Home Buying in Newbury Park>Question Details

Juliet, Home Buyer in Newbury Park, CA

Is it better to buy a brand new townhome vs an older SFH?

Asked by Juliet, Newbury Park, CA Wed Jul 22, 2009

We are trying to decide on whether or not to buy a new townhome because all that we can afford in the same price range are small fixer upper SFH's. We live in Ventura Co, CA

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Joyce Zangmeister’s answer
Juliet,

You are faced with a question that so many homebuyers are asking. For the sake of discussion, I am going to assume that you are a first time buyer and relatively newly married. With this criteria, I truly believe you would be better served by purchasing a single family home. If you think in terms of long term, a single family home will be the better investment for you and your family.

The American Dream is for a single family home. A place that you can call your own and do with it what you want not what a HOA board tells what to do or not to do. The HOA fees in a townhome generally go one direction and that is up.

A brand new townhome is only new once. When the real estate market begins to fall in value, condos are the first to fall and the last to come back in price.

Who doesn't want to have a barbeque in their own backyard?

Check out our listing in Newbury Park at 3256 Frankie Drive priced at $415,000. Sounds like something you might really like!
Web Reference: http://www.805Local.com
0 votes Thank Flag Link Sat Jul 25, 2009
Hi Juliet,
Depending on your needs and wants , the answer may vary. If you are looking for something brand new, with new appliances, carpets and ammenities then the new townhouse, condo, direction may seem good. Unfortunately the $10,000 State incentive to buy new has already been used up. These typically have HOA associtions with rules and fees as well. If you don't mind doing a little work, a single family residence can give you much more for your money. SFD also seem to appreciate faster. If your own property, gardening, landscaping and privacy is more important, then a single family residence is the way to go. If you would like some assistance in your search, we have an office locally and could help you find your dream home. Good Luck. find us at http://www.century21adobe.com email me at michael.schaller@century21.com
Web Reference: http://www.c21adobe.com
0 votes Thank Flag Link Thu Jul 23, 2009
Juliet,

This largely depends on your personal needs and what you can afford. Townhomes typically do not provide you with private space you would find with a single family home. Additionally, townhomes can have a HOA fees associated with them that can increase your monthly costs.

Are you working with a real estate professional? If not, your process could be made much easier and probably more successful with their support.

Best wishes
0 votes Thank Flag Link Thu Jul 23, 2009
Great question Juliet,
Well generally speaking a SFR will appreciate faster then a Townhome or Condo. If you are willing to invest some "sweat Equity" you can have a very nice property. Just remember to buy, in the very best neighborhood you can afford
Shouldn't be hard, in Newbury Park, it's a lovely area.
0 votes Thank Flag Link Wed Jul 22, 2009
Hi Juliet,

This is an excellent question and Ted has brought to light several considerations. In the event you can do and are willing to do the improvements over time, a SFR would hold it's value and appreciate more than a newer townhome. The biggest risk, as I see it, with a townhome is the HOA-related "gotchas" -- Gotta pay for a new assessment, gotta pay for litigation of a pending lawsuit, gotta pay for increased HOA dues over time.

Townhomes offer the conveniences (pool, gardener, trash, clubhouse, etc.) while a house offers a better long-term investment.
0 votes Thank Flag Link Wed Jul 22, 2009
Juliet,

If there is any of the State money left over and you are a first time home buyer, then you can get up to $10k from the state on the new home purchase and up to $8k from the feds in tax credits. You can do quite a bit with that much money and if it is for a new home then, you can spend it on decorating and not renovation.

I am on my third purchase-live-in-renovation and you need to know what you are getting into before getting wrapped up in project house.

If it was for me and I did not have the construction and home improvement background I have, I'd look really hard at a new home purchase over a used home.
Web Reference: http://www.homebuysblog.com
0 votes Thank Flag Link Wed Jul 22, 2009
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