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I bought a townhome when I lived in College Station when I was in college-real estate is cheap there and the mortgage was cheaper than renting, plus when I sold it I made a 10,000$ profit so I had a down payment on my condo I now live in.
I have only rented for 3 months in my life. My mother is a huge advocate for buying. I have to agree with her. The condo I bought 5 years ago is now worth almost twice as much and I will make a nice profit when I sell it. When you rent you throw your money away, when you buy you gain equity. I would not buy though unless you are going to stay in a place for 2 years or more or unless you plan on renting it out. My friend is about to sell her house she bought 1.5 years ago but cannot until she has owned it for 2 years b/c she will have to pay a capital gains tax which apparently will eat deeply into her profit (not sure if this applies only to Texas). She will make a pretty good profit and has only owned the house for a short time. Real estate is a good investment IMO (if not the best investment) you can make.
When you buy it feels like you are truly home. I can paint my walls, tile my floors and do just about anything to the inside. I cannot touch the outside b/c the condo association has to give permission to change anything. Townhomes are different-no association, so you can pretty much do whatever you want to the outside-at least that is what I understand tobe the difference between a condo and townhome.
Disadvantages-when something breaks-you are responsible for paying for the repair, no one to call so make sure you get your place inspected before you buy and always ask how old the air conditioner, hot water heater, stove, refrigerator (if it conveys), etc.. is and if they are really old plan on a budget to replace them or get a homshield policy.
Let me know if you have any more questions.
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