Jen Bowman, Broker Associate
In any case, dollar for dollar, you'll likely find newer townhomes than homes in the entry level budget range. You can search freely at my website http://www.feenick.com - I encoruage you to visit!
Search and connect at http://www.feenick.com
In terms of upgrades or home repairs in older single family homes: there are FHA loan programs that can add in a renovation loan to your monthly mortgage payment to allow you to do some initial projects. Things like flooring, painting and maybe updating a kitchen or bathroom can be budgeted into the mortgage. This works well with short sales or foreclosure properties that are being sold as. You typically can find some homes in a lower price range due to these cosmetic repairs needed (so it's another option).
I recommend teaming up with a Realtor and having them show you what's currently available in your desired area in a given price range. From there, visit a few townhomes and any single families - you'd be surprised what you can get! For more information, feel free to contact me directly!
ERA Statewide Realty
Good luck to you!
First I want to say that it is a great time to buy in today's market. If you are renting and can purchase right now you are thinking along the right track. Each option has it's pros and cons. It really all depends on what is more important to you. Alot of first time buyers buy TH or condos because of the reasons you have stated - budget. You need to decide how long you plan on staying in that home and whether it will suit your needs down the line. (For example - space, growing family, etc.) Some of the pros for TH option... less upkeep, price, sometimes community positives... some cons... no yard, rules on what you can and can't do outside (planting flowers, painting, bbq's), close neighbors and can be noisy. I am not sure it has been mentioned but you also want to make sure that if you are moving into a TH you check to see if there is an association fee per month/per year. You didn't state where you were purchasing but I will suggest that you honestly go with your "gut" and don't "settle" because you don't think you can get a single family home. Right now in this market things pop up all the time and you honestly can take your time to find what you want and are a great plus to a seller since you don't have a home to sell.
If I can help you with anything else, please feel free to email or call me anytime. I wish you and your wife the best of luck!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172
You should speak to a financial advisor and figure out the amount which you are comfortable spending on a home. Your next step is to decide the towns that you are interested in and which work best for your commute. After you've done this, find yourself an agent that you like and who is professional. Go and see all the properties in your price range - regardless of whether they are a townhome or single family home. Remember that you will have additional home owner association costs with a townhouse. Once you have seen specific properties and been able to put together specific numbers, it should become clearer to you which way you want to proceed.
Few suggestions hope that assist you.