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I'd get a small house and use the extra money to pay someone to cut the grass. We pay $20 for our small yard! In most parts of the country condo re-sale is not good & that alone would deter me from buying one. When you have your kiddies, you're going to want to buy somewhere bigger & it would stink to be stuck with a condo you can't sell!
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House, for sure. The privacy would be worth mowing the lawn.
Unless the condo community comes with a pool, that might sway me. lol!
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I had the same thought as @hummusgirl. I don't think I would rush into buying anything and see what direction life takes you over the next year or so.
We have a townhouse with a garage and even though our yard is small, I'm amazed at how much yard work we do have. So a condo could be nice in that regard. Some condos do have nice community areas with grills, a pool, etc. but none of the maintenance, which is a plus. On the other hand, for resale a condo might be trickier. I live in an area where real estate is hot, but from my understanding it's harder for buyers to get financing for a condo.
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I bought before I knew I was going to marry DH and chose to live alone in a townhouse.
I pay my neighbor $35 a year to mow my teeny tiny yard when he does his (he offered), and my neighbors even sometimes do the shoveling for us. The back yard is all patio so there's super minimal upkeep.
It was important for me to have outdoor space so I didn't feel claustrophobic, and I wanted a second bedroom for guests or if I wanted to have a renter.
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I'd buy a house and contract out whatever jobs I didn't want to do. It'd probably be about the same amount of money after it's all said and done.
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I'd get a house, but with my big dog I would feel totally comfortable living on my own. If I didn't have the dog I may go the condo route.
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@Pancakes: I'd be investing with someone else (my dad) & I've committed the next couple years to staying here. I'm going back to school & working part time so I'm tied down with those anyway. Things are picking up quickly here & I'm very sure we'd make a profit on a small house in five years, I'm not as familiar with the condo market though.
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@mrs. bird: Oh, one other consideration, are you a pet person? If you can see yourself wanting a pet, a dog especially a house may be a better choice potentially. My mom needs to downsize and keeps putting it off because she wants a condo but has a big dog and therefore needs a fenced yard. You can likely still have a pet in a condo but it might be easier depending on the animal to have a house.
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Condo. As for the market, depends on where you are and frankly, when you're selling. Today's market may be totally different than next years. If you're concerned about resale, I would talk to your broker and get his/her opinion.
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house!! condo resale seems so crummy to me - everyone's is the same if they decide to sell at the same time! also, i'd rent out a room for the extra $ and company. good luck choosing!!
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@Cole: good thought! Right now I have two kittens & they're indoor kitties
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Personally, I think buying only really makes sense if you plan on keeping the property for 4-5+ years. Closing costs, financing fees, etc. make it too expensive otherwise. So, if it were me, I'd think about what would make sense in a couple years if you remarried and had a family. If a condo is most appealing now, but not later, then it might make sense to rent a little longer. If you'd like to be in a condo no matter what, I'd go ahead with it.
I love our house, but sometimes I wish we had help with the lawn/snow. We could have bought in a community that had condo-type houses... basically very large townhouses that included all outdoor maintenance. Something like that would be a good compromise.
I think in general though, resale for houses is better than condos, but I'm sure it would depend on location to some extent.
ETA: Sorry, I had not read your previous post when I commented.
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Condo!!
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Before I met my DH, I bought a condo and loved it. When I get old and am alone, I will probably sell our house and move into a condo. I really don't like yard work, so this is an easy decision for me. Yes, there are definitely draw backs to living in a condo, but for me, the advantages outweigh them.
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Condo, for sure, because maintaining a house and yard is a lot of work. I would think if you're in the Northeast then resale for a condo might not be such a problem? Of course, housing markets vary from neighborhood to neighborhood, so definitely take time to do your research.
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I would go for the house but make a point to build relationships with yard guys and handymen that would come for both regular maintenance and emergencies. I def think it's worth it to have more privacy and quiet. My friend did this for years and it worked out just fine. Her yard guy came once a week and she had a regular plumber and handyman.
After spending 13 years in apartment living i am just not willing to share walls anymore. Sure this makes some things harder, but i think it's worth the extra effort.
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Given that you're sort of looking at it as an investment, I say small house. Just make sure when you're looking at houses that you're thinking of resale value (i.e. - don't buy on a busy road or something that doesn't bother you but would probably bother other buyers). Also, to echo a pp, snowblowers actually aren't too hard to use... I end up using it every time it snows because DH can't really work from home and I can, so I have to clear the driveway for him before he gets home.
ETA: about condos... it was a while ago now, but I have a friend who bought a condo in m-boro for $160k, and ended up having to sell it back to the property manager for $80k because no one else would buy it. The market was just so saturated and no one was buying. This was a few years ago though, and in a larger, more apartment style complex.
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I'm all about convenience, so I would go with condo.
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my favorite (and least expensive option) just had an offer accepted
boo
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Condo! Preferably one with a nice deck or balcony. I am sending continued hugs your way.
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Condo! I lived in a condo and I didn't hear my neighbors (they have two dogs) and they never hear my crying baby either. I felt safe and loved the convenience.
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@mrs. bird: I think that always happens! Something better will turn up!
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I'd much prefer a house.
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I would get the house and pay someone to shovel/mow! The garage is a big plus. And houses are usually easier to sell! Not to mention having a little lawn is always nice.
I lived in apartments for several years, and when I was 19-21 I didn't mind the noise/having people above me/below me (probably because I was the one causing most of the noise by having people over all the time), but now, I would mind. It's always hard with apartments, because sometimes you can luck out and have awesome neighbors, and other times you get stuck below really loud people.
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Personally, I would do the small house, especially if the yard is small and you're able to outsource it (or easily do it yourself). My husband had a condo when I met him, and we hated hearing people above and below us. It was nice to not worry about some things, but overall we couldn't wait to get out of there. Selling was kind of a PITA.
I guess it depends on how much maintenance you're willing to do...and if you'd feel more lonely coming home to a house by yourself vs. a building with other tenants?
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I think it all depends on how long you are planning on living there and what the resale value would be if you were to sell. Also, location would make a difference too.
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Personally, I'd chose the house. I like having my privacy.
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It depends on the area where you are buying. We own a condo in the middle of an uppity hot spot that is close to lots of cool eateries and shopping places. We've been approached by so many investors to buy our condo but we're waiting for a higher bidder. However, our HOA is super expensive (creeping up to as much as my car payment) and will only go up in the next few years. I love our condo based on location only. If we had no kids we would live here forever but it's too small for our growing family.
So basically if it's in a great resale area, I choose condo. Other than that, a small house would be better in my opinion.
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@Smurfette: really?! Not for our area.
DH and I have 2 condos and we have never had a problem renting them and when we BOUGHT them, we had to fight off many other buyers and basically had to close within 3 days. Condos are a hot commodity in our area.I'd usually say house, but in your situation, I'd do a codo. Nothing else needs to be stressing you out right now. You deserve to just live a little bit taken care of for awhile without all the stress of a house.
Mind if I ask how much your fees are a month? -
Interested in moving near me? There's a townhouse for sale in my neighborhood :).
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I've had both - small house and condo - when I was single. I liked the condo better. No maintenance and a community pool!
boo
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