My husband and I are first time homebuyers. We have three young children and are debating wether to buy a

Asked by M, Coon Rapids, MN Mon Dec 10, 2007

brand new affordable townhome or a more expensive single family home. If we should plan on moving from a townhome in five years time would it be better to punch out a bigger mortgage now or hope to see the townhome and make some equity? We might be thinking too far out already, but are there any ideas how the real estate will be in 5 years?

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Irena, , Newton, MA
Mon Dec 10, 2007
Good question.
First and foremost it depends on how big of a mortgage you want to take on and what are you comfortable with.
Also how do prices compare for single homes and town homes in your area in terms of sq footage, location, amenities etc.
Considering that you have small children (this is experience) you are better off with a single home. You will keep your sanity and avoid poisonous looks from disgruntled neighbors if you children rub them the wrong way. (like playing too loud, or running, or just being kids)
One of our friends had to move out because they had the grrrouch of a neighbor who just did not like kids. Their children were middle school and not even noisy, they just liked to drive their bikes and play in the grassy area. To add insult to the injury they were the first ones to live there. But the Grouch started picking on them and constantly complained to the board. They cut their losses and just moved. A lawsuit would have been too pricey and not worth their time and effort.

If you decide to go with the town home than be sure to drive buy several times at different days and observe. If you see someone outside just inform them about your intent to live there and ask how they like it? Also make sure that the fees are not unusually high for that area, and that there are plenty of reserves in the budget.
Hope for the best for you and your family.
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Durenda Fach…, , Coastal Tampa Bay area. Pinellas and Pasco Counties.
Mon Dec 10, 2007
M,

Location is the most important factor in dictating real estate value.
(Product, SFH, townhome, villa, condo, co-op, mobile home, is an important factor in general, but Location is by far the most important factor.)

Probably, your best bet woud be to purchase your home or townhome in the Best Location you can afford.

Real estate is cyclical, we will rebound from this latest market value correction.

You are buying at an excellent time.


Best of luck
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