Home Buying in 38104>Question Details

Dane, Home Buyer in Memphis, TN

While attending graduate school (up to 5 years), which is better to buy in Memphis and surrounding

Asked by Dane, Memphis, TN Thu May 22, 2008

areas, condo or single family house?

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Hi Dane,

Like Joe said earlier, it depends on your budget and your lifestyle. Also, another factor would be your family status (wife, children and even your animal situation). The market is so sweet for buyers right now that many students are snapping up great deals with fabulous seller incentives to boot! Depending on which school you will be attending will also help in your decision on what areas would work best. I have help many students with their investment - both in the purchase and sell. Let me know if I can be of any help to you with setting you up with listings of suitable matches for your needs. You are in the zone right now to make a handsome profit if you play your cards right!!

Take care,

Jo Shaner
Web Reference: http://www.lipseyshaner.com
0 votes Thank Flag Link Thu May 22, 2008
Dane - There are many reasons one may be choosing between a condo or single family home. When yo0u own a condo you own the space within the walls of your living quarters. Common areas such as hallways, roofs, parking lots, green areas and pools are shared. Some units may be designed more like townhomes with single or multiple levels and one or two common walls. Condos can be attractive to buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a single family detached home. One factor to consider is the association fee. These fees defray the cost of mainteenance, repairs and upgrades to the community's common areas. However, if yoiu would rather spend your free time doing something besides mowing the lawn, painting the outside of your home, then a condo may be for you. Other advantages of owning a condo are the amenities, such as pool, fitness center, tennis courts or clubhouse that you may otherwise not be able to afford.

Of course, as with all things, there are some disadvantages to owning a condominium, such as the lack of privacy that a single family detached home affords. You are also not confined to the rules of the community association.

Make an informed decisions by weighing the pros and cons. Feel free to contact us at http://www.JasonGaiaTeam.com for additional information or a market analysis of both condos and single family homes.
0 votes Thank Flag Link Thu May 22, 2008
Not knowing your price range or your neighborhoods of interest, I would say that as a general rule, single family homes are the best buy. While many students favor condos for ease of maintenance and enhanced security in some condo communities, single family homes tend to show the better long term appreciation, especially in the more stable and established neighborhoods. Most student and student families I work with prefer Midtown or the University of Memphis vicinity, with some preferring east Memphis (inside the I-240 loop) or Downtown Memphis. Please contact me for more information. I have worked with a number of students and speciaize in the geographic areas I described.
Web Reference: http://www.spake.com
0 votes Thank Flag Link Thu May 22, 2008
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