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New Poll: F/U Basement v Pool
We now have a house w/ a pool and a condo w/ a basement on our list (we are having zero luck finding a house with a basement that meets our other requirements which does not include a pool). Here's the breakdown, pick the option you'd choose.
FYI, they?re both in the same school district (which is highly rated), and they?re both close to our current neighborhood which is home to our park and most of the places where we shop.
Option 1 ? House w/ Pool
4 bed, 3 bath tri-level, SF 2226, 2 car attached garage
Pros: lots of living space, pool (with newer liner and heater), .75 acre yard with privacy fence, has gas (which means can have gas plumbed to kitchen?which is important to me), near bus line
Cons: only storage space is a small section of garage and shed, needs work (floors, bath and kitchen updates), appliances are OLD (older than me old), neighborhood is not very walkable to local amenities
List Price: $205k
Option 2 ? Condo w/ Basement
3 bed, 3.5 bath, middle unit of 3 unit building, SF 2553, 1 car attached garage
Pros: lots of living space, lots of storage space, no exterior maintenance required, does not require much updating, very walkable to local amenities, near bus line
Cons: no yard, no common clubhouse/pool/playground/common area, everything is on a different level (beds on 2nd, living/dining/kitchen/sunroom on 1st, laundry/garage/storage/great room in basement), total electric
List Price: $109k
[Poll]
Re: New Poll: F/U Basement v Pool
My thoughts exactly.
BUT I have one other thought... if it won't be a crazy amount of time before you could scrape together another down payment and if your monthly payments are at or below current rent for a similar unit, I'd go with the condo now, live in it for a time, then buy something with a yard and rent out the condo.
We're looking at doing something like that now. Except we're looking more in the $150 range for a 2 bedroom condo -- gotta love California.
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We also thought about the option of buying the condo and upgrading to a house later, but instead of renting out the condo, we'd maintain it for out-of-town guests. The price is also a crazy driving factor in the condo as the LP has dropped over $50k since it's been on the market. I hate decisions.
The condo has dealbreakers for me. No end walls...people ON me on either side. Also, there is no yard for my dogs to run around in...they need one. You will be able to make it your own with paint, flooring, etc. Also, when this economy and the real estate market FINALLY turn aroun (please God soon) a house may be an easier sell than a condo.
I would also make a second choice. If you don't love it...keep looking. With the market the way it is, you will be living in it for probably more than 5 years before you'll stand a chance of making a profit. I'm for being happy where you are while you have to be there.
That's a HUGE price difference! How is that not making this decision for you?!
Either way, I'm not interested in the up-keep of a pool.
I'm with kellie on this. A house is worth the yard, but pools are a LOT of work, and I would rather have the open space anyway.
I agree with this. Wait until it is something you LOVE if you are meh about both properties.
I have no issue with a TH/Condo (we bought an end unit townhouse w/garage because we wanted minimal maintenance - we really don't have time - but as much privacy as possible and no one below or above us), but you definitely want to be sure that it is something that you can live with (although your thoughts of keeping it as a guest property is great) for at least 10 years - that is what our realtor recommended.
For a full fledged condo (at least where we are, TH communities have different HOA's than condos - we are responsible for the exterior or our unit including our grass), it can take a lot longer to resell and I think a lot of condo owners really got burned when the market plummeted (a friend of ours recently had her unit appraised and it is worth a full $100,000 less than what she and her DH paid for it 5 years ago), which is nearly 50% - and the market in the DC area is the best in the country!
That said, if you are up for the pool maintenance and renovations required in the house (is everything workable? could you "live with it" for awhile? I know it is hard! We just replaced a completely functioning but outdated fridge because it clashed with our newly painted cabinets...), and you could love it, go for it!
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I'm a #3 - and this is why.
Pools are a lot of work (refer to my earlier post if you need to) and you have to REALLY use it to make it worth the effort. It also sounds like the house that comes with the lots of work pool needs work too. I bought a fixer-upper that needs work so I get the equity in it thing but I'd pick one thing to work on, not two.
Condos/townhomes, etc. are not my personal cup of tea. Not having a yard is a big deal breaker for me personally. I also don't like sharing walls.
I think that if you're going to make the big investment into property, you should be reasonably happy with your purchase. From the way things were presented, it sounds like you've got some serious reservations about both your current options. keep looking! You're bound to find something with less in the "con" category before long!
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*crossing*
Keep us posted!
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