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As there are some uncertainties (not sure how long I will be in my current job / even in this country) I don't want to carry the burden of an expensive mortgage. Besides, as a small family (wife + 1 daughter) we also do not want a large house that is difficult to maintain as I travel quite a bit. If I'm here for the long haul then in a few years time we will upsize.
What we're looking for is a neat little condo/townhouse in the 130 - 175K range, which works out to the regional average of about ~100/sq.ft for a 1500 Sq.Ft home, which would be our sweet spot (anywhere around 1400 to 1800 sqft.). We are currently in a rented apartment that is ~1150 sq. ft and we're reasonably comfortable in it but would like a bit more space. We're not terribly picky - don't need a big yard etc.
on the realtor websites we see several desirable-looking properties (3 Bed, 2 bath) < 1800 sqft townhomes/condos in Cary, Apex, Morrisville etc and the pictures look good. Of course in the coming weeks I plan to visit the area and see them in person, but before I get to that stage I wanted your personal experiences on
- Can we get nice, good quality condo/townhomes in this price range / area (<10 years old / <1800 sqft)? Not just look good on a realtor's website but are actually good*
- If a house is listed at, say, 150K, what would the ~closing costs be? (this is something I struggle to understand)
- Is this segment (sub 200K, smaller townhomes) a competitive stock? As in many offers for a house?
If all goes well I'm hoping to close in on a good house in the area and be done with it as soon as I can.
*yes, "good" is subjective, but to me that would mean, for e.g., an open plan, decent floor (hardwood or laminate), a reasonably nice kitchen and hopefully a little patio - and all with little repairs needed which is why we'd like it <10 years old. Wife won't relax that restriction.
This is a wonderful forum, and I thank you in advance for your answers.
The full 1800 SF might be difficult.
Lower end of the range quite doable.Most any of them will have a deck or patio. Deck if built on a crawlspace and patio if built on a concrete slab.
You should know that anything in that range will be built by a production builder, and not a custom builder.
You might look in Shiloh Grove or Hamlet at the Park, side by side neighborhoods in Morrisville. Very similar product, and fairly liveable, IMO.
Townhomes are more comfortable for most, having a small yard in front and in back with a Homeowner's Association to take care of the yard.
As for closing costs...I'm not a lender but most will estimate between 3% to 5% of the sales price. Keep in mind that your largest part of that is your 1% orig. fee to the lender (1% of $150,000 is $1500) and a few months of escrows.
In North Raleigh are some of the 3 level townhomes with a single car garage for under $175,000, close to 540 in case you are trying to stay close to RTP. The area around Leesville Road (N. Ral) is quite desirable.
In the Morrisville/Cary area are quite a few newer townhome communities, as well.
I guess I should skip condos and pay attention to the townhouses then. I'm definitely NOT looking for SFHs. More interested in access to 540 and RDU as I don't work in RTP. My work is located in Wash. DC but I need to be there only a couple of days in a month.
I feel better now... I did look at Shiloh Grove etc. and also found some good ones in Apex, though a couple of them were definitely not townhomes (more like apartments on sale)
If you are trying to stay close to RDU, I'd look in the Morrisville/W. Cary area or North Raleigh.
How about Amberly in W. Cary/Morrisville? Some of the larger townhomes are $180s to $200s. The smaller Hamlet in the Park and Shiloh Grove will run you less but are only 1400 sq. ft. or so.
Check out Alexander Place near Brier Creek, Cornerstone and Camden Park near Hwy. 70 (about 15 min. to RDU).
Pinecrest Townes and Long Lake in North Raleigh are 3 levels w/garage and run about 1800 sq. ft. for the $170s and $180s. About 15 min. to RDU.
With interest rates so low, you are very close to the point where it makes more sense to look for a single family home in the $225,000 range once you factor in HOA fees if they are steep enough.
With interest rates so low, you are very close to the point where it makes more sense to look for a single family home in the $225,000 range once you factor in HOA fees if they are steep enough.
He already said he travels a lot and doesn't want the maintenance a house and yard entails.
With interest rates so low, you are very close to the point where it makes more sense to look for a single family home in the $225,000 range once you factor in HOA fees if they are steep enough.
Hi - as twingles pointed out as well, we don't want the hassles of a larger house and associated maintenance. A townhome would be great. I'm not very good at being a handyman and my wife doesn't want to deal with managing a larger house
One of main motivations is to save the rent $$$ I pay now and replace it with a small mortgage (we will put in a fairly big downpayment)
As a 4 time condo owner, I've found condos to be much more livable than most townhouses on a per s.f. basis. I say this because smaller townhouses tend to have tons of space eaten up with vertical circulation. Smaller 3 story townhouses tend to be the most challenging with their layers of tiny rooms connected by a comparitively huge amount of circulation. If you are set on a TH, I'd look for end-unit one story homes. However, those tend to be more expensive than the small floor plate multi-floor units.
My very first property was an entry level condo off Duraleigh Rd. It was inexpensive, had a good layout and a great location. Despite the discouragement of others, that first condo put me on solid ground for my next purchase (another condo). I sold that first one for a nice profit to the first person that looked at it....and I sold it by owner.
If you do buy a condo/TH on the lower price scale in the Triangle, I'd emphasize location over size and pay particular attention to how well the association is run and the general overall quality of the neighborhood. Avoid having the largest unit in the neighborhood and try to find the most open and livable plan. What distracts you as a buyer will surely distract the next buyer. In your price range, you are not going to have to compare stick built vs. concrete and steel.....they'll all be stick built. Pay attention to exterior materials like siding, quality of windows and ask questions about issues that others in the community may be experiencing.
Good luck!
He already said he travels a lot and doesn't want the maintenance a house and yard entails.
Just to be clear, this is exactly what he said :As there are some uncertainties (not sure how long I will be in my current job / even in this country) I don't want to carry the burden of an expensive mortgage. Besides, as a small family (wife + 1 daughter) we also do not want a large house that is difficult to maintain as I travel quite a bit. If I'm here for the long haul then in a few years time we will upsize
I never said anything about buying a large house or one that is difficult to maintain. I was simply suggesting that for someone who may be leaving the area or wanting to upsize in a few years, a SF home ( plenty of those under 1800sf) is generally considered a better investment from both an appreciation and resale standpoint. The cost of a slightly higher tax deductible mortgage can sometimes be recouped by excluding an HOA fee. There are lots of people who own homes who aren't "handymen", including me.
Townhomes still have yards, although smaller, and plenty of potential maintenance issues as well.
It's nice not hearing the water running down the wall when your neighbor flushes their toilet or hear them at all for that matter.
It is certainly the OP's choice, I was just pointing something out but I am glad you chimed in.
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