Skip to main content

Should I go for a SFH or townhome?

I have a townhouse that I’ve owned for 8 years (since 2014). I am looking to move closer to where my kids are, so although the market is tricky right now, I am a motivated seller/buyer.

My price range is around 400-500K. I am hoping to get a SFH , but I don’t really have enough money to get any new build SFHs or 2700+ SqFt SFHs (575K+ in my area).

My strategy is to try to get a SFH home that’s older and less SqFt. I am thinking something closer to 2000 SqFt and built before 2000. I am hoping for 4 BRs or 3BR with the ability to add or repurpose for another BR. Typically these older SFHs have bigger yards too (I have a few dogs). I have seen houses in this range in good shape go for around 450-475K, and that’s what I’m hoping to capitalize on. I am hoping the spring market brings more inventory that fits this mold because inventory is low and what I’m looking for is very specific.

My “Plan B” would be to get a townhouse in a slightly lower range. I am adamant about being patient for a SFH because I feel they are better long term investments and their value will hold and increase more likely over the years (even at these inflated prices) as opposed to a townhouse. Just with my specific requirements, I might have to wait a bit to find that house in the range i mentioned.

Does this strategy seem sound, or am I over exaggerating the disparity between a SFH and townhouse?

submitted by /u/Mikwelque
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/10kxklu/should_i_go_for_a_sfh_or_townhome/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more