starting to think downsizing to a townhouse not worth it

[Anonymous]

Not every TH development has an HOA.

[Anonymous]

Anonymous wrote:We're empty nesters in a $1.2M home in a NYC commuter burb. We started looking at townhouses in the area to avoid having to keep doing lawn care and exterior maintenance, and to hopefully pocket half a million or so.

Sadly, it's become apparent that "downsizing" is not much of a deal. An 800K townhouse might have only two bedrooms and a one-car garage. For three bedrooms and a two-car garage, you're going to lay out close to a million. The taxes are slightly lower than for a single-family home, but add in the HOA costs and you're not saving anything.

To really put $$$ in our pocket after the sale of our home we'd have to find something for 700K or less, and there just aren't very many really nice townhouses in that price range with easy access to the city. I see now why my lovely neighborhood in a top school district is filled with empty nesters and even grandparents still occupying their large, single-family homes. Anyone else noticing this?

Yes, definitely. We will probably stay in this too big for us house and eventually put in an elevator or chairlift when needed.

[Anonymous]

Anonymous wrote:We're empty nesters in a $1.2M home in a NYC commuter burb. We started looking at townhouses in the area to avoid having to keep doing lawn care and exterior maintenance, and to hopefully pocket half a million or so.

Sadly, it's become apparent that "downsizing" is not much of a deal. An 800K townhouse might have only two bedrooms and a one-car garage. For three bedrooms and a two-car garage, you're going to lay out close to a million. The taxes are slightly lower than for a single-family home, but add in the HOA costs and you're not saving anything.

To really put $$$ in our pocket after the sale of our home we'd have to find something for 700K or less, and there just aren't very many really nice townhouses in that price range with easy access to the city. I see now why my lovely neighborhood in a top school district is filled with empty nesters and even grandparents still occupying their large, single-family homes. Anyone else noticing this?

In this area, many townhomes are larger and more expensive than single family homes- just depends.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're empty nesters in a $1.2M home in a NYC commuter burb. We started looking at townhouses in the area to avoid having to keep doing lawn care and exterior maintenance, and to hopefully pocket half a million or so.

Sadly, it's become apparent that "downsizing" is not much of a deal. An 800K townhouse might have only two bedrooms and a one-car garage. For three bedrooms and a two-car garage, you're going to lay out close to a million. The taxes are slightly lower than for a single-family home, but add in the HOA costs and you're not saving anything.

To really put $$$ in our pocket after the sale of our home we'd have to find something for 700K or less, and there just aren't very many really nice townhouses in that price range with easy access to the city. I see now why my lovely neighborhood in a top school district is filled with empty nesters and even grandparents still occupying their large, single-family homes. Anyone else noticing this?

Yes, definitely. We will probably stay in this too big for us house and eventually put in an elevator or chairlift when needed.

Put in an elevator? Isn’t that something that needs to be built into the house from the start?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're empty nesters in a $1.2M home in a NYC commuter burb. We started looking at townhouses in the area to avoid having to keep doing lawn care and exterior maintenance, and to hopefully pocket half a million or so.

Sadly, it's become apparent that "downsizing" is not much of a deal. An 800K townhouse might have only two bedrooms and a one-car garage. For three bedrooms and a two-car garage, you're going to lay out close to a million. The taxes are slightly lower than for a single-family home, but add in the HOA costs and you're not saving anything.

To really put $$$ in our pocket after the sale of our home we'd have to find something for 700K or less, and there just aren't very many really nice townhouses in that price range with easy access to the city. I see now why my lovely neighborhood in a top school district is filled with empty nesters and even grandparents still occupying their large, single-family homes. Anyone else noticing this?

Yes, definitely. We will probably stay in this too big for us house and eventually put in an elevator or chairlift when needed.

Put in an elevator? Isn’t that something that needs to be built into the house from the start?

DP. You can install a pneumatic vacuum elevator.

[Anonymous]

There are some one-level townhomes out there, mostly in 55+ housing. Here's an example in Sterling, VA. It's a 2BR + Den, 2BA, with 1 car garage. It sold at $782K last month. Condo fees are $347 a month which is reasonable considering the amenities.

https://redf.in/m1Y3bd

[Anonymous]

Anonymous wrote:There are some one-level townhomes out there, mostly in 55+ housing. Here's an example in Sterling, VA. It's a 2BR + Den, 2BA, with 1 car garage. It sold at $782K last month. Condo fees are $347 a month which is reasonable considering the amenities.

https://redf.in/m1Y3bd

That's a duplex, not a townhoome.

[Anonymous]

My wife and I own a SFH in Sterling and we’re considering downsizing to a condo near the Reston Town Center when we retired. There’s a current listing that fits what we would be interested in (https://www.redfin.com/VA/Reston/1830-Fountain-Dr-20190/unit-1004/home/9855887) for $875k. However the HOA is $1365/mo, which is more than ten times what we’re paying now. That’s on the high end, but some of the other HOA fees are in the $800-$1000/month range. I don’t know if we can justify that, and really wonder: what do you get for that? Where does all that money go?

[Anonymous]

Anonymous wrote:My wife and I own a SFH in Sterling and we’re considering downsizing to a condo near the Reston Town Center when we retired. There’s a current listing that fits what we would be interested in (https://www.redfin.com/VA/Reston/1830-Fountain-Dr-20190/unit-1004/home/9855887) for $875k. However the HOA is $1365/mo, which is more than ten times what we’re paying now. That’s on the high end, but some of the other HOA fees are in the $800-$1000/month range. I don’t know if we can justify that, and really wonder: what do you get for that? Where does all that money go?

It’s in the listing…you get access to two gyms, an outdoor pool, club room and other amenities, and I assume it covers all utilities?

You may not value those things which is the issue.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are some one-level townhomes out there, mostly in 55+ housing. Here's an example in Sterling, VA. It's a 2BR + Den, 2BA, with 1 car garage. It sold at $782K last month. Condo fees are $347 a month which is reasonable considering the amenities.

https://redf.in/m1Y3bd

That's a duplex, not a townhoome.

There's 5 or 6 units attached in that row. It feels like a duplex, but I'd say that it's a townhouse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My wife and I own a SFH in Sterling and we’re considering downsizing to a condo near the Reston Town Center when we retired. There’s a current listing that fits what we would be interested in (https://www.redfin.com/VA/Reston/1830-Fountain-Dr-20190/unit-1004/home/9855887) for $875k. However the HOA is $1365/mo, which is more than ten times what we’re paying now. That’s on the high end, but some of the other HOA fees are in the $800-$1000/month range. I don’t know if we can justify that, and really wonder: what do you get for that? Where does all that money go?

It’s in the listing…you get access to two gyms, an outdoor pool, club room and other amenities, and I assume it covers all utilities?

You may not value those things which is the issue.

HOA fees usually do not cover utilities.

[Anonymous]

That's why we bought a house with a big bedroom on the first floor. I plan to be here as long as I can. I don't need the basement except for laundry and can just never go upstairs once the kids leave for college.

[Anonymous]

Anonymous wrote:That's why we bought a house with a big bedroom on the first floor. I plan to be here as long as I can. I don't need the basement except for laundry and can just never go upstairs once the kids leave for college.

That was smart. Builders are starting to put a primary suite on the main floor. We'd have to convert a large office space by adding a closet and bathroom.

[Anonymous]

Anonymous wrote:That's why we bought a house with a big bedroom on the first floor. I plan to be here as long as I can. I don't need the basement except for laundry and can just never go upstairs once the kids leave for college.

That was smart but for some reason those homes are very rare in the DC area, especially in MD.

I looked for one for years and still occasionally look but that first floor primarily bedroom is still rare even in new builds. I don't understand it.

[Anonymous]

Anonymous wrote:

I am older GenX with a townhouse in a good area and already I hate my stairs. My elderly parents can’t come visit because of the stairs, and even I see myself taking a tumble some day. I want something on one floor, with dedicated indoor parking, and no maintenance. Two bed two bath at a minimum. Walking distance to a grocery store and other amenities. Public transit nice to have. So I will probably go to a full-service condo in the next ten years.

Mid-Gen X and I hate our townhouse. It is a “nicer” townhouse but the stairs are awful and it feels narrow and cramped. Once my teens are in college, I would love to move into a 2 or 3 bedroom condo in one of the grand old buildings in DC with plaster walls, hardwood floors, and radiator heat, but it doesn’t make sense tax wise.

Rent in DC. Why do you need to buy? Not worth it.

Keep the house you own and rent it out. If you hate the condo life, go back to your house.

A paid off house or one with a low interest rate is a very valuable hedge against uncertainty. It gives you flexibility to try new things, all while monetizing the value of the home as a landlord.