Condo/Townhouse?

What are the pros and cons of getting a condo or townhouse? DH and I have been looking for a house forever with no luck so we are trying to explore other options. We are thinking of going to look at a couple of condos/townhouses. What are your thoughts? Also, does anyone know of any good areas/developments for them? I've see only a few online. TIA!

Message edited 6/27/2011 9:49:55 AM.

Re: Condo/Townhouse?

Where are you looking? I live in woodgate in Holbrook. I can answer any questions you have about the development. Fm me. In general, I love my condo. Bc it has 2 floors and bc I'm only attached to one other condo, I feel like I live in a reg home. We have no prob with our neighbors. It's a safe community. Ages are really varied. We pretty much can do whatever we want to the condo. Any specific questions just fm me! :)

Re: Condo/Townhouse?

Re: Condo/Townhouse?

You can search for condos and town homes on MLS. There is a separate category for condos/co-ops/townhomes/HOA.

I think the pros have to do with lifestyle -- if you are someone who doesn't want to deal with maintaining a yard and such, then a condo can be great. Often condos and townhomes have nice amenities, such as pools, clubhouses, gyms (although some condos, esp. in Nassau, are basically apartments with not much else). The convenience is what appeals to a lot of condo buyers (which is why a lot of downsizers/retirees buy them).

The cons that I can think of would be:

1. Lack of privacy -- for the most part, you will be sharing some walls with a neighbor, and if you have some grassy yard space, it's usually part of a shared area/not fenced in.

2. Restrictions -- Although a condo or townhome has fewer restrictions than say a co-op, there are still some things -- exterior things, mostly, since you own the actual unit and can generally do what you want with the interior -- that you can't do. There may be restrictions on things like pets and smoking, too.

3. Cost - Condos can be just as costly or almost as costly (to purchase, if not maintain) as a single-family home. You pay annual property taxes, plus your monthly common charges/HOA dues.

4. Resale - Condos can take longer to sell than single-family homes, because your buyer pool is generally smaller. Also, in a market like this, when home prices are so low, buyers who would have bought a condo can afford a single family home. However, there are some condos near me (in Nassau) that turn over very quickly and get top dollar.

I think a lot depends on the particular condo development, so you have to do your research (or work with an agent who knows the condo developments in the area).

If you were looking at single-family homes, why do you want to consider condos/townhomes now? I've had customers who've started out looking at condos and then decide to buy a single-family home, but rarely the opposite! Just curious...

Re: Condo/Townhouse?

Re: Condo/Townhouse?

Sorry you are frustrated. I think condos can be a great option, but if your first instinct was to buy a single-family home (and you can afford it, and you don't mind the maintenance and responsibilities that come along with it), then I would still pursue that avenue, even if it takes awhile...

Also, I know a lot of buyers start out with broad criteria in terms of town, house style, price, etc. But my most successful buyers (who bought relatively quickly and without much stress) had the narrowest criteria. They knew they only wanted a town or two (or sometimes only a specific area within that town) and really honed in on their "must haves."

And as frustrating as it can be to have a deal fall through, sometimes you carry away a valuable lesson that makes you that much more savvy for the next one.

Anyway, I think it's always great to explore all of your options when it comes to buying a home, but I wouldn't switch tacks solely because of the frustration with the house hunting process. You will be living in your home every day (probably for a long period of time), so you don't want to settle on something that wasn't your first choice just to make the process quicker or easier --- tempting though it may be! Just my 2 cents!