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Been considering a townhome to buy, but lately somehow the Hoa fee doesn't seem to justify it, given that it applies forever. Also, seems like there is no flexibility when you own a townhouse / condo regarding customizing your home. I wonder though, is it really that important? Can you guys throw some insight into what gives a better value out of the two?
The HOA fee is just like the expense ratio is with ETFs. It burns into your gains.
Love my townhome, no HOA which has its own challenges, i.e. trying to get everyone to agree on maintenance. We do have CC&R’s..
TH growth potential is not comparable with SFH
Depends on location. My value has skyrocketed.
You need to compare TH and SFH in the same zip
If the HOA scares you just wait until you see the maintenance costs of a sfh. Often HOA is cheaper bc you get bulk rates on maintenance for the entire community.
The appeal of condos is it is like an apartment with equity building up. Ditto for some town homes. My first town home has no HoA fees so it depends.
SFH allows for more privacy and there is usually a possibility to add sq footage to increase value. TH usually less maintenance and easy to lockup when traveling.
Exactly
You get what you pay for. Of course everyone wants a large SFH with no share wall or HOA in perfect school district and very affordable. You consider TH because you cannot afford it. You consider condo if you cannot even afford TH. So you pick your priorities. Is it the school or location or is it size and privacy? How big of a mortgage and property tax can you afford? In the same school district, a SFH can cost 2.4M where as TH 1.4M and condo 900k. If you only need it for less than 6 years renting may be a better choice. The RE agent commission on sales can be huge.
In my place a townhome is 800k, sfh is 900k. Which one to buy?
Same every thing like school and size? If that close I would pick SFH for only 100k more.
Never. Buy. A. Townhouse.
Why?