I am a bit torn between the choices of a single family home versus buying a townhouse. The choices I have: A single family home is prices at about 279,900. But it is in a bad shape and to get it to where I want, I would need to put in about 40k. A townhouse condo which is a end unit prices at about 239,900/-. It is bank owned, has had water damage but the bank is fixing all of it.
I plan to put in a offer for about 225k on the house so that I am not burdened by the cost. I hope to procure the condo too at about the same price.
We plan to move in about 4 years, due to reasons like going back to school. Hence, though we like the concept of a house much more (due to our lifestyle and interest in doing / fixing things) the condo/ townhouse seems a better option in terms of resale and a quick turnaround.
Could people here, throw their ideas and thoughts on the same? Do you think the condos will be more in demand in the future on account of baby boomers who would want not to have to deal with the menace of maintaining a home? With the market expected to bounce back around 2010 -12, what would you call as a better investment?
The house is in Salem, while the condo is in Windham, NH. The taxes are about the same - $4000.00, except that the condo has a condo fee of about $250.00