Does a single guy have any business buying a house in suburbs for primary residence?

orange hammer
Contributions:103

I would feel funny buying a suburban home. I can only afford 150K, and it won't
buy much in Denver, but there are a lot of neighborhoods where older homes
can be purchased for this price. I think I might be better off buying a town house.
I think I would feel less lonely in a town house, less out of place. But it has to in the right location. First and foremost,
I don't want a town house that is in a blah location. There are lots of town houses
and condos in the Denver metro area in that are in unremarkable locations. It is my belief that buying a condo or town house in an unremarkable location would make
it doublely hard to sell, if and when it comes time to sell. So I am thinking if I do buy a condo it should be in a highly desired location. As an example, in Denver we
have a hot neighborhood called Stapleton. I could get a small condo here for
150K, perhaps. By contrast I could buy a bigger town house in Aurora, which
is the definition of blah. I am really struggling with these kinds of questions.
Your thoughts are appreciated if I have made any sense.

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January 18 2009 - Denver

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Answers (3)

Best Answer

I'd recommend staying away from condos and townhouses right now. A house is a much better bet. Resale or later rental will be much easier as well.

As far as the lonely thing goes, its been my experience that condo/apartment living is more isolating than house living. A lot of the neighborhoods in Denver that you could afford are very close knit.
I'm not in Fort Collins but moved up from Denver only 4 years ago and when in Denver, I lived in the Baker nieghborhood near downtown. I had wonderful neighbors.

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January 23 2009

Esteban5
Contributions:128

It seems to me you aren't really sure what you want or need - except you don't want "blah" and your budget is $150K

Honestly, I would wait if I were you.

Things can change. You could meet someone and decide to live together....KEEP YOUR OPTIONS OPEN.

If you buy a condo or townhouse in this market, you could be stuck in it for several years.

My suggestion is to wait until you know WHAT you want and WHERE you want to live. Then save like heck and shop for your home when you're ready.

Good luck.

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January 23 2009

egalceran
Contributions:15

you should really consider buying a home esp in this market. if you are able to buy then do so but do your home work and see if the home you are looking at is worth the investment. there are many great deals to be had and there are many great financing options available to you as well. especially if your credit score is in the high 700's or better. im a firm beliver in paying my self instead of paying someone elses mortgage. when you rent and then decide to move you have nothing to show for your time invested in living where you were and you dont have the option of personalizing the place you rent ...you are at the mercy of the home owner. of course buying a home does come with more responsiblity like maintenance upkeep and repairs...much like a car the better you take care of it the better return you will get for your money should you decide to sell. and even though the market is down right now the home will in time appreciate un like a car.