Ann, Home Buyer in Philadelphia, PA

Is it better to purchase a home in the Bella Vista or a Condo in the Queen Village area? Which will be the better investment / better for resale?

Asked by Ann, Philadelphia, PA Thu Mar 18, 2010

I have a choice of purchasing a lovely 3 bedroom rehab in Bella Vista or a brand new fabulous condo in Queen Village. I need to think of resale value in 5-10 years. Doing the math the condo comes out cheaper per month b/c of the 10-yr. tax abatement. Is it better to purchase a condo in QV or buy a home in Bella V.?

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5
Robert A. Ma…, , Northeast Philadelphia, Philadelphia, PA
Mon Mar 29, 2010
Dear Ann-
To answer your question directly. Condos in general struggle with resale in any market especially in a buyers market. With very little exception, condo's are not a great "investment". Homes however usually enjoy more of a return on your investment. Again, as with everything, there are exceptions to this rule, but I would opt for the home.
Good Luck!
Robert A. Martini
REALTOR®, e-PRO®
Keller Williams Real Estate
Philadelphia PA
215.605.5497
Rob@PaDreamHouses.com
1 vote
Chris & Step…, Agent, Philadelphia, PA
Fri Mar 19, 2010
Ann,

The answer is: both are equally good investments. They will appreciate similarly based on the economy.

Some characteristics that make superior selling points for properties are: updated kitchen and baths, ease of parking, having more than one bath, having more than 1 bedroom, having sunlight, storage, having space, and of course location.

Common condo cons: smaller size, a condo fee, little storage, often no private outdoor space, rules
Common row home cons: maintenance, homeowner's insurance, retrofitting quirks/layout issues

Some condos are not FHA or VA qualified and resale can be difficult where regular row homes already meet the FHA and VA requirements.

Good luck. You have a win-win scenario in front of you from our perspective.
1 vote
Alan Mandel, Agent, Philadelphia, PA
Fri Mar 19, 2010
It depends on your needs now. Is the home larger than the condo? Both areas are prime locatfions and will go up in value in a period of 5-10 years. Thanks, Alan Mandel, Coldwell Banker Welker Real Estate, 267-243-5301
0 votes
Lorri Paster, Agent, Blue Bell, PA
Thu Mar 18, 2010
Hi Ann, I agree somewhat with Tim's answer. Besides what he said, there is never an absolute answer as to whether one neighborhood is a better investment over another. I can do the math on what the market did a year ago, six months ago and right now in order to establish a trend as to where the market is headed...however there are still never any promises as to what the future will bring. My honest opinion about what you should do is to choose the home you will truly be happier in, and you probably know the answer already. If you choose the better investment, will you regret not choosing the home thats calling your name? Something to think about. People are so caught up in thinking about a house as an investment and forget that home is also where you come home after work, raise a family ,entertain, etc., and that its still the American dream.
0 votes
Timothy Garr…, Agent, Philadelphia, PA
Thu Mar 18, 2010
Hi, Ann.

It really depends on your goals for the next 5-10 years. Do you want some maintenance or no maintenance? Do you want to live in an up-and-coming neighborhood, or do you want to live in one that's already been established? I actually live in a condo myself, and there are positives and negatives besides price/taxes.

The real questions you need answered will require more details in order for you to get the expert opinion you are seeking. If you are at all interested in discussing the details, I would not mind helping you out.

Please feel free to email me anytime to discuss it some more. I wish you lots of luck!

Best,
Tim
tgarrity@brownmckinney.com
0 votes
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