Single Family (old Home) vs Town Home (high HOA fees) in S. Jersey?

Asked by Razamahdi Rizvi, Cinnaminson Township, NJ Mon Apr 23, 2012

Hi -

We are interested in buying a decent 3B/2.5Bath Single Family home in a good school district. Possibly in Cherry Hill, NJ. Cinnaminson, Mt Laurel.

We are looking to buy something under 260K. Our options are TH (new, newer) or an older remodelled SF home (with basement).

Even though we have decent options for TH, we are concerned about the exhorbitant HOA fees and resale in about 6-8years.

The SF homes we saw so far are very old 30 and our concern is that we might end up paying too much on the maintenance.

My question is - What are the experts out there saying about TH vs SF if we plan on reselling them after about 8 year to move up. Even the property taxes are quite high in some areas...

Thanks for your time & inputs.

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Answers

7
Razamahdi Ri…, Home Buyer, Cinnaminson Township, NJ
Sun May 6, 2012
Thank you all for your valuable inputs... We are trying to put this together.

I do appreciate your help.

-Raza.
0 votes
Researching as you are doing is the right way to go as you 'put this together.'
I didn't hear if you are considering condos but if you are you should be aware that each development has to be approved for financing - and some can't be for various reasons. Examples: Too high a proportion of owners are late with dues, to high a proportion of units are rentals, and more.

It's hard not to want your business since you sound like my kind of client (researchers) but whether or not I get it you are still welcome to call for information - I may be able to help you fit the pieces together.

Paul Howard, Broker/owner
NJHomeBuyer.com Realty -an exclusive buyers office.
856-488-8444
Flag Sun May 6, 2012
Hal Stark, , Perdido Beach, AL
Tue Apr 24, 2012
The bottom line to your quetsion seems to be resale value!
A responsible Realtor can give you detailed historic facts about the resale values in your areas of interest. This will enable you to make an educated assumption, without guessing.
0 votes
Hal Stark, , Perdido Beach, AL
Tue Apr 24, 2012
A responsible Realtor can give you detailed historic facts about the resale values in your areas of interest. This will enable you to make an educated assumption, without guessing.
0 votes
Paul Howard, Agent, Cherry Hill, NJ
Mon Apr 23, 2012
I have to wonder if you are referring to condo fees when I read "exhorbitant HOA fees". Do you really mean high condo fees?
It is true some town homes are condos but many are not and for many of those there is no HOA. When there is an HOA fee I don't see it being more that a few hundred dollars a year. Condo fees on the other hand can run several thousand dollars a year.

It sounds like you would prefer a single if there were not a concern about maintenance. The solution to that is to look for one that is updated already and then get a good inspection to be sure. Many homes that are 30 years old have been updated with new kitchens, baths, windows - even new furnace and roof.

Have a good talk with your agent. Hopefully that person knows something about houses other than 'selling'.
If you haven't signed a contract with an agent yet - review mine here:
https://docs.google.com/Doc?docid=0ATKbQggZE9_VZGNyNXQ1YzdfM…

Paul Howard, Broker
NJHomeBuyer.com Realty - Cherry Hill NJ
856-488-8444
http://www.FaceBook.com/homebuyers
http://www.NJHomeBuyer.com
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Mon Apr 23, 2012
Hi Razamahdi, I tend to recommend that my clients look to single-family homes first. I usually have success finding my clients homes that have had most of the major features/systems updated recently (roof, siding, widows, hvac, electrical, plumbing). I would also look for a 1 year home warranty.

I grew up in Burlington County and now represent Kurfiss Sotheby's in Burlington/Camden Counties. I am also the South Jersey rep for Condos.com should you decide to go that route.

Why don't you call or email me this evening? I think it would be good if you would allow me to buy you and yours a cup of coffee to go over the benefits of both scenarios; maybe show you some examples on my iPad.

R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.617.1212 m
axelson@kurfiss.com
Web Reference:  http://kurfiss.com
0 votes
Wayne Odenbr…, Agent, Mountain Lakes, NJ
Mon Apr 23, 2012
Each style offers a differant lifestyle. Only you can decide between the two. It is not as much a financial decision as a lifestyle decision. As far as resale, townhomes are always easier to market and price.
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Mon Apr 23, 2012
Many people like the HOA usually all the restrictions provide a safe and uniform home ownership.
TH and SF can have HOA's and it all depends on your likes and dislikes.

As far as resale. I don't think it really doesn;t matter so much. You will have some that it makes a difference. or at least question, like yourself. there will always be those that carefully look into everything.

I think find the home you like and buy it. The neighborhood will be definitely important.

Taxes in NJ are high No way around that one unless you live in another state.

Find your home and your best deal and enjoy.
If I can help you look for that special home give me a call/ send me a text / or and email. I;d love to help.

Do not shy away from short sales either.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips
Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
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