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Answers (3)
- Drew Ludlow, "DrewLudlow"
- Contributions:505
A lot also depends upon in what market you plan to purchase. For example, in my neck of the woods (Raleigh, NC), single family homes have a much higher resale value than condos. In fact, condos are not good investments in these parts simply because the landscape of our city is such that condos are rarely in demand. Residents here want 'yards' and not corridors. Additionally, condos have high HOA fees compared to single family homes.
I would plan to purchse a single family home and hold on to it for at least 5 years.
I would plan to purchse a single family home and hold on to it for at least 5 years.
- ProfessorBaron
- Contributions:303
Five years is really the breakeven point where your hoped for appreciation in value of a home you buy will cover the transaction costs of buying and selling the property. You should really not buy property unless you plan to live in it for a long long time...at least 5+ years.
I would save your pennies, get your other house sold, and rent (and let someone else deal with property problems) until you are ready to buy and then buy the home that you will live in for a long long time. Then you can make improvements and spend money on it that you will be able to enjoy during that long term ownership.
I would save your pennies, get your other house sold, and rent (and let someone else deal with property problems) until you are ready to buy and then buy the home that you will live in for a long long time. Then you can make improvements and spend money on it that you will be able to enjoy during that long term ownership.
- Christine McGinty, "whitemountainagent"
- Contributions:273
There's a lot of questions that need to be asked before you can make that assessment. Generally homes have a better resale, but much depends on the home itself and where it's located. Same with the condo. What is the occupancy rate and how many of the neighboring condos are on presently on the market? Renting isn't such a bad option in this present market. Prices are projected to drop for a while longer so it may benefit you to rent for a while longer and see what the market does and hopefully get your other house sold.
Which is a better buy and resell in <5 years, a small house or a slightly larger (sq ft) condo?
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