Does it make more financial sense to purchase a single family house or a condo? +What...

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schillgc

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...are the tax advantages? I am a first time home buyer in Louisville, KY looking to purchase a home for my new family. We have an infant and don't plan to have any more than one more child. I am, also, aware of the $8000 tax credit if purchased this year, and we plan to take full advantage of the credit if at all possible. Additionally, I am aware that condos typically have maintenance fees, but are often times much cheaper than self maintaining a home plus any included amenities. My real question is which investment class will I be happier with and generate the most ROI from in the future? We may also need to consider the investment's liquidity as we may want to "Go coastal" in the next couple years, but we are tied to Louisville, KY for now.

Thanks for all your advise!
 
I would go with the house. Potential problems with a condo are changes in condo association rules, annoying adjoining neighbors, harder to sell, and there may be a restriction on renting it out later.
 
single family homes are easier to sell than condo's but each has it's own points as well. Make sure you know about all the fees with the condo and read the by laws so you don't do something they can fine you for doing
 
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