Hi Vids,
By far, single family homes are a great choice if you want more privacy and a place to feel home. You still have to maintain your lawn and property, shovel snow, etc. but you won't have the common area maintenence fees every month that most townhomes and condo's have as mandatory. These fees usually go up, I have not seen too many actually decrease. You decide when and what to fix and you can budget your maintenance, repairs, and remodeling to your taste both outside and inside the house. I always say, get your foot in the door, and then remodel one room a year until your whole house is done. You will have a great place to live and increase the value of your home at the same time.

There are times when you want to live in a townhome or condo vs. a single family home. You don't have the time or capabiltiy to maintain your property, you want to be part of the "community" and enjoy the amenities it has to offer, you enjoy being very close to a large number of neighbors or friends, etc.

Either way, remember the first time home buyers incentive of $8000 expires November 30, 2009. Feel free to visit my website below to get more information. Good luck and hope to hear from you soon.
TJ

Better.....

Should be determined by your needs and means. Our recommendation is to first consider your needs. Your family needs are important factors and time should be spent to develop an accurate awareness of them.

Secondly, you means or ability to afford your choice should influence your choice.

Our recommendation is to spend some time getting to know yourself and your needs prior to making this move. You may find your path to be much clearer.

All good answers. The only comment I can add is: I have worked with many first time home buyer clients that have started by looking for single family homes but have changed and then have purchased a condo/townhouse instead. If you are looking in a low price range, most single family homes will be small with lots of renovation needed in the kitchen and bath areas with small closets. With a condo/townhouse they will be larger in size with good size closet size, with newer kitchens and baths. If I can help you further please email me at carol.eisenstein@prudentialnewjersey.com

By "town home" do you mean condominium ownership? I ask because not all town homes are condos.

By "single family home" do you mean non-condo ownership? I ask because some single family homes ARE condos!

This is what I advise people. If you plan to live in the same place for a long time, a condo COULD be a good option for you. If you are intending it as a stepping stone, then be advised it would be a risky one! Condos sell best when they are new, so property values are iffy on condos once they're occupied. The best candidates for condos are older people who are retired and younger people who are very career focused and need a maintenance free home, so they can put their time elsewhere.

Essentially, condo buyers and house buyers are two very different customers. There is very little common ground for them and so it shouldn't be a fuzzy issue for you, once you know the difference and realize which you are.

On the other hand, some feel that condos make good investment properties. This is sometimes true, but should be approached with GREAT care. At first it looks tempting to think that you could have an easy rental property; someone else takes care of everything and you just collect the checks... right? Yes, maybe... in reality, most people don't take into consideration that by the time you pay your mortgage, the HOA fees, property tax and (sometimes) the management company... you can easily wind up PAYING out of your pocket for being a landlord, instead of making a profit. I know of a guy who thought he'd do well when he bought a condo for $200k in 2004 and rented it out for a bit more than his mortgage. His expenses are about $400 MORE per month than the rent and the property now has a market value of about $120k. I am very glad that I am not him! He has in store a few years of paying out of his pocket before he will be able to sell the property for what he owes on it; it's a very bad situation to be in. For him it would just short of a miracle if he ever makes any kind of profit. His situation is typical, so beware of this!

Dear Vids,

I love this question. My feeling is this. If you work all the time and would prefer to spend your free time not working on the exterior of your home then a Townhouse is perfect. If you love to be outside planting and mowing and possibly having a lot of family functions then a home may be the better way to go. I personally have had both. I would take a Townhome anyday, but my husband loves to do the outside work for him it is is somewhere where his mind is not on work. hope this helps

Single family homes are by far and away a better investment, I have seen some areas that due to fees and association issues, and assessments have been forcing sellers who need to sell, to discount drastically or pay a year of fees or more just to entertain a buyer. Single Family homes are best.

For more answers to your questions please see my website, http://www.exitrealtytoday.com