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Started By
Message
Is buying a townhome in Baton Rouge right now a good or bad idea ?
Posted on 4/1/13 at 12:03 pm
Posted on 4/1/13 at 12:03 pm
My apartment lease is almost up. Thinking about buying a townhouse in Baton Rouge not far from where I am now. It is a new development.
Don't particularly like throwing away money on rent.
A little bit worried about how difficult it might be to sell a townhouse later. Really have no idea what the market is like.
Any info or suggestions would be appreciated.
Don't particularly like throwing away money on rent.
A little bit worried about how difficult it might be to sell a townhouse later. Really have no idea what the market is like.
Any info or suggestions would be appreciated.
8
Posted on 4/1/13 at 12:06 pm to SG_Geaux
quote:
It is a new development.
On Burbank?
Posted on 4/1/13 at 12:09 pm to LSUTOM07
quote:
On Burbank?
Jefferson and Tiger Bend
Posted on 4/1/13 at 1:44 pm to SG_Geaux
quote:
A little bit worried about how difficult it might be to sell a townhouse later.
In general, townhomes are harder to sell than single family in Baton Rouge. I'd be more comfortable buying closer to LSU if you went that route.
If the price is right, it does beat the hell out of paying rent. Stumberg/Jeff/Tiger Bend isn't a bad area either.
What are the HOA fees? How big is the development?
This post was edited on 4/1/13 at 1:47 pm
Posted on 4/1/13 at 1:45 pm to SG_Geaux
Your biggest problem will be getting a company to finance a townhouse. Monumental pain in the arse right now.
Posted on 4/1/13 at 2:10 pm to Broke
Make sure its a townhouse and not a condo. Townhouses are easier to get financing for than a condo.
Posted on 4/1/13 at 2:38 pm to MamouTiger65
quote:
Make sure its a townhouse and not a condo. Townhouses are easier to get financing for than a condo.
Let's just clarify this for him. Make sure it's a detached home.
Posted on 4/1/13 at 2:50 pm to dewster
quote:
What are the HOA fees? How big is the development?
$70/month Gated, supposedly highly restricted.
45 homes in total.
Posted on 4/1/13 at 2:51 pm to Broke
quote:
Let's just clarify this for him. Make sure it's a detached home.
It is not detached.
Posted on 4/1/13 at 2:52 pm to Broke
quote:
Your biggest problem will be getting a company to finance a townhouse. Monumental pain in the arse right now.
Well someone is doing it. These are selling as fast as they can build them.
Posted on 4/1/13 at 4:10 pm to SG_Geaux
Yeah, I don't see the issue with financing a townhouse if you're a qualified buyer. Condos are a different animal.
Posted on 4/1/13 at 4:21 pm to VABuckeye
quote:
Let's just clarify this for him. Make sure it's a detached home.
I use to own a townhouse off of Perkins that was not detached but considered a townhouse. If you can get a copy of the charter for that complex it should tell you if its a condo or townhouse. Getting a loan for a townhouse is more inline with getting a loan for a single family home. Condos are more of an investment and harder to get money for.
Posted on 4/1/13 at 4:47 pm to SG_Geaux
Whats the name of the complex? What type of amenities are we talking?
What's later? As soon as Longfarm starts going up, which will be right down the road, I'd imagine resales in the area will be tough if you're in the same ballpark price range.
quote:
might be to sell a townhouse later
What's later? As soon as Longfarm starts going up, which will be right down the road, I'd imagine resales in the area will be tough if you're in the same ballpark price range.
Posted on 4/1/13 at 4:51 pm to SG_Geaux
quote:
Don't particularly like throwing away money on rent.
Are you ok with throwing away money on interest payments for your mortgage? Depending on the situation, it might make more sense to "throw away" money on rent.
Posted on 4/1/13 at 5:00 pm to SG_Geaux
You could rent it out later, or find an investor that rents out townhomes
Posted on 4/1/13 at 5:53 pm to medtiger
quote:
Are you ok with throwing away money on interest payments for your mortgage? Depending on the situation, it might make more sense to "throw away" money on rent.
Paying $975/month on rent for my apartment.
I could finance this place for 15 years and probably get it for $850/month.
quote:
What's later? As soon as Longfarm starts going up, which will be right down the road, I'd imagine resales in the area will be tough if you're in the same ballpark price range.
When is that supposed to start up ?
This post was edited on 4/1/13 at 6:00 pm
Posted on 4/1/13 at 8:44 pm to SG_Geaux
A friend just bought in there ,very nice complex. Good buy for the area.
Posted on 4/1/13 at 9:02 pm to SG_Geaux
That's a reasonable HOA fee, IMO. Is the HOA setup as an LLC?
Posted on 4/1/13 at 9:24 pm to SG_Geaux
The health of a HOA is important as they buy insurance for the complex. Find out the insurance cost, trash pick up and yard costs and determine how much surplus is calculated in monthly dues. If they are banking a surplus, then the complex is in good shape for hurricane deductibles, insurance increases, new fences, new paint, etc. if not, there might be assessments down the road when wear and tear sets in. A healthy bank says a lot.
Also, the ratio of owner-occupied to rented makes a difference in re-sale value. If people are buying investments and not intending to rent there, you have a community of people that care less about the property and it's harder to keep up. A new community in your area has a long way to go before this stage has an impact.
My opinion, control your asset yourself and buy a detached dwelling.
Also, the ratio of owner-occupied to rented makes a difference in re-sale value. If people are buying investments and not intending to rent there, you have a community of people that care less about the property and it's harder to keep up. A new community in your area has a long way to go before this stage has an impact.
My opinion, control your asset yourself and buy a detached dwelling.
Posted on 4/1/13 at 10:32 pm to SG_Geaux
quote:
When is that supposed to start up ?
I believe they are on track for late this summer. It will be a several year long build though. Last I read entry price point target was around 300k. So, if that's well below the townhome it could be a good thing for your potential property value. Just something to watch.
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