Thoughts on townhomes, is it better to get existing ones or purchase new construction?

[NORTY FLATZ]

In looking at the contract for purchase, I note item

2.2.1 (Water heater.)

Please note that the water heater is NOT included in the price of the unit. Plan on buying one, if you want hot water.

[BabyJuly]

Do not buy a townhome next door to children. The screaming in the yard, playing in front of your home, is quite annoying to a peaceful existence. That is what I am ongoing through now. My neighborhood was so quiet--then new people with 3 children moved in, and its like living next to a basketball court and playground in front of my home. Also attracts other children in the neighborhood to play in front of your home.

Buy a townhome with a large kitchen and full size deck off the kitchen. My garage townhome has a 2 main rooms on the second floor: A large LR/DR; and a large kitchen with 3 floor to ceiling windows with lots of room for a full size oblong table on one side that seats 8 and also has 8 foot island. The deck is like an extra summer room. This is better than a complete open layout for entertaining. People will congregate in the kitchen but having a second entertaining room allows you to shoo them in there. I have wall TVs in both rooms.

Get one with a garage, you won't be sorry for the extra storage space and protection for your car. Just make sure its big enough to hold a large SUV.

You want to change the plumbing fixtures and lighting--not expensive. Its the layout of rooms that is important. Floors--expensive roof/AC/Heating--expensive

Plus if you see contractor vans and business trucks lining the street and taking up street parking--run. Furniture and belongings dumped in the sidewalk because of foreclosures--run. Usually a sign of a neighborhood in decline

[RamenAddict]

Originally Posted by johngolf

Maria

Assuming there is a home owners association, an older development might be better if they have their finances (especially Reserve Money) in order rather then a newer development where the builder might be hiding a lot of charges. Older developments allow you to see how the development is looking/being operated whereas one does not know what will happen to the development if new, especially if not sold out.

That said my last two purchases were new builds but I bought in the last 25% and having bought into and understand associations before, I knew what to look for.

I agree. Usually when you pay the fees to the developer, they are much lower than they tend to be once the HOA takes over. It is not unusual to have really low fees of like $120-200 when the developer is taking care of the property and have it shoot up to $400+ after. There are a variety of reasons for this. The common grounds may not be complete if you start in a community in the beginning. If they haven’t completed the landscaping yet, you won’t need to pay for the upkeep or fees for water, etc. Depending on how big the community is and where you are, you may also end up having to pay fees for the bonds to develop the community. In Florida, this is known as a CDD, which is usually paid for a set term on top of the condo fees.