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re: Would you buy a townhome?
Posted on 5/9/24 at 1:03 pm to yaboidarrell
Posted on 5/9/24 at 1:03 pm to yaboidarrell
Sounds like Houston Heights
1
Posted on 5/9/24 at 1:05 pm to yaboidarrell
Absolutely.
A friend of mine doesn’t have a townhouse per se but has one of those smaller houses with the tiny lots.
Not gonna lie, I’m jealous of his yard work. He can weed eat the back yard faster than he can mow it so he only mows the front
A friend of mine doesn’t have a townhouse per se but has one of those smaller houses with the tiny lots.
Not gonna lie, I’m jealous of his yard work. He can weed eat the back yard faster than he can mow it so he only mows the front
Posted on 5/9/24 at 1:08 pm to yaboidarrell
Not without doing some major due diligence into the financial situation of the owners' association, deferred maintenance (streets, roofs, irrigation, etc.), and vendor contracts (landscaping, property management, etc.). Also would want to make sure they have an owner-occupied requirement.
This post was edited on 5/9/24 at 1:17 pm
Posted on 5/9/24 at 1:15 pm to yaboidarrell
quote:
I'm not a fan of yard maintenance and live in area where townhomes aren't ghetto shitholes. A decent single detached house here are 500k+ while upgraded townhomes can be had for 100k less. The concern is they won't appreciate as much but it beats continuing to pay rent. What says the OT?
Yeah, if I was in a city like DC, Chicago, or New York.
Or, if it was in a high end neighborhood.
Posted on 5/9/24 at 1:15 pm to yaboidarrell
quote:
Would you buy a townhome?
not in a state where insurance is a shitshow.
Posted on 5/9/24 at 1:19 pm to CSinLC
quote:I have never heard of a townhome with no HOA. And I was an HOA, townhome, and condo lawyer for several years.
I did. Was 60, single and about to retire. Ownership was half of rental prices. No HOA. Plus it was brand new. Wasn't looking for home appreciation or lots of maintenance. And if something happens to me my son can use it as rental property or sell it.
I don't really consider that a townhome, just a home on an exceptionally small lot.
This post was edited on 5/9/24 at 1:20 pm
Posted on 5/9/24 at 1:24 pm to yaboidarrell
Yes, loved my townhouse when I lived in Memorial area of Houston. Like with any real estate, just depends on the neighborhood. You also have to look at the interior walls to see if the barrier is decent.
Posted on 5/9/24 at 1:28 pm to yaboidarrell
Depending on the location, conditions, etc. they can be fine if you are young and single or if you are "too old for this sh*t" when it comes to upkeep and landscaping.
Between those age brackets I want a detached house with a yard.
Posted on 5/9/24 at 1:30 pm to chinhoyang
My worst nightmare is sharing a room or adjacent wall with some noisy assholes.
Posted on 5/9/24 at 1:37 pm to kciDAtaE
quote:
Sounds like Houston Heights
there are some nice one around there
i'd avoid any stucco ones
Posted on 5/9/24 at 1:40 pm to fareplay
quote:
but the appreciation comes from location
FIFY
Posted on 5/9/24 at 1:48 pm to yaboidarrell
You can find good ones that have majority owners living in them. The problem is some special assessments come along because the insurance went up, the driveway needs fixing and you do t know what else.
Normally will pay $250 a month for water and yard and outside insurance.
Helped my parents buy one that we rent out as an investment and the special assessments eat a lot of the profit. Talk to the HOA president ask for financials and ask relator to find all special assessments past and future.
Normally will pay $250 a month for water and yard and outside insurance.
Helped my parents buy one that we rent out as an investment and the special assessments eat a lot of the profit. Talk to the HOA president ask for financials and ask relator to find all special assessments past and future.
Posted on 5/9/24 at 1:56 pm to yaboidarrell
Ask if there are any major repairs upcoming and/or when was the last time that they did any major repairs. Repaving the parking lot, new roof, etc... You don't want to get hit with a bunch of expenses right away.
Next, run for HOA President, usurp if needed, and rule with an iron fist. Otherwise, you'll have some j-holes dictating to you.
Next, run for HOA President, usurp if needed, and rule with an iron fist. Otherwise, you'll have some j-holes dictating to you.
Posted on 5/9/24 at 2:34 pm to yaboidarrell
Depends on the location
Posted on 5/9/24 at 2:36 pm to yaboidarrell
They often have excessive HOA fees.
If you’re in a high density area and near a lot of entertainment, definitely worth considering.
If you’re in a high density area and near a lot of entertainment, definitely worth considering.
Posted on 5/9/24 at 2:36 pm to yaboidarrell
I own one in BR with the intention of owning it for 6 or 7 years while the kids are in college. We rent one room out to cover the cost of HOA and utilities with a tiny bit extra to cover incidentals. I hope to sell it when we're done for close to what we paid for it or a minor loss. If it keeps the kids safe and I'm not outlaying $2k/month in rent for them I'm coming out ahead in my eyes.
Posted on 5/9/24 at 2:48 pm to yaboidarrell
I disagree about appreciation. The property may not appreciate as quickly as land or a typical house, but I know people have made money on townhomes or condos that the owned for a few years.
Posted on 5/9/24 at 3:06 pm to TrueBaldPate
quote:
You can find good ones that have majority owners living in them.
quote:
Helped my parents buy one that we rent out as an investment
LOL
Posted on 5/9/24 at 3:20 pm to yaboidarrell
In the city, yes. In the suburbs, no.
With a townhouse you should be trading yard/private space with walking proximity to bars, restaurants, entertainment, etc.
With a townhouse you should be trading yard/private space with walking proximity to bars, restaurants, entertainment, etc.
This post was edited on 5/9/24 at 3:25 pm
Posted on 5/9/24 at 3:22 pm to yaboidarrell
as a primary...no way.
As a second home in somewhere like NOLA or BR, yes. It would be a great rental property if I decided I didn't want it.
As a second home in somewhere like NOLA or BR, yes. It would be a great rental property if I decided I didn't want it.
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