Good luck in your search.
I own a home in the 91915 zip code and I know the schools there because my kids go to Eastlake High/elementary.
Depends on your time horizon of staying in the house. Typically all the 91915 homes, condos and townhomes have HOA's and melloroos. which can last up to 25 years. Also, do you have a family? will you need a large backyard or do you prefer no back yard. The HOAs typically in townhomes can be more then the SFR detached homes...for example in Eastlake area I have seen the HOA's go up to 127/ monthly and the townhomes I have seen go to almost 200/monthly. Also what type of financing are you getting into FHA /VA?? if its Fha/VA many of the newer townhomes will NOT accept FHA/VA financing...because many of them were built in 2004 and 2005 and at the time conventional loans were "king"
Here is my recommendation:
If you can afford the increased price of an SFR go with the SFR why? because you will have more oppotunities with finding homes because if you are using FHA/VA financing..typically all will accept that.
But if you have 10% down "conventional" financing the choice if yours...just take your pick because you wont be restricted..on any home.
I do know how to get good people into homes:)
Call me for more info:
Vincent Villafranca, REALTOR, ABR, CDPE
619 972 8798
Eastlake/ Otay Ranch homeowner
Because, if real estate going to go down more, you would have great chance to buy more and move up, and if it still go down, you can keep getting great deal. And when real estate soft, rental will be hot, so you can get very good rent, and your rent will be kept increasing, so your cash flow will increase.
Also, every time and each time you buy, you are "owner occupied", so the bank will give you better rate, and fewer point ...etc. but you have to buy Bigger one to move up.
Within 10 years, the real estate price is for sure to at least DOUBLED, and at that time, when everyone rush to buy real estate, you can sell your 1br, 2br and 3br and 4br and living in a big 5br house load up with huge equity.
Why real estate price always appreciated in the long run? no one pointed out one thing; that is Property Tax the local government charge, another cost is "marketing cost" when real estate change hands such as commission ...etc. Upgrade is another one. Now you also got yet another one the US Dollar depreciated. So, you are almost guaranteed to win with the above real estate strategy.
If you jump on to buy a huge single family house that you do not need, that's the end of it. You will find yourself have many rooms NEVER visit, and you would be paying lots more mortgage for space you do not need, and if the real estate do finally double in 10 years, before that happen, you feel very bad. So,don't jump! Buy wise!
If you can afford to purchase a home over a condo it is usually the better investment. My opinion is that you would need to prioritize what you want in a new home or condo:
And so many more. I think you should take some time and figure out what is most important to you and your family. If you are ready to buy visit our web site at http://www.eHomeConnect.net and see whatâ€™s out there and for how much in the area youâ€™re looking for. If you need help seeing what you qualify up to for a loan amount send us an email and weâ€™ll get started right away.
Mike Lewis eHomeConnect Agent
It is an individual choice - congratulations on becoming a first time home buyer!
In most areas, SF homes are better value builders/holders, but that is not a blanket statement for all areas. Particularly, in areas where there are highrises, or land is at an extreme premium, condos become much stronger performers.
Add up your projected costs for total home ownership for both a condo and townhome and compare. Are you willing to invest in lawn equipment and do it yourself vs. having it done in a HOA?
Compare costs and lifestyle tradeoffs for both types of housing and determine which suits you better.
Additionally, how long do you plan on staying in the property? If you are looking to move up to a larger property quickly, choose a property now that has the greatest chance of turning quickly.
If you choose the route of the townhome, or any property that has an HOA, make sure and review their minuites of their meetings, CCR's and financials before locking into a contract. You can make your offer contigent upon inspection/approval of the documents.
Michael is right. Additionally, think in terms of your future. Where do you see yourself 5 year or 10 years from now? If you move up to a bigger and better house in the future, would you want to rent out or sell the current house? What would be easier in the location you are buying in? To sell or rent out? Also, there is issue of affordability. You might able to afford for "more" of a townhouse today than a single family house.
It's a lifestyle choice. Ask yourself if you like maintaining a yard? Do you have a dog or kids that would enjoy the yard? The resale on a single family home might be better. My first time home buyers that lean towards town houses do it because it's what they can afford or because it's easier to maintain.