Need help choosing between 2 condos to purchase!

[Coronet]

Hi all! I need some advice. I'm torn between putting in an offer between two townhouse style condos I'm looking to buy. Sorry in advance for the lengthy post!

About me:
- I'm single, 24, going to live alone or maybe with a potential roommate in the future.
- I have time to do renovations such as painting/updating lighting, but I've never done it so there will be a learning curve.

Condo similarities:
- Both are townhome-style (I only share common side walls, not floors)
- Both are in the same condo community & share the same HOA
- Both have electric heat/AC
- Both have had roof repairs by the condo association within the past 7 years (covered by HOA fee)
- Both condos are 35 years old

Condo #1 - bigger, but not renovated
Condo #1 was very obviously owned by an older couple. It doesn't look like they've changed the carpets, kitchen, walls, etc. since the condos were built. It's the steriotypical senior's home. Think purple carpets, stark-white walls, floral wallpaper, very dated kitchen.
- 1900 sq. feet
- 2 bedrooms, 2.5 baths
- Asking $150k
- Pro: Washer, dryer, fridge, and stove included in price (they're dated, but functioning)
- Pro: Fully finished basement with a walk out back porch (the home is on a hill)
- Pro: Private balcony on the 1st floor level w/retractable awning
- Con: Carpets would have to be replaced throughout the house (not the basement since it's tile)
- Con: Walls are dirty & need paint
- Con: flooring in the kitchen and bathrooms I'd like to redo as it's old and ugly
- Con: Wall fixtures such as lighting are super dated and I'd like to replace these as well
- Con: Home is located nearest to the road & faces the road so you can hear passing traffic

Condo #2 - smaller, but renovated
Condo #2 is owned by a family who are in their late 20s, early 30s. The house is immaculate inside and beautifully decorated. Carpets are new and pristine, updated kitchen, walls are neutrally decorated and beautiful.
- 1400 sq. feet
- 2 bedrooms, 2.5 baths
- Asking $165k
- Con: Washer/dryer/fridge not included. Stove included.
- Con: No basement. Storage is kind of lacking. There are no walk in closets for storage of boxes/holiday decor, etc. Just regular-sized closets.
- Con: Back porch view is just a parking lot and another building behind me. So the back yard is not at all private.
- Pro: Walls immaculate. Floors are classy stone tile. Carpets are new. Marble kitchen countertops.
- Pro: It's move in ready. I'd have zero work to do in this place.

Any thoughts on debating between these two condos? Which one would you pick?

[riverwed070707]

The only really bad point for me with house #1 is that it faces the street and you hear traffic. Is it a busy road? Since you have a nice setup in the back, this might not be a dealbreaker for me.

The things you dislike about house 1 can all be changed, the things you dislike about house 2 cannot. Additionally, the things you want to change/need to buy for house 1 can be done over time (and you have more of a budget to do it with since the house is cheaper) but with house 2 you'll need to purchase appliances and such right away. Paint is easy, quick and cheap, carpets can be done in a weekend and lights and flooring are things you can do as the funds become available.

The amount of sq footages isn't enough to make a noticable difference IMO, I would be looking more at layout and functionality -- then again I live in 625 sq feet so 1400 certainly doesn't sound lacking to me

You're also likely to have less competition with a house that doesn't have the visual appeal -- maybe you can work out quite a bargain that won't make you think twice about your decision. GL!

[Gary Barzel]

Does it make that much of a different to you the size of house #2. Take into account as well that being that house #1 was owned by an older couple who didn't put in much work, there's a possibility that things that are in working order will need replacement over the next few years. That being said it seems like the only things wrong with house #1 that you found is the fact that there's a need for some work to be done. If you don't mind tackling the work slowly and doing it at your own pace, then I think you seem pretty happy with it. From what you mentioned it seems like you would be happy there.

[MonkeyMama]

Personally? I'd keep looking. I'd prefer move-in ready, but seems like there are a lot of other cons with that place. (Cons I'd worry about, being lack of storage, and view).

All of the above said, I don't think replacing carpets, appliances, floors, and painting is that big of a deal. *If* you have the cash. As much as I prefer "move in ready" at a deal - these are not big/expensive renovations. BUT, I would only buy if this was a really good deal for the size.

IT sounds like some easy fixing. If you can be patient and find something similar for a similar price - but more updated - then I'd keep looking. Where I live, there would be better deals. That is why my initial reaction is to keep looking. BUT, if the first/larger home is really a steal, I'd consider it.

[BMEPhDinCO]

If you need to get one of them, get the first one. Paint isn't too hard, bring some friends over and it'll only take a weekend...for flooring, you can rip up the old carpet if it's really bad and put down new for a few thousand...or you can get a deep clean and see if that helps enough to live in it. Flooring in the kitchen and bath could be done gradually....either doing tile your self, putting down Earthscape type flooring (it's nicer fake stuff), or whatever else you wanted. But ugly means time, it's not immediate. And for the $15k difference + another $3k or so in appliances, you can do plenty with the first one...

But do make sure the houses are worth more than you pay by a bit...and put down 20% if possible, but at LEAST 10% - and look around some more first to see if anything else comes up, that's quite high for a townhouse in this economy and in your part of the country...

[Coronet]

Thanks for all the suggestions! I'm still so torn.

DMEPhDinCO, those prices might seem absurd, but they really are quite reasonable given my area. I list Philadelphia as where I'm from, but I'm from the suburbs around Philly (out of the hussle of the city since I hate it) and here anything that's the size I'm talking about with the same condition in a safe neighborhood is easily $200k+ so these are really great deals for me.

Two years ago these condos were worth 200k+ easily. I'm so glad they've gone down and are now affordable. My mortgage is going to cost LESS than what I'm paying to rent a 1 bedroom, 1 bath 750 sq foot apartment (Currently I pay $1055+35 cat fee, but in 2 months my rent goes up to $1108+35!).