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by jhunterp on September 8th, 2006

jhunterp

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If you had a choice between buying a single family home, townhouse, or condominium, which would you buy and why?

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Answers. 8 helpful answers below.

  • by Persky Bunkermeister on September 8th, 2006

    Persky Bunkermeister

    I would buy a condominium because it's the least amount of work in terms of home maintenance. For that benefit, I pay almost as much in monthly "maintenance fees" as I pay in real estate taxes.

    The problem with condominiums is that the management is only as good as the management council, so it is important to read minutes of past management council meetings to get an idea of the people that manage the building, and the problems the building faces.

    I would only buy into a new construction if I felt it was worth the five year effort that it will be to get the developer to complete the job, and deal with all the new construction problems. That issue probably applies to townhouses and new homes as well, however, I think there's a higher degree of owner apathy in condominium buildings.

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  • by cbeach5 on September 16th, 2006

    cbeach5

    Real Estate Taxes would be the same for the same value home regardless if its a condo or a single family home.
    Home owners isurance is less in a condo because you pay for the buildings in your home owners association fees.

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  • by cbeach5 on September 16th, 2006

    cbeach5

    Depends on area, Most everyone can buy a single family home Ranchs are the most disireable and best seller, whether your young or old you can use a ranch. Don't limit your market to a smaller class of people, a single family ranch everyone can use.
    Condo fees have to be considered too in your mortgage payment, so if you are approved for say $1000. a month you have to deduct that condo fee from that for your condo approval.
    Condos have a limited market and are good in resort areas, retirement areas, but a Single Family Ranch home is your best seller.

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  • by Sarita1 Goes Bollywood on September 12th, 2006

    Sarita1 Goes Bollywood

    I would get a one family home. I love the privacy - not having someone over me or under me. Also feels like you have your own little piece of earth!

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  • by Scott D - ex-QnA on October 26th, 2008

    Scott D - ex-QnA

    Unless you are prepared to wait a year or longer to sell your condo, and possibly take a significant loss even then, I would NEVER buy a condo. They are the first prices to collapse and the last to rebound.

    Townhomes are somewhat butter and do hold value even in declining markets. I just sold a 1980-built 3BR/2BA/2-car ~1650 FSF townhome on a lake in suburban Minneapolis. The price was $145K.

    There are some great values in recently built (even new construction) townhomes right now. I sold a 2005-built foreclosed 3BD/3BA/2-car ~1750 FSF (near Medtronic and Cummings headquarters) for $140K.

    I have lived in a townhome for 17 years of my adult life. I love them. No exterior maintenance, lawn care, or snow removal! You may even have "detached townhomes" in your area -- no common walls.

    Single family homes (including 2-4 unit) are the most stable and easily resold. They will cost more than a townhome, due in large part to the cost of the additional land -- no monthly association fee (in most cases). Again, there are MANY great values in foreclosed properties and short sales. Prices will range slightly higher than townhomes, but if you want premium quality materials, expect to pay two or three times as much per square foot.

    Find a Realtor in your area and tell them your wants and needs. They can assist you in every step of your purchase decision.

    Good luck.

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  • by Sweet T on October 26th, 2008

    Sweet T

    Single family home, so my neighbors arent on the other side of the wall.

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  • by mttdal on October 26th, 2008

    mttdal

    I would do a duplex, 4 plex, something along those lines, Duplex's even qualify for FHA borrowers, as long as they occupy one side.

    Good luck

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  • by kat on April 5th, 2009

    kat

    A nice house in the country down a side road,with a huge yard,where you could have a garden.Inground pool a plus!!

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