Buy a new home question???

[Brendita]

I just went through a divorce.
We sold our house.
50%/50% split on the sale.
So my question is.
I want to buy something but what.
I don't want a yard to mess with.
I work hard Mon-Fri so I like to relax on the week-ends.
Not do yard work.
I'm thinking of maybe a condo or a townhouse.
Everyone keeps telling me to just save my money.
That condos & townhouses go down in price not up.
I'm almost 50 & would like to have a place to retire in a few years.
I would like some honest answers.
Thanks

 

[ducklite]

I paid $120K for my townhome in 1996 and sold it for $314K in 2006. So, that takes care of that argument.

More importantly you need to buy at a realistic price, not at the peak fo the market. If I were you I might cool my jets a bit, the market is on a downward trend, and you will likely be able to pick up a good deal in 3-12 months.

In your case I would probably be looking at a townhome--that way you'll have a yard and no "upstairs" neighbors. Townhome is actually a description of a building style as opposed to a legal entity.

Townhomes can be PUD's (fee simple--you own it inside and out) or condo where you own the interior walls. Neither is better than the other, it all depends on how the master plan is written, what the bylaws and rules and regularions are. Find a place you are happy with.

Anne

 

[poohandwendy]

I paid $120K for my townhome in 1996 and sold it for $314K in 2006. So, that takes care of that argument.

More importantly you need to buy at a realistic price, not at the peak fo the market. If I were you I might cool my jets a bit, the market is on a downward trend, and you will likely be able to pick up a good deal in 3-12 months.

In your case I would probably be looking at a townhome--that way you'll have a yard and no "upstairs" neighbors. Townhome is actually a description of a building style as opposed to a legal entity.

Townhomes can be PUD's (fee simple--you own it inside and out) or condo where you own the interior walls. Neither is better than the other, it all depends on how the master plan is written, what the bylaws and rules and regularions are. Find a place you are happy with.

Anne

Good advice, IMO. My mother has a townhouse and it has also increased substantially in value, I am sure that depends on the local market. She loves it for the same reasons Anne mentions.

Good luck with your decision.

 

[golfgal]

A lot would depend on where you buy the townhouse too. In our town, townhouses don't sell but we are mostly a 'family' town and not a lot of single people. If you are near a metro area that is handy for commuters, townhouses are probably hot properties. In your situation I would buy a townhouse in the right area.

 

[Dan Murphy]

I do think housing market, as mentioned above, will be less costly towards the end of the year, more months of a post hot market cooldown, as well as not the hot spring/summer selling season. Late fall, winter may be less costly than now.

 

[The Mystery Machine]

Buy a condo in a "community". Do some homework, get a good buyers agent to find the trends for your area.
Certainly you are "condo" material with what your needs are.

 

[barkley]

here's another option you may not have considered-save the money and consider (at retirement) looking at retirement complexes. we have several in our area that are as beautiful as any condo or townhouse. they have the same ammenities as a standard apartment but also have a lovely dining room (i've eaten at one that was as nice as any area restaurant and offered a very nice menu) that you can utilize if you don't wish to cook. they also provide all utilities in the cost of rental. an tremendous advantage is if you like to travel you don't have to worry about leaving your home unoccupied-on site security is excellent.

the ones i find appealing offer month to month tenancy (no lease so if it's not for you just up and move), optional housekeeping services, free transportation/pick-up & delivery services to area doctors, malls, outlet stores, popular public events (like weekly farmer's market, evening outdoor concert series) and the like.

as more retirees are more active these complexes more closely resemble resorts and timeshare destinations-not at all a place you would associate with "being old ".

most offer tours that can give you a great idea of what the place has to offer.

 

[Brendita]

All sounds like good advise.
I plan on doing a cross country move.
I won't being buying for @ least a few more months.
I would like to stay in a apartment for a while.
Till I get a feel for the area.
Also I'm sure it's where I want to stay.

Thank you all for your help.

 

[Disney Doll]

My DH is a realtor and he always says that if you are doing a move to a different area, it is best to rent for a while till you get to know your area and get a "feel" for where you want to live. He recommends people drive around. If you find a neighborhood you like, drive a few blocks in every direction to make sure you're not on the edge of a less-than-desirable area...in our area, you can be in a beautiful neighborhood and in 3 blocks, be in a housing project that would scare the bejesus out of you.

Once you get to your new area, rent an apartment for a bit, get to know your area, then probably a townhome would be the way to go, since you don't want yardwork, and wouldn't have anyone living above you.