couldn't be happier. I think it all depends on what works for you. My townhouse is large (2600 sf) and it is an open floor plan. I have a little grassy yard and a patio but behind that is a big lake. The views are beautiful. My home is very bright because of all the huge windows to view the lake. We have one big deck in the back and a smaller one in the front which works great for us as outside space. We were done with the big yards and landscaping so this was a very welcome change. I never hear a sound from the neighbors and we are a middle unit. It really feels no different than my houses. There is an hoa and they take care of everything outside(landscape,roof, siding,painting,etc..) we recently called them to see if it was OK for us to remove bushes to put a walkway to the front door and they said yes and to let them know which ones we wanted removed so the landscapers could do it on their next visit for us. (also included) Just figure out what is important for you so you can make a good decision. Good Luck!
I would just think about resale of a townhome. They are EVERYwhere here, so if you aren't looking to live in it long term, it might not be the best idea. We knew if we bought a townhome, we'd be ready for a single family home within 5 years, so we just went ahead and bought the single family home (and for less than a lot of townhomes sell for!).
Comparing HOA dues for single family homes versus townhouses is a bogus comparison. The TH includes an element of the future cost of repairs (new roof, outside repainting, residing, etc). The TH includes a porting of the insurance of the home. The TH includes at least a portion of the landscaping maintenance.
Typically, SFR HOA fees do not include those items (though landscape maintenance is sometimes included).
Also remember to compare what amenities are included in the HOA fee, even when comparing SFR to SFR. Is there a community pool? Walking trails? Clubhouse? Will you utilize those enough to justify paying for them (because you ARE paying for them in your HOA fees).
PS - Generally, I'm a fan of HOA'S. But you need to understand the costs, your obligations under an HOA system, and your restrictions. BEFORE you buy.
So much real estate is "supply and demand". The larger the supply, the less the demand, the lower the price. Less supply, high demand means the price is higher. Obvious, right?
So...what most people THINK is that townhomes are harder to sell because there are so many of them within the neighborhood. However, there are people that prefer that lifestyle. There is usually no outside maintenance (check what is covered), someone does your yard word and you are only responsible for the interior of your home.
And this is where location comes into play. For example, if you have $130,000 to spend and your choice is a small single family home in a less than desirable area or a townhome in a very desirable area, you have to decide which is best for you AND look at the re sale value.
A few years ago, I had clients that had to decide this very issue. The single family home was near Poole Road (my least favorite area due to re sale value) and the townhome was in North Raleigh. Both were brand new. They chose the single family home. It wasn't "MY" choice but I wasn't going to live there nor was I going to pay their mortgage.
Years later, they called to sell. Their home had not gone up in value at all. The townhome that they didn't choose HAD gone up in value. Of course, none of us have a crystal ball (well, I DO have two but they don't work) but based on my experience, my way would have been the better way!
Call me crazy, but some of us buy a home to live in. I have long ago given up on thinking of a home as a good investment. If you don't assume you will make a profit on it, you will hardly ever be disappointed.
Quote:
Originally Posted by VickiR
So much real estate is "supply and demand". The larger the supply, the less the demand, the lower the price. Less supply, high demand means the price is higher. Obvious, right?
So...what most people THINK is that townhomes are harder to sell because there are so many of them within the neighborhood. However, there are people that prefer that lifestyle. There is usually no outside maintenance (check what is covered), someone does your yard word and you are only responsible for the interior of your home.
And this is where location comes into play. For example, if you have $130,000 to spend and your choice is a small single family home in a less than desirable area or a townhome in a very desirable area, you have to decide which is best for you AND look at the re sale value.
A few years ago, I had clients that had to decide this very issue. The single family home was near Poole Road (my least favorite area due to re sale value) and the townhome was in North Raleigh. Both were brand new. They chose the single family home. It wasn't "MY" choice but I wasn't going to live there nor was I going to pay their mortgage.
Years later, they called to sell. Their home had not gone up in value at all. The townhome that they didn't choose HAD gone up in value. Of course, none of us have a crystal ball (well, I DO have two but they don't work) but based on my experience, my way would have been the better way!
Most of my clients that purchase townhomes do it with the plan to move into something larger in 5 to 6 years. That is just the way it is.
So...doesn't it make sense to THINK about the investment side of it? My clients in their 20s and 30s are more mobile than older clients so they not only want a great place to live but they also want to be able to sell it when the time comes. They are smart in that way!
They don't buy with the intent of living there the rest of their lives.
I think it is foolish to purchase a home without keeping resale in mind. You can make all the plans you want to stay in your home forever until life throws you a curveball. If you make a good sound investment then you will be safer financially in case anything comes up. That is not to say you can't lose, but it is a pricey investment and should always be treated as an investment.
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