Im 34 and i dont know if i should try buying a townhouse, or a house? What should i think about?
36-40, M
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A stand alone house is always a better way to go.
Townhouses/condos usually come with an extra monthly payment (maintenance) and 'often' you don't really own the land underneath.
Townhouses/condos usually come with an extra monthly payment (maintenance) and 'often' you don't really own the land underneath.
@MntoNc As I often advise people....
There are several things you need to think about prior to looking for a house/property.
1) Look near where you work if the neighborhoods are decent. Yes, it is always less expensive (initially) to buy in the outer edges where they are building new subdivisions. ....
BUT, if your commute is more than a few miles, you'll burn up a lot of expensive gas and wear out a car every 3-5 years.... (6-10 times in the life of a 30 year mortgage). So do the math, it may show that if you buy in an existing (sometimes older) built-out area of town (closer to work) that you'll have an extra 60K in fuel and car costs you can offset (spend on house payments 6-10 times in 30 years). So in the end, it may be cheaper to buy closer to work. AND, if you decide to sell, you'll get more if the property is closer to the buyers work.
2) What are the taxes in the area(s) you are looking in. IE, my taxes are LOW, but I live a block from the border to the next suburb and once you cross that street dividing the two towns,,,, your property tax doubles.
3) ALWAYS go for the 30 year mortgage. Why?.... because if you ever get laid off, you have a smaller payment that you MUST make every month. OTOH... if you don't ever get laid off, you can sometimes (depending upon how well you manage your money) make 2, 3 or 4 extra principle payments every month at no cost to you and pay off the house in 6-10 years. 30 yr mortgages give you that option/cushion....
There are several things you need to think about prior to looking for a house/property.
1) Look near where you work if the neighborhoods are decent. Yes, it is always less expensive (initially) to buy in the outer edges where they are building new subdivisions. ....
BUT, if your commute is more than a few miles, you'll burn up a lot of expensive gas and wear out a car every 3-5 years.... (6-10 times in the life of a 30 year mortgage). So do the math, it may show that if you buy in an existing (sometimes older) built-out area of town (closer to work) that you'll have an extra 60K in fuel and car costs you can offset (spend on house payments 6-10 times in 30 years). So in the end, it may be cheaper to buy closer to work. AND, if you decide to sell, you'll get more if the property is closer to the buyers work.
2) What are the taxes in the area(s) you are looking in. IE, my taxes are LOW, but I live a block from the border to the next suburb and once you cross that street dividing the two towns,,,, your property tax doubles.
3) ALWAYS go for the 30 year mortgage. Why?.... because if you ever get laid off, you have a smaller payment that you MUST make every month. OTOH... if you don't ever get laid off, you can sometimes (depending upon how well you manage your money) make 2, 3 or 4 extra principle payments every month at no cost to you and pay off the house in 6-10 years. 30 yr mortgages give you that option/cushion....
SW-User
How much you have got to invest.
MntoNc · 36-40, M
@SW-User on a Downpayment? Lets say 50k
SW-User
@MntoNc Buying a Townhouse would be a good option.
TheCoolestCat · 31-35, M
dude youre 34 lol
MntoNc · 36-40, M
@TheCoolestCat and?