Single Mom buying a townhouse - bad idea?

[Anonymous]

Single Mom here. Child is 4 and next year will start K.

I'm renting and saving for a downpayment, but will not be able to come up with 20% for either a condo or townhouse.

Plan is to buy a 3-bedroom townhouse in a good school district next year. My biggest issue with renting is that I have had to move every 2 years for the last 10 due to nearly 10% increases in the rent year over year staying in the same complex (but overall my rent has been steady for 10 years meaning because I move I save money). Once my child is on school I can't keep moving. I would stay put for at least 13 years.

Talk me out of it. I know it's financially risky if I lose my job. I know if I meet someone it would be so much harder to move (really I wouldn't be able to move).

[Anonymous]

Why don't you search for THs that have a good setup amenable to roommates in case you decide you need one? (Note, NOT a rental unit, there's a whole thread on that)

[Anonymous]

Anonymous wrote:Why don't you search for THs that have a good setup amenable to roommates in case you decide you need one? (Note, NOT a rental unit, there's a whole thread on that)

Thanks Pp, yeah I definitely would NOT do a basement rental. Way too dangerous.

What is a good setup for a "rental"? Two bedrooms on one floor and a third on its own floor? Multiple entrances?

[Anonymous]

The area I am considering is Burke & Springfield. Is that a good place for college-age or professionals renting?

[Anonymous]

I'm a single mother who bought a townhouse. Not sure what the problem is. Better than a condo where your condo fee could also go up 10% every year.

[Anonymous]

I don't see a problem, and everything (including rent!) is risky if you are worried about losing your job. The school district in Burke is strong. You just have to consider your finances and decide whether you will be too house poor if you buy. I would think that it would be pretty easy to rent within a school district if you needed to relocate.

[Anonymous]

Anonymous wrote:I'm a single mother who bought a townhouse. Not sure what the problem is. Better than a condo where your condo fee could also go up 10% every year.

Unless she buys a single home in an older community, there's going to be HOA fee and that goes up annually as well.

[Anonymous]

Anonymous wrote:I'm a single mother who bought a townhouse. Not sure what the problem is. Better than a condo where your condo fee could also go up 10% every year.

Good point.

Most of the townhouses have HOA fees as well. Do they generally not rise like condo fees?

[Anonymous]

Don't forget property taxes and homeowners insurance goes up annually as well, this could make your monthly payments higher.

[Anonymous]

Anonymous wrote:I don't see a problem, and everything (including rent!) is risky if you are worried about losing your job. The school district in Burke is strong. You just have to consider your finances and decide whether you will be too house poor if you buy. I would think that it would be pretty easy to rent within a school district if you needed to relocate.

Agreed, renting would not be too difficult, but I feel bad hauling our lives from one place to another constantly. Maybe that is just something I have to get over.

Honestly what sticks in my mind is that my Xbox condo in 2006 and still cannot sell it for the price that you bought for nearly 8 years ago.

[Anonymous]

Single mom here, I bought a SFH in S. Arlington with 3% down. Found it on Homepath. Yes, my property taxes have gone up, so do calculate that into your budget, but I see no compelling reason not to buy if you can swing the closing costs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm a single mother who bought a townhouse. Not sure what the problem is. Better than a condo where your condo fee could also go up 10% every year.

Good point.

Most of the townhouses have HOA fees as well. Do they generally not rise like condo fees?

They do rise, but they are generally not as high as condo fees.

[Anonymous]

Anonymous wrote:Single mom here, I bought a SFH in S. Arlington with 3% down. Found it on Homepath. Yes, my property taxes have gone up, so do calculate that into your budget, but I see no compelling reason not to buy if you can swing the closing costs.

+1 Another single mom here and I did the same thing except I found my home through a realtor and the house was in foreclosure.

[Anonymous]

curious--why a 3 bedroom if you have one child and are single and can't afford the downpayment?

less risky to buy a 2 bedroom for less money, no?

[Anonymous]

Anonymous wrote:curious--why a 3 bedroom if you have one child and are single and can't afford the downpayment?

less risky to buy a 2 bedroom for less money, no?

2bedroom townhouse is harder to sell and just slightly less $ than a 3bedroom. if it's a townhouse, i would prefer 3-4bedroom.