I asked this in the HO thread in old school but i think it'll get more traffic here.

Home owner's...got an opinion question for you

This is regarding your first home purchase.

When you first began looking for a home did you know what kind you wanted? Either a single family home or a townhome/condo?

Was the house type that you wanted at first what you ended up purchasing?

Looking back, would you rather have lived in the opposite house type first?


---------------------------------

The reason i ask is that i've been looking hard at homes and i've always had my mind set on a stand-alone single family home over a townhome/condo. I've just liked the idea of having my own lot, the chance for a fenced in yard, and more space. Plus i feel like i'd be able to own a large dog much easier in this environment. I've found some homes i really like but they are in established neighborhoods and i'm starting to second guess if i want to be the 25 year old in an established neighborhood predominately filled with families or do i want something like a townhome that's more catered to the younger single persons.

I think i would enjoy the house more in the former, but the social environment more in the latter. Any tips or advice?

11/17/2009 12:48:28 PM

i'd go for the house.

11/17/2009 12:59:02 PM

Quote :

"When you first began looking for a home did you know what kind you wanted? Either a single family home or a townhome/condo?"

Yep. I definitely wanted a single family home, and I wanted one that was relatively new.

Quote :

"Was the house type that you wanted at first what you ended up purchasing?"

Yep. Ended up getting new construction, as it was cheaper per square foot in the same part of town. Only downside was having to deal with construction traffic for six months I bought the second to last house in that neighborhood.)

For my second house, the plan was to get in an established neighborhood, because we had to find and move into a house within 3 months. We lucked into a situation where someone had spec'd out a home, and subsequently lost their mortgage approval, and ended up getting much more house for much less money in the same part of town we were looking at. This time, we were only the 14th house in that neighborhood, so a year and a half later, there's still a long ways to go, but at least most of my street is finished.

Quote :

"Looking back, would you rather have lived in the opposite house type first?"

Sometimes I wish we did get in an established neighborhood solely to have mature trees. It'll be 10-20 years before my trees provide any shade or give the neighborhood that established feel. But on the upside, I've never had to deal with any major problems that were not covered by builder warranty. Reading the woes thread, that's one reason I'm glad we went the new construction route twice.

As for home type... townhomes have never appealed to me. First, they don't appreciate well (at least not in the triangle). Secondly, I enjoy having a yard and it's better for dogs, I can be as loud as I want and nobody can hear me. Also, growing up in a house, I'm probably a little biased towards living in a detached home. Even in college, I lived in rental houses.

It all depends on your lifestyle. If yardwork is not your cup of tea, then a single family home may not be the best choice for you.

11/17/2009 1:01:54 PM

i bought my house because i thought it was dumb to pay rent when i could spend only slightly more and own something

by the same token, i avoided townhomes and condos because i thought it was silly to pay comparatively more money than rent just to own what was, essentially, an apartment (shared walls, no property, HOA dues, etc.) with the added issue of being responsible for the dwelling (specifically, all of the repairs become your responsibility in terms of time and money) with none of the advantages of owning your own house (personalizing the outside)

add to that that i love owning property, being able to throw parties in my backyard (because i have one and it's large), and let my dogs run around...yes, there's also the added responsibilities of lawn/landscaping maintenance, but i truly consider it a benefit since i can customize my property (i enjoy gardening and landscaping and find yard work, for the most part, to be relaxing)

when i bought the house, i wasn't dating anyone and had no prospects...i meet new friends through existing friends (that's how i met my fiancée) more than by talking to my neighbors (at least, i've never lived in a place where i was especially close with my neighbors), so i never considered the living in a townhome/condo community to be beneficial in meeting others, though i can easily see how that might have some appeal to a person who openly engages in making friends of his/her neighbors

my dad does renovations and i used to help him when i was in high school and when i was a freshman in college...he also did repair work on a lot on cheap new construction and, by and large, that's what you find...i am NOT a fan of new construction unless you know you're getting quality, and you simply don't find quality for a reasonable amount of money anymore...i avoided new construction like the plague and found my house fairly quickly...it's almost 50 years old and i wouldn't trade for any new homes around here (actually, the oven is the original frigidaire - a product of general motors company! - and it is, by far, the best oven i have ever used)...i wouldn't give you half the price of these crap new construction homes (this is, of course, personal preference with a small amount of experience to back up my opinion...obviously, not all new construction is bad, but unless you're baller, most of what's going to be in your price range will be cheap that will show its true lack of quality within 10 years)

i don't regret my decision at all...i like having my space, being able to look out windows on all sides of my house, have a yard that is my own, and know that the money i spent got me more space (both in terms of house size and property) than the same amount of have gotten me in a townhome or condo...i also like that my house doesn't look exactly the same as the one next to it

[Edited on November 17, 2009 at 1:12 PM. Reason : .]

11/17/2009 1:06:02 PM

I was 25 when I bought my house. I first wanted a town house, but ended up with a 4 bedroom single family home. I love the 2 car garage (I work on cars in spare time). My yard is small, not the ideal yard for kids or large dogs, but since I dont have either of those its perfect for me. I bought new construction. I got a hell of a deal, $4000 closing cost, builder payed my rent in old apartment $1500, all new blinds, all appliances, and TWO 50" plasma TVs. Thats what I demanded and thats what i got. Oh and he knocked $5000 off the price of the house.

11/17/2009 1:18:57 PM

first, the plural of homeowners is homeowners. apostrophe+S is possessive.

i bought my first house at 25. i definitely wanted a single family detached home. i had no interest in sharing walls with [potentially] loud people and still do not. the house is 1609sf. typical brick ranch style, built in 1964, in an established neighborhood with an awesome yard and old people for neighbors for the most part. i like having old people for neighbors. they're quiet and stable and not scary. i have 2/3rd of an acre, a HUGE backyard that's fenced so the dogs have tons and tons of space to run. there's a garden and giant rose bush on an arbor thing, and we added a really nice deck.

now i'm married and we're actually looking at buying a new (to us) house. bigger, built in 2006, outside of city limits.

looking back on it, i wish i bought a newer house, but i do still like the neighborhood and the people. there are a couple of young families on the street too. houses built in the 60s are well constructed but have small closets.

[Edited on November 17, 2009 at 1:44 PM. Reason : ]

11/17/2009 1:40:45 PM

I serioulsy doubt you would regret going with a singel family home, especially if that's what you've been wanting. It is what I bought, and what I wanted. The last two places i lived were rented single family homes. No regrets getting away from connected living.

Also, old, quiet neighbors FTW. I do feel kinda bad about being loud occasionally though.

11/17/2009 1:52:30 PM

oh the other good thing about old neighbors is that they're nosey. it's good b/c they watch everybody who comes down the street very closely and if something bad happens, they'll know what's up.

11/17/2009 1:54:04 PM

^ Check your inbox

11/17/2009 1:56:11 PM

I wanted a house for the following reasons:
- Generally better appreciation. Almost every 20 year old townhome/condo in this area was junk as far as I could tell. I think it is a genuine concern that the "luxury townhomes" of today will be the 20 year old junk of tomorrow.
- Noise. I play the drums and occasionally turn up the stereo so that the windows are rattling if you're outside of the house. I could have gotten an electronic drumset and just kept the stereo turned down, but these are things that I personally enjoy doing.
- My own space. I like being able to yank the four wheeler out of the shop and work on it. I like being able to throw my car on jack stands in the driveway without worrying about what "the management" thinks.


I really wish I didn't have to deal with cleaning gutters, cutting grass, leaf blowing, painting the exterior, etc. though. In a way I feel that I would personally enjoy life more if I had bought a condo and an electronic drumset. Owning a house really is a lot of work sometimes.

[Edited on November 17, 2009 at 2:04 PM. Reason : l]

11/17/2009 2:03:25 PM

i knew i wanted a townhouse or condo to start

ended up with a condo

definitely don't wish for anything different ALTHOUGH i wish i could have afforded a 2 bedroom comfortably. but that was too scary so i have a 1 bedroom. which is fine for me and i picked a location that caters to single people so hopefully it will resell whenever ummm the market gets better?

i like condo because of the amenities and because my HO dues are low and because they take care of all of the outside repairs (the repairs and maintenance to the structure).

my condo is also a historic place which i like - it has character. i'm not really into new construction. i like nice upgrades, but i love houses with character.

most of the people in my complex are probably mid to late twenties or older (no collegey people) - a lot of young professionals. everyone seems to get along fine, there is a good sense of community. big fenced in courtyard which is extremely dog friendly, lots of outside grills and tables.

but i also wanted to live near downtown, so a house was kind of out anyway. i'm more of a city/condo person so for me it works great.

11/17/2009 2:04:27 PM

Quote :

"my condo is also a historic place"

what?

11/17/2009 2:38:16 PM

on the national registrar of historic places (condo complex, not just mine, obviously)

so it has a lot of character and is really unique. i like it.

11/17/2009 2:45:39 PM

thanks guys! keep em coming!

The single family home is definitely where i'm leaning. I'm going to check out a few this weekend.

Gutters, exterior painting and those kinds of things happen few and far between. One of my best friends owns a hardware store so i'm kind of looking forward to doing some exterior makeovers to the yard and whatnot.

11/17/2009 2:49:16 PM

^^ i was not aware that condominiums, the first one in the country only being built in 1960, were old enough to be considered "historic" (though i suppose historic buildings could be converted)

but hey, the more you know!

[Edited on November 17, 2009 at 2:53 PM. Reason : .]

11/17/2009 2:52:31 PM

well they used to be apartments and have been renovated so yea

i dunno what the building was before they were apartments, or if they always were apartments?

built in the 1930s

http://www.countryclubcondos.net/

website doesn't really say what they used to be!

i will read what the plaque says on the outside when i leave for class and report back haha. i walk by it everyday but i dunno. i just know that its a historic renovated landmark.

[Edited on November 17, 2009 at 3:03 PM. Reason : .]

11/17/2009 2:58:43 PM

I bought a new two bedroom townhouse when I was 23 and single. It was what I wanted and I have no regrets in purchasing it, outside of the HOA constantly going up and the parking situation being shitty.

11/17/2009 3:14:34 PM

Just bought a house a few months ago, I was single/25 at the time (Well I'm 26 now I guess but I'm still unmarried). I didn't even consider a townhouse really. Like other people said, I like having the freedom to be loud not worry about the neighbors at all and mod the property myself. All my neighbors are old/families and they have all been very nice and welcoming. I played Rock Band really loud the first night I was here and I don't think you could hear it outside, but had it been in a townhouse I know you would have been able to.

11/17/2009 3:32:49 PM

I bought a single family home in an established neighborhood when I was 27. I had considered a condo and chose not to because I incorrectly thought a location not being approved for a VA loan meant something fishy.

In retrospect, the lifestyle aspects were more important than the financial ones. With my house I get a nice, large backyard, with associated maintenance time and costs. I get to have a large brick patio with a big smoker that'll fit a whole turkey, or a few briskets, but I have to rake leaves and clean the gutters. I have flowerbeds that look awesome, but only if I put the appropriate work into them months ago. My garden grows habeneros and jalapenos and anaheims and cubanelles and tomatoes and tomatillos, but only if I planted them in the spring, and watered and weeded them throughout the summer. The only time I hear my neighbors are when the guy next door throws a big party in his yard, or the yard across the street has construction equipment doing something in his yard again (at night, with the floodlights on).

I am selling the house soon to move to somewhere as yet unknown, and very much want another, similar, with perhaps fewer trees (and leaves). I will consider a condo/townhome, especially if I expect to only be there for three years or so, because I am more comfortable renting a condo/townhome than a single family home.

11/17/2009 3:37:27 PM

ah yeah, i had intended to mention the trees...i have just enough that i get shade for a lot of the day, but they currently drop just few enough leaves that i feel no need to rake them...they'll sit around until spring when they'll decay and fertilize and the lawn mower will chew them up into nice in-place mulch

i have an acre, but half of that is thinned woods, so i don't mow it...the other half has the house, and between the front and back yards, it takes about 1.5 hours every 2 weeks to mow (no bagging)...well worth it, IMO

11/17/2009 3:40:37 PM

we were single by the legal definition when "we" bought...does that count? (we = he...I paid him rent until recently obviously)

Regardless...we started looking at places to rent (apartments, townhomes or single family homes) that turned in to him deciding to buy. He obviously had the most input since it was his dime, but he let me help. (So the we is mainly he, but I'm saying we.) Once we got serious looking for a place, our main focus was a price point as the driving factor. Following that was location (he wanted to be close to the greenway). We looked at single family homes, but went with a townhome.

After being here 3 years, we both most definitely would rather have had a house. A lot of that for Sabrina, but also just having more room, possibly a garage, and definitely a yard with a shed or enough room to get one (or enough room to properly store his scooter and boat dreams). At this point we have seriously grown out of this townhouse, and are in dire need of more space.

The only benefit I see of having lived in a townhouse is we've not had to worry with yard work.

BUT! We are glad we have a townhome for the reason that when we do leave, we hope to hold on to it as a rental property. Which b/c HOA takes care of the yard and a select few exterior items (roof, gutters, fire place, front & back porch/deck), it will be much easier to maintain the few exterior items (doors and windows) and interior upkeep (which most have been upgraded) while collecting an income off it.

[Edited on November 17, 2009 at 5:48 PM. Reason : rental]

[Edited on November 17, 2009 at 5:49 PM. Reason : ]

11/17/2009 5:34:51 PM

i've found some really good prices for homes around town. some bigger than what i need but the price point is great. I just don't want to be the guy who has a big house with only 2-3 rooms furnished. oh well.

11/17/2009 8:14:16 PM

You can furnish them with the 8K tax credit.

11/17/2009 9:00:45 PM

Quote :

"When you first began looking for a home did you know what kind you wanted? Either a single family home or a townhome/condo? Was the house type that you wanted at first what you ended up purchasing? Looking back, would you rather have lived in the opposite house type first?"

I wanted to live on Wolfline, and for all of the bedrooms to be big. I could not find a good deal on a house with all of that. I almost put an offer on the house I think Jeepman now owns but ended up opting to buy in Hunters Creek.

The townhouse was a perfect fit for about 3 years but now I am tired of living here. I hate the dues and despise the parking situation. I hate not having a yard for my dog, I hate not have anywhere to put tools, I hate not having a garage or any room to build one.

Basically I have outgrown the place. I am glad I lived in this townhouse for the years I did, it was a lot of fun, it sucks now though because there is not enough equity to sell and I do not make enough money to qualify for two payments anymore.

Basically the biggest downside to townhouses is they absolutely suck to sell, they appreciate slower, and they sell slower. I would not buy one unless you plan to own it for 5-10 years or you are not gonna come out ahead.

11/17/2009 9:57:42 PM

regardless of the style, chicks are all about guys who own their own house

11/17/2009 11:02:55 PM

^^and I know your hunters creek woes better than anyone, but our townhome community is much better in terms of selling. The value of ours has gone up whereas I know HC dropped, and they flip like hotcakes over here. Mainly bc of location, but they don't sit long. But all valid points regardless when considering a townhome....most aren't like our area.

11/17/2009 11:17:13 PM

Quote :

"Looking back, would you rather have lived in the opposite house type first?"

All things considered, probably not. I made some awesome friends in my neighborhood and had tons of fun here.

I just wish I had moved before the economy crashed and my income, employment, and financing options went down with it.

11/17/2009 11:29:36 PM

I decided when i started looking that I wanted a single family detached house in an established neighborhood, in town (aka no suburbia-land), no HOA, and a garage. I ended up with a 4/2 built in 1940 (a bit of a fixer-upper, mostly cosmetic), in a gentrified neighborhood, and came with a newish single car detached garage with a covered patio off the side of the garage. My yard has a koi pond and huge oak and pecan trees. the neighborhood is a mix of older long term residents and people such as myself moving in and renovating. (I bought the house from an estate, but the family that lived in it had been there since 1965.)

I'm now 32 and have been apartment living since just after high school. I was not interested in a townhome or condo mainly because I was tired of living right on top of other people and for investment/appreciation reasons. I've never been one to make friends with my neighbors, so that was not a concern for me.

Although not ideal, I'm glad I was able to find something close to what I was looking for. Overall my place is very solid and well built, all the major systems were upgraded recently, albeit some of the installation is questionable. The list of things I'd like to do is long, I don't know that I will ever be 'done' with it. Its all still a little overwhelming to think about it all at once. I don't mind the work, it just gets frustrating sometimes.

I'm not seeing anyone and do not have any prospects. The house keeps me very busy and I see no signs of it slowing down any time soon. So if a social life is important to you, you make want to consider newer construction or going ahead and budgeting out $30k-$50k more for a place with completed renovations. Another thing to consider is older homes will lack the amenities of new construction like master suites, walk-in closets, spa sized bathrooms, etc.

oh, and windows on every wall is ftmfw!! now, if i could only get them to open...

11/17/2009 11:30:42 PM

I started searching and narrowed my choices down to a condo or a town home.
I chose the condo. It isn't bad, and I don't regret it really, but I should have bought a house or town home. The condo was a mistake for me. I'll be looking to sell shortly, and I will hopefully break even.

11/18/2009 12:03:29 AM

i can speak for both sides of this...

i bought my first home by myself almost 2 years ago. i opted for a townhouse in a new neighborhood, new construction. i desired a property with no lawn work and such due to my work schedule and lifestyle and have no problems paying an HOA to enjoy the benefits of a small yard, trees, flowers and plants without having to worry about them

looking back, i am still happy with my decision. i have a relatively maintenance-free home that i own. i do 'share' walls with a neighbor on either side but the homes are very well built and i have never heard them. i feel that i got a really good value for what i paid. my model goes for relatively more than i paid and it's easy to rent so if i wanted to move, upgrade or do something else, i can still keep my property and rent it out to a couple young professionals or a small family.

my boyfriend bought his house by himself, also his first home and wanted property, stand alone home in an established neighborhood. he didn't want to start out in a townhouse because he had 4 large dogs at the time, 2 of them went back to his mom and one went back to his dad so he's left with one now, sometimes she's not there when she's at his dads place. that played a major part in him wanting a stand alone home with a fenced in yard.

he has a hard time keeping up with all the yard work, maintenance, HOA bullshit and general cleaning on his own. his home is much larger than mine and he has hardwood floors so there is a lot more surface area to clean. the yard work can creep up and suddenly you're spending an entire weekend trimming a tree back so its not hitting your car in the driveway, planting new flowers because the ones in the planters are dead, trimming bushes by the window down because they're overgrown, fixing a brown patch in the front yard because you got a letter from the HOA, mowing the lawn because you put it off last weekend and now it's really bad... the list goes on.

if you're moving into a stand alone home by yourself and you're responsible for the yardwork, be very honest with yourself in terms of how much time you have to dedicate to it, how much work it will actually require and the money you will spend on it. i think a lot of people underestimate this and think its just cutting the grass. in the end he's happy in his house with a fenced in backyard and large living spaces but it all comes at a price, usually your time in keeping up with it

11/18/2009 12:28:06 AM

In other words, "I'm a woman, I hate yardwork."

11/18/2009 2:48:32 AM

Quote :

"be very honest with yourself in terms of how much time you have to dedicate to it, how much work it will actually require and the money you will spend on it. i think a lot of people underestimate this"

Quote :

"It all depends on your lifestyle"

That being said, a house is a good idea if you are ready to put some time / money into it. In general, a townhome will be less costly and less time-consuming (and if done right, you'll pocket the difference in costs to a savings account).

Also, keep in mind on average, an American family moves once every 7 years. Living needs change, jobs change, get married, etc. Don't expect your first place to be your last unless you REALLY plan ahead for it to be that way.

For us, that is how we planned our home while building / designing over the past two years. Single family home with intentions of staying for 20+ years. We had lived in apartments, townhomes, and a rental house, and were ready for a place of our own. Wouldn't change the decision and very happy where we are.

11/18/2009 7:04:59 AM

My question is how much are these houses all you 25 year old single people are buying and what kind of income are you working with. I'm 29 and single and make like 45-50k a year before taxes and feel that without the extra income from anothe person any reasonable house is well out of my financial range while still being able to live comfortably. I was having a hard enough time finding townhomes or condos priced around 100k.

11/18/2009 9:17:45 AM

^ i was making that range when i bought my house and got a mortgage...they pre-approved me up to $200k, but of course i didn't want to borrow that much

i ended up getting my house (4bd/2ba 1620sqft on one acre in the city limits in a neighborhood of adults, families, and phd students) for $159k, which was $21k below the appraised value...my mortgage is less than $1k/month and i had no problems with that...now that my fiancée's moving in, i will obviously be happier about splitting that cost, but it didn't really affect my ability to enjoy my accustomed lifestyle

[Edited on November 18, 2009 at 10:07 AM. Reason : .]

11/18/2009 9:44:46 AM

i bought my townhouse 6 years ago when I had just turned 20. My brother and I split the down payment and lived here together for 3 years with a roommate. He got married and moved out and I am here wtih my fiance now. It was $203,500 when we bought and they are now selling in the $250-260K range. I love evferything about my townhouse. The only thing that I wnat that a house can offer is a yard, but since I live on Centennial Campus, I feel like I have a huge yard - full of greenways, water, floating docks, etc. My only downside is I can't leave my dog outside all day while at work. Other than that, absolutely no regrets. I love being on campus, 2 miles from downtown, right on I-40 and just minutes from I-440....

11/18/2009 9:52:53 AM

158k mortgage 4.375% interest. i pay $1040 PITI

11/18/2009 10:24:58 AM

^^ How much did you put down on the house? I guess I just dont know if I am comfortable with nearly 50% of my monthly income being spent on a mortgage, and right now I dont have that many other bills to worry about. Throw in a car payment, utilities, student loans, health insurance and all of a sudden seems like pretty much my monthly income is all used up. Im just interested to see how people get by with a 150k house on a salary similar to mine is all.

11/18/2009 10:27:30 AM

its hard. my health insurance is free, student loans are $150 a month. I keep my utilities low and dont waste money on eating out and bars. I have a roommate too, but he doesnt work right now.

11/18/2009 10:31:05 AM

well, that's part of it, i guess...my health care is free, i paid off my student loans when i first started working, i own my car outright, and i live frugally (i don't eat out much, when i drink it's usually only a couple of beers or a glass of wine, etc.)

i put nothing down on my house because i didn't have to and, at that point in time, i was making more money on invested money than the difference in down payment and no down payment would have cost me (per month)...at the time, my mortgage payment was roughly 40% of my take-home

i really didn't have any trouble with it...i still put money away in savings and i lived comfortably

[Edited on November 18, 2009 at 10:41 AM. Reason : .]

11/18/2009 10:40:04 AM

Doss, i'm in a similar financial situation as you and it's definitely something i'm worried about and am trying to visualize.

Right now i do not have any student loans and also own my car outright so that helps a great deal. But i also enjoy a very social lifestyle..i enjoy eating out and drinking on the weekends and things like netflix, that while aren't a whole lot of money they definitely use up my income. So along with home searching I am somewhat soul searching to see what i'll be able to afford and what i'll have to give up.

I'm also somewhat fortunate, not to sound selfish or uncaring but my brother fell into some big financial problems and with a wife and 3 kids had to move into a larger house a couple years ago...well my father helped cosign with him and also gave him an advance with the downpayment. My credit is fine to where i won't need a cosigner, but he's already expressed that he'd pitch in on the downpayment similar to my brother.

11/18/2009 10:59:02 AM

Yeah my student loans run about 300 a month and my car is paid for but I have to factor in the fact that eventually Ill need another car so gotta throw at minimum 200 a month probably into the equation to budget for that. When I was looking for places I was trying to keep things under 100k simply because I am single and dont need a huge place just would like a place of my own. It almost seems like these days though renting can be more cost effective seeing as home investment isnt what it used to be with prices declining and such. I just am afraid to be one of the many people who get themselves into a situation where they are using up most of their income on bills and then one bad thing happens and you are playing catchup for the next 5 years. I guess the fact I spent a good 2 years working 2 jobs and sleeping 2 hours a night to recover from past financial bad decisions has made me not want to relive that again haha

11/18/2009 11:17:13 AM

Quote :

"It almost seems like these days though renting can be more cost effective seeing as home investment isnt what it used to be with prices declining and such."

i think it's actually the opposite...prices are in the toilet (though not as much around here)...they aren't going to go down much more, and at that point you have nowhere to go but up, at which point, years down the road, you'll have a house you bought low and can sell high(er)...that doesn't even take into account the $8k cookie from obama

Quote :

"I just am afraid to be one of the many people who get themselves into a situation where they are using up most of their income on bills and then one bad thing happens and you are playing catchup for the next 5 years."

and there you go...i'll agree with this...it would have been very stressful had i lost my job while paying a mortgage

11/18/2009 12:16:27 PM

I've always heard that a good way to figure out how much you can afford for a house is to figure 28% of your income for PITI and calculate for a present value annuity. I don't feel like doing the math right now, but if I recall, a $40,000 salary is ~$130,000. I also feel like it makes more sense to buy the biggest house you can afford as it should appreciate faster.

11/18/2009 12:33:07 PM

Quote :

"I also feel like it makes more sense to buy the biggest house you can afford as it should appreciate faster."

It is not just about size.

11/18/2009 1:38:19 PM

I can afford my house by myself, but always having at least one housemate has made all the difference in the world. On a month-to-month basis it doesn't seem like much, but after you've taken in rental income + utilities for a few years it's nice to look at your bank account and think about how much larger it is than it would be if you hadn't done those things. The added security of almost always having someone here is pretty nice too. It's something you guys should really consider when you get to that point that you know you're ready to buy a house.

You really have to value a good housemate. I actually have two renters right now, but one is just temporary for a couple of months.

[Edited on November 18, 2009 at 1:58 PM. Reason : l]

11/18/2009 1:56:49 PM

you are absolutely right about a housemate, but i havent had a roommate since my first semester freshman year in college. I don't know if i could ever have one again...i just like my privacy...even if it does cost more

11/18/2009 2:11:02 PM

Privacy is nice, but my house is set up pretty well for housemates. I have a living room and a den for two completely separate TV/hangout areas in the house. I also have a downstairs master in a part of the house that the housemates don't really use. Both of the rooms I rent out are upstairs.

Finding a good housemate is tough though. I have lived with people in the past that I wouldn't allow to move in. Ultimately, this is my home and I do take more space and more control over it than I ever did in any rental situations. I'm really happy with the guy who has been living here for the past couple of years and the temporary guy is an old friend of mine that I trust not to do anything sketchy. I've basically only had renters who were already my friends. No advertising on Craigslist or any of that junk.

[Edited on November 18, 2009 at 2:31 PM. Reason : l]

11/18/2009 2:29:44 PM

yeah that makes sense. My situation is that i'm really the only single guy in my group of friends and the last to have their own place...so even if i wanted a roommate i wouldn't be able to find one that i really knew. oh well, that's the least of my concerns at this point

11/18/2009 2:36:22 PM

Dude buy a house. I think you will get tired of a townhouse.

11/18/2009 2:38:47 PM

yeah i definitely am...just wanted to see if others had the same feelings when they first began looking.

11/18/2009 2:43:50 PM