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Purchase a condo in a fairly nice area (you can afford this, but would very much prefer a house)
Purchase a SFH in a not-so-nice area (because that is all you can afford, but you truly want a house. Crime will be somewhat high due to your budget and where it puts you - not meth central, but a neighborhood with moderate crime and theft).
Continue to rent while you are undecided (meanwhile, prices are going up in your area)
You are a single, older woman who lives alone with pets.
Get a condo in a nice area. You're older & single, so you won't have to worry about the maintenance.
Get a condo in a nice area. You're older & single, so you won't have to worry about the maintenance.
This is a no-brainer.
I wouldn't say it's a no-brainer - there are unknown assessments which can add up to thousands of dollars a year, plus the monthly maintenance fee which would be no less than $ 250.00 (3K a year). Plus pet restrictions (I have three pets). They can be noisy, many are rented out. Fees can go up at any time to any amount.
But it is certainly food for thought. It's not an easy decision, IMO.
there are unknown assessments which can add up to thousands of dollars a year, plus the monthly maintenance fee which would be no less than $ 250.00 (3K a year). Plus pet restrictions (I have three pets). They can be noisy, many are rented out.
Owning a house is even worse. Unknown issues will come up, you can still have noisy neighbors, and especially if you're living in a not-so-nice area, you're looking at trashy people who don't take care of their homes, therefore depreciation on your home, possible break-ins (which will cost you), threat to life and limb, etc.
Owning a house is even worse. Unknown issues will come up, you can still have noisy neighbors, and especially if you're living in a not-so-nice area, you're looking at trashy people who don't take care of their homes, therefore depreciation on your home, possible break-ins (which will cost you), threat to life and limb, etc.
True. Good points. It's not like I would be living in the best of neighborhoods.
True. Good points. It's not like I would be living in the best of neighborhoods.
So doubtful there is an HOA or tenets forcing your neighbors to keep up their homes. Lots of renters as well, and many could be Section 8.
At least in a condo, it has to be maintained, and if it's in a nice neighborhood, chances are your neighbors are higher class also. And usually, there's a pool! LOL
I would try to find a townhouse rather than a condo. You have more privacy and there is nobody above you. The ones near me have either a decent sized private courtyard or a lanai. HOA or maintenance fees can run anywhere from $125-$400 depending on a lot of factors. If you buy a single family house in an area with moderate crime and that area gets progressively worse you are now living in a house that will likely depreciate and might possibly be hard to sell when and if you want to sell it.
You said you are an older single woman; I am also and I would choose safety in a condo or townhome any day over a single family home. I'm renting a condo that is in a gated community and I feel safe here. I would not want to worry every night when I got into bed about somebody breaking in especially when your neighbors find out you are alone.
Make a list of pros and cons of living in the SFH in the moderate crime area versus living in a multi-family place in a good neighborhood. That should help make your choice easier.
One more thing to consider: a manufactured home in a nice community. You would have the privacy of a single family home without a lot of maintenance. Some have nice amenities but your pets might be an issue depending on how big they are. You mentioned you had three but three what? Pot bellied pigs, Great Danes, Chihuahuas, cats? :-)
So doubtful there is an HOA or tenets forcing your neighbors to keep up their homes. Lots of renters as well, and many could be Section 8.
At least in a condo, it has to be maintained, and if it's in a nice neighborhood, chances are your neighbors are higher class also. And usually, there's a pool! LOL
Neighbors not necessarily "higher class" due to high number of condos that are rented out, but agree with you on the house point.
One more thing to consider: a manufactured home in a nice community. You would have the privacy of a single family home without a lot of maintenance. Some have nice amenities but your pets might be an issue depending on how big they are. You mentioned you had three but three what? Pot bellied pigs, Great Danes, Chihuahuas, cats? :-)
Lol! Cats...99% of condos allow a "small pet", so I would have to get something in writing that they would allow three cats.
A townhome would be good. There are not nearly as many to choose from though, as there are condos.
Condo. The effort and money for upkeep is very discouraging.
I've lived in Memphis so I highly discourage the sketchy area unless you keep a couple of large dogs and a handgun. All jest aside, that's no way to live even though I was there MANY (too many) years.
But if you haven't found what you really want then I guess waiting is the smart thing.
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