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Help with Townhouses

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antimony

antimony

M.N.F. Beer Wench
Nov 21, 2005
1,019
2
North Carolina
Ok, so I was wondering if anyone here in the bunch owns a townhome? I am kicking around the idea of buying one, potentially this summer. I really would like a house, but BV doesn't think it's a good idea financially with one or both of us in school in the near future. I have absolutely had it with apartment living in general, as well as with throwing money down the ****hole renting. I would like to build some equity and have a chance to have something to show for the $ I am spending each month.

Advice, thoughts, suggestions... any constructive comments would be appreciated. Thanks! :)
 
douglas

douglas

Chocolate Milk Doug
May 15, 2002
9,887
6
Shut up and Ride
townhouse prices are pretty high now, and if you listen to 90% of the peeps on this board, they forcast a market crash (I dont agree w/them)

if you dont mind doing some upkeep I'd go with a small house over a townhouse
 
corey_rideDC

corey_rideDC

Turbo Monkey
Sep 1, 2004
1,368
0
DCmetro
where in NC are you? i'm potentially buying a house in the apex/cary area soon. seems like you can get a pretty large TH for your money down there.

up here in DC, townhouses are easier to resell and hold their value a little longer than single family homes. it's a very transient culture up here and most folks don't plan on staying forever. and with SFH's starting in the 600-700k area, townhomes are many folks only option.
 
antimony

antimony

M.N.F. Beer Wench
Nov 21, 2005
1,019
2
North Carolina
corey_dcstreet said:
where in NC are you? i'm potentially buying a house in the apex/cary area soon. seems like you can get a pretty large TH for your money down there.
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I'm in Greenville. The townhouses around here aren't much different in price, probably average about 70k, from what I've seen, compared to low 100k for a small home. I'm ok with buying a small home, but BV is really uncomfortable with the idea.

And I agree...anything is better than renting! The word stresses me out just to hear.
 
binary visions

binary visions

The voice of reason
Jun 13, 2002
22,165
1,261
NC
douglas said:
if you dont mind doing some upkeep I'd go with a small house over a townhouse
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The issue is right now that I'm going back to school full time, and Jenn is planning on going to either med school or grad school. That's not going to leave time or money left over to be upkeeping a house.

I realize that a house is a better long term investment, but I'm really hesitant to enter into such a financially uncertain time and consider buying something that is going to cost me more every month and not be necessarily stable. I mean, if I have a plumbing problem now, I call a guy, he shows up sometime during the day while I'm at work, and fixes it. Free. If the 'fridge quits on me, they fix it or replace it - free.

Right now all I can see is the net income at the end of the month - and it ain't gonna be a whole lot for a while. We can get a new-ish townhouse for the same or less than we pay for rent now, which leaves more wiggle room for things like that - not to mention having a little of the hassle alleviated in that they take care of the exterior and the grounds. A new-ish single family home is going to cost us more: $70k vs. $120k.
 
douglas

douglas

Chocolate Milk Doug
May 15, 2002
9,887
6
Shut up and Ride
binary visions said:
The issue is right now that I'm going back to school full time, and Jenn is planning on going to either med school or grad school. That's not going to leave time or money left over to be upkeeping a house.

I realize that a house is a better long term investment, but I'm really hesitant to enter into such a financially uncertain time and consider buying something that is going to cost me more every month and not be necessarily stable. I mean, if I have a plumbing problem now, I call a guy, he shows up sometime during the day while I'm at work, and fixes it. Free. If the 'fridge quits on me, they fix it or replace it - free.

Right now all I can see is the net income at the end of the month - and it ain't gonna be a whole lot for a while. We can get a new-ish townhouse for the same or less than we pay for rent now, which leaves more wiggle room for things like that - not to mention having a little of the hassle alleviated in that they take care of the exterior and the grounds. A new-ish single family home is going to cost us more: $70k vs. $120k.
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wow, $70k is damn cheap! I say go for it!

around me TH's = $180K
small house = $150K

plus a few years back the TH's were less or about the same as the small house
 
N8 v2.0

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,003
149
The Cleft of Venus
Own a townhouse! They are a great way to ease into the home ownership realm.

I bought a nice townhome in Oxnard, CA back in the mid 80's for $64k and I sold it a couple years later for $120k...... god only knows what it's worth toay!
 
antimony

antimony

M.N.F. Beer Wench
Nov 21, 2005
1,019
2
North Carolina
N8 said:
Own a townhouse! They are a great way to ease into the home ownership realm.

I bought a nice townhome in Oxnard, CA back in the mid 80's for $64k and I sold it a couple years later for $120k...... god only knows what it's worth toay!
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So, if we did buy this and live there for 4-5ish years, we could actually make $ in the end? Sorry, probably a stupid question, I just know relatively little about TH's. :D
 
splat

splat

Nam I am
Apr 27, 2002
14,763
345
Well Maybe Windows is Bearable ! Unix Rules !
antimony said:
So, if we did buy this and live there for 4-5ish years, we could actually make $ in the end? Sorry, probably a stupid question, I just know relatively little about TH's. :D
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you should be able too. there is another option too. How much does Rent run down there ? 4 -5 years if teh market has not grown much or gone sour , you can rent it out.
 
douglas

douglas

Chocolate Milk Doug
May 15, 2002
9,887
6
Shut up and Ride
antimony said:
So, if we did buy this and live there for 4-5ish years, we could actually make $ in the end? Sorry, probably a stupid question, I just know relatively little about TH's. :D
Click to expand...

more than likely, it all depends on the market

note:the 1st few years of mortgage payments - most of the money goes to interest, not much to principal - always a good idea to send in a few extra dollars every month
 
antimony

antimony

M.N.F. Beer Wench
Nov 21, 2005
1,019
2
North Carolina
SkaredShtles said:
If you're "settling down" then I would agree a purchase is a good idea. Renting is actually not a terrible thing if you don't see yourself "settled." :D
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Settling, like in the area? I plan on being in the area for ~4 years, at least until I am done with school, then probably moving to the RTP area.
 
SkaredShtles

SkaredShtles

Michael Bolton
Sep 21, 2003
67,829
14,168
In a van.... down by the river
antimony said:
Settling, like in the area? I plan on being in the area for ~4 years, at least until I am done with school, then probably moving to the RTP area.
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Settling as in "I'll not likely quit my job, take a summer off, and travel Europe" kind of way.

Aren't you kind of young to settle? :)
 
antimony

antimony

M.N.F. Beer Wench
Nov 21, 2005
1,019
2
North Carolina
SkaredShtles said:
Settling as in "I'll not likely quit my job, take a summer off, and travel Europe" kind of way.

Aren't you kind of young to settle? :)
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I guess I don't see the difference between renting/owning in this case. Either way if I take off and go to Europe I will be neglecting bills of the same price. :think:

Too young to settle? Maybe, but since I plan on having zero children, I will have lots of time for seeing everything I want to see. :D
 
gastro

gastro

Monkey
May 16, 2004
500
2
Down by law and I know my way around
binary visions said:
The issue is right now that I'm going back to school full time, and Jenn is planning on going to either med school or grad school. That's not going to leave time or money left over to be upkeeping a house.
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You will pay for upkeep with a townhome also - that's what your homeowner's association dues will be for.
 
corey_rideDC

corey_rideDC

Turbo Monkey
Sep 1, 2004
1,368
0
DCmetro
i drop $80/month on HOA dues, and i still have to mow my own grass and take care of the exterior stuff. :(

you can typically buy a townhome and have a mortgage that is similar to your rent. and you get to write off a big chunk each year. we went the FHA route, only had to put 2% down. and even with our mortgage insurance every month, we're still only a few hundred bux more than our old 2 bedroom apt.
 
SkaredShtles

SkaredShtles

Michael Bolton
Sep 21, 2003
67,829
14,168
In a van.... down by the river
antimony said:
I guess I don't see the difference between renting/owning in this case. Either way if I take off and go to Europe I will be neglecting bills of the same price. :think:
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Ummm....... no - you put your $hit in storage and don't have rent. :)

Too young to settle? Maybe, but since I plan on having zero children, I will having lots of time for seeing everything I want to see. :D
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I'm just saying that rent is a lot easier to take casually than owning *any* sort of housing. There can be value in that.

Oh - and see things when you're young. You can walk further faster when you're young. ;)
 
M

mr2monster

Chimp
Jul 23, 2005
66
0
A townhome is a nice mix between a house and a condo... You will still likely hear your neighbors though unless you manage to find some that are completely detached.

I have no clue what the market looks like in your area, but if it's anything like mine, you can probably get a comparable sized house for the same price. The purchase price will be more, but you will save on things like HOA and other crap fees they hit you with.

Almost always, owning beats renting... Unless you're town is really inflated in pricing and teh appreciation is going no where.
 
laura

laura

DH_Laura
Jul 16, 2002
6,259
15
Glitter Gulch
binary visions said:
The issue is right now that I'm going back to school full time, and Jenn is planning on going to either med school or grad school. That's not going to leave time or money left over to be upkeeping a house.

I realize that a house is a better long term investment, but I'm really hesitant to enter into such a financially uncertain time and consider buying something that is going to cost me more every month and not be necessarily stable. I mean, if I have a plumbing problem now, I call a guy, he shows up sometime during the day while I'm at work, and fixes it. Free. If the 'fridge quits on me, they fix it or replace it - free.

Right now all I can see is the net income at the end of the month - and it ain't gonna be a whole lot for a while. We can get a new-ish townhouse for the same or less than we pay for rent now, which leaves more wiggle room for things like that - not to mention having a little of the hassle alleviated in that they take care of the exterior and the grounds. A new-ish single family home is going to cost us more: $70k vs. $120k.
Click to expand...

this is what kept us from buying a home. me in school, the financial stress would have been too much. and we want to move as soon as possible. didn't want to be tied down to anything. of course, where we wanted to live, the cheapest homes were around 150,000 and those are fixer uppers. full time school and no money= no fixing up.
 
hooples3

hooples3

Fuggetaboutit!
Mar 14, 2005
5,245
0
Brooklyn
depending on your financial situation a town house can be very good.. just make sure the mantainance fee is resobale.. in NY they can be as high as $600 / month. the main point of getting a town house is buying it living there instead of paying rent , and then flipping it over and making some money on it in 5 yrs or so..
I sold mine at a great time and used the profit to put a down payment on my house
 
Jeremy R

Jeremy R

<b>x</b>
Nov 15, 2001
9,701
1,056
behind you with a snap pop
People that rent the houses in my neighborhood pay way more for rent than what our house payment is, and we have a 15 year mortgage. We did refinance to get this when the rates were really low but still.
Half of my current neighborbood residents actually go to a nearby backcracker school, the smart ones buy the houses, and then sell them when they graduate for a profit.
And BV your fear of paying out for plumbing or repairing a fridge is a valid one, but in my experience that is not something that has EVER been a factor. Unless you are just unlucky, those things should not really pose a monetary problem. Fridges are quite hardy these days.:)
In the area you live in, it just makes sense to buy a small home or a townhouse.
I will tell you what, my house is going on the market this month,
you move down here, buy my house, and that way I can come out and physically make you ride. I will be like Harvey on Celebrity Fit Club. :)
 
M

mr2monster

Chimp
Jul 23, 2005
66
0
I Are Baboon said:
That website is cool. It says our house is $50k more than when we bought it 1.5 years ago. :think: I knew getting that cental air installed would help. :D
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That's believable... Mine went up almost 150K in 2 years but is starting to drop off a little because the Phoenix market is "stabalizing"
 
L

Lex

Monkey
Dec 6, 2001
594
0
Massachusetts
SkaredShtles said:
Yep. In our case it seems to be fairly accurate. Others have reported it is wildly inaccurate. Seems to depend on location.
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Mine was quite inaccurate unless there has been a real estate crash that I'm not aware of. Either that or they are going by the value of the house prior to the contractor renovating it. Based on the value they give that doesn't seem likely either.
 
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