Townhouse vs. detached? We're working with about $300k trying to decide between a new construction
townhome we could get into right away (and claim the $8k tax credit) vs. potentially months chasing down a resale SFR in the same price range. The area is Otay Ranch/Eastlake. We'd be using an FHA loan so I understand we would not be very competitive in offering for REOs. We're looking for a home, more than an investment, but are still anxious about the appreciation potential of a townhome in Otay Ranch so we could move up in about 5 years. Any thoughts?
I think new home construction is a good idea. Make sure you look into the 10k tax credit for new home purchases in CA - ask your agent. The only thing I would suggest is looking at what the exact Mello-Roos is for the new construction. If you're looking in Otay Ranch and it's brand new it can be quite high. I like the idea of buying new in this REO and short sale market. I live in Otay Ranch and I like it.
Dawn Lewis
http://www.dawnsellssandiego.com
Townhome - Please!
Unless you are handy around the house, your first home should be a condominium. Build up some equity and take on small projects (hang a ceiling fan, replace a toilet, etc.).
After presenting the home inspection results, I have seen far too many "deer in the headlights" looks from first-time home buyers.
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