I'm torn between buying a townhome/condo or renting to buy.

Asked by Mm Clayburn, 14626 Sat Apr 19, 2008

I'm a newly single 59 year old grammie, gainfully employed (old Kodak Elmgrove Rd. complex) and considering the 14626 10 mile radius (Greece-Northern Spencerport-Gates) I don't want a fixer upper. It's time for me to relax ...without breaking my near retirement bank. Any suggestions ?

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Ange, , Greece, NY
Mon Mar 22, 2010
M.Clayton.
Have you visited our community at Stoneyy path Townhomes in Greece? A senior community with reasonable HOA to cover lawn cutting and care, garbage disposal and plowing both driveway and private road plowing. We offer a choice of floor plan starting at 149,900. Stop and visir us at 31 Angela Villa La off maiden lane eastof Long Pond.,or call Angelo Vilasi at 585-309-6105.
Thanks Angelo
0 votes
Zack, , Westchester County, NY
Sun Apr 20, 2008
"Also, contrary to what is happening in other parts of the country, property values remain stable in upstate New York. In 5 years, the value of your investment will probably grow much faster than an IRA or mutual fund."

In upstate NY, buffalo to be exact, a specific judge in the buffalo area be holding special foreclosure dyas and putting in judgements vs lenders to upkeep foreclosed properties. Its likely upstate properties are holding value nominally compared to other areas but much of that is because they're so much cheaper to begin with.

The 2nd point is extremely unlikely. Housing has historically been a poor investment. Even in the hottest areas, like southern california, only beat the market over 20 years if you cherry pick dates. The market has returned nearly 10% over the last 50 years and about 7% vs inflation, housing has returned < 3% vs inflation and it was < 1% before the bubble recently.

Good luck with your house hunt, find nice place but don't stretch yourself or expect it to fund any form of retirement, and you should be fine.

Zack
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Apr 20, 2008
Regarding the decision to buy or rent to buy, please contact your CPA...there may be tax implications or it may affect your retirement planning.


I agree with Joe Sorrentino, don't take on something with a lot of upkeep...start enjoying life. A Homeowner's Association (HOA) or a Condo, will give relieve the exterior maintenance issues.
Web Reference:  http://GailGladstone.com
0 votes
Joe Sorrenti…, , Buffalo, NY
Sat Apr 19, 2008
Condo or townhouse ownership may be the best choice for you. Carefree living, where someone else is responsible for maintenance and yet you still have a write-off. Also, contrary to what is happening in other parts of the country, property values remain stable in upstate New York. In 5 years, the value of your investment will probably grow much faster than an IRA or mutual fund.
0 votes
Larry, , 14450
Sat Apr 19, 2008
Why not purchase a single family dwelling? I have a completely updated ranch in Gates, 3 Bdr. in a great neighborhood of homes built in the 70s. I cost no more than a Townhouse/Condo and it doesn't require a hugh down payment either.

Larry
0 votes
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