Home Buying in Rockford>Question Details

Lou, Home Buyer in Rockford, IL

is a condo or a townhouse a better starter home for a just married couple? plan on living in a two bedroom for three years.

Asked by Lou, Rockford, IL Sun Mar 4, 2012

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If you are buying in the Rockford market, I would NOT buy either one if you are only going to stay in it for three years! They are cheap, but the resale value, in my opinion, will not be enough in 3 years to recover your money and pay the closing costs. If you want to buy, rather than rent for three years, buy a smaller house, not a condo. It will not be as new as the condo or townhouse, but there are some great buys in good areas. And, if you fix it up and it's sharp, you'll make money in three years, even if the market doesn't improve much. If you would like ideas, give me a call and we can talk about it.
0 votes Thank Flag Link Mon Mar 5, 2012
Base on your situation, just married and plan to live only three years...

I would focus on your home after this by saving money in your first home. So buy condo instead since they are cheaper.

After three years, you may have more to consider: school district, furnitures and many other expenses. What's wrong if you just save the money to plan for your next dream home?

this is just my gut feeling about your best interest. I am happy to listen to you more. Feel free to contact me 708.668.6491
Web Reference: http://Kkyan.com
0 votes Thank Flag Link Sun Mar 4, 2012
Lou,

All the comments and advise below are right on the mark! And yes, a condo is a choice if you prefer a no maintenance lifestyle,but this is a lifestyle choice, not a solid choice for investing in your future. As a buyer's specialist, I can tell you that right now is absolutely the BEST time to buy your first home. Every day I see incredible deals, and the lowest interest rates in history! You may hear a lot of talk about the weak market, but this is an incredible market for first time home buyer! Please give me a call. We can work together to get you the right financing, and find you the absolute perfect first home, for less than you are paying in rent each month!

Your Friend in Real Estate,

Leslie Varisco
Keller Williams
(815) 218-0896
0 votes Thank Flag Link Sun Mar 4, 2012
GREAT QUESTION! I wish more buyers would ask this question before buying.

The simple answer is no. There are many fine reasons why condos might make sense (ease of living, lack of maintenance, having lawn care, safety of property while gone for long periods). As for a home and large investment, the answer is no. As a local realtor with a lot of experience, it is my supportable opinion that our area in the last 15 years overbuilt the condo market for the demand of this market. Since that time, condo appreciation has been very poor due to this oversupply. Its even worse in a short term (under 5 years). If you have a realtor telling you that it is a good investment, please consider speaking with other professionals in the area. I could provide you with any data or discuss your thoughts to help you make the best decision for your situation. Feel free to call me anytime.

Thanks.

Brad Shields
(815)543-SOLD (7653)
0 votes Thank Flag Link Sun Mar 4, 2012
Neither would be my best advice. A free standing single family home for many reasons would be your best bet!
0 votes Thank Flag Link Sun Mar 4, 2012
It really boils down to personal preferences, location, etc., where would you be happiest...
0 votes Thank Flag Link Sun Mar 4, 2012
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