Post # 1
So my DH and I own a townhouse and are considering selling it and purchasing a single family/detached home. We LOVE our townhouse but it seems that the neighborhood has started to go downhill and the property values are dropping like crazy!
We found a single family home that we like that is in a nice neighbohood with great property value and has a super low asking price! The only thing I’m hesitant about is leaving our big beautiful townhouse! It’s fairly new and has a lot of features that i really love like a big back deck, a fenced in yard, and big bathrooms! The single family home is older, about 1,000 square feet smaller and is a bit of a fixer upper but it does have a much bigger yard, better value, lower mortgage payments and is on the water (a little canal but still nice)!
Do any bees have experience leaving a townhouse or big house and moving to a smaller home? Where you happy with your decision?
Post # 2
I don’t know about moving from a larger place to a smaller place, but the drop in property value you mentioned is scary. My MIL and DH moved into a condo shortly after she divorced his father. She bought the place for around $100,000. After they moved in the neighborhood went down hill, and property values dropped. My DH said at one point someone tried to sell him drugs on the street. She finally sold the condo to her renters for a lot less, I think about $20,000.
Post # 3
We went from a single fmaily home to a town home and I will never go back. I love where we live now- sounds similar to your townhouse. But if property values are dropping and the neighborhood is going downhill- then it might be time to move.
Post # 4
I lived in a nice condo. 1400 sqft, two huge bedrooms, spacious living room. However, I wanted a basement, yard, and big kitchen. My house now is a little bigger so that means three smaller bedrooms. They are actually the prefect size but I miss my huuuge bedrooms! We have a large kitchen with the island I’ve always wanted. I do miss my master bath a bit as it was larger (but this one is nicer looking) I love having a basement and can’t wait to fix it up. My HOA was steadily rising and truly what was I getting for $175/mo? My water bill is only $90/3 months and my husband cuts the grass and shovels for free at our house. my condo was great for when I was single and I wouldn’t have minded staying there but values were going down and rude and trashy ppl were moving in. I was lucky to sell for only a $3000 loss.
Post # 5
fiona2011: Oh boy, that’s a tough one! I’d make a list of pros and cons. I’ve lived in both, though not a huge townhouse with all new stuff. The thing I really like about a single family home is no shared walls!! I’d never go back to a townhome unless I have to. Townhouses are nice though because you usually don’t have to mow, fix the roof, etc. Property values could drop anywhere so that’d be hard to guess what’s going to happen in the future.
Post # 6
The townhouse communities in our area tend to be more transient and not to hold their value as well as the single family homes. As nice and new as they were, that was a big factor for us in buying our first home, when we looked at both. There are also additional costs that come with a single family home, such as landscaping, clean up, etc. It’s a trade off, as you point out. The nice thing about a fixer upper is that you get to do what you like to make it yours.
Off topic, but if the house is on a canal, or is graded in such a way as to make flooding likely make sure you look into the history as well as any drainage solutions already in place. Our home inspectors were good overall, but fell rather short on that particular issue. We ended up having to hire a landscape archtect.