Free Townhouse
Buy-one-get-one free marketing is making a move from the grocery store aisle to the real estate market. Developers in Escondido, California are throwing in a free townhouse for their homebuyers. Will it be enough to entice buyers during the housing market slump?
Ref. ABC Nightline
I suppose it depends on the location of the townhouse. I know as commuters we have discussed purchasing a small condo in town for those long days when we have to stay in town late or when the weather is too bad to drive home, or whatever. If we were offered a free townhouse in the right location it might be enough to entice us to purchase one home over one without the offer. But both the home and townhouse would need to be in the right location or what would be the point.
International Level: Activist / Political Participation: 32 3.2%
It is an interesting thought and I would do it a heart beat kid! If I could have a home 2 hours north of here where there is open air and one is this smog belt I would do it gladly. I could manage the tax and bills of maintenance just the mortgage is too much so me count me in! Blue skies green trees and the fresh smell of animal gifts in the air oh yeah!
International Level: Senior Politician / Political Participation: 188 18.8%
I am with Alaskann here. It would depend where the townhouse is at. I would not want one in a location where it is unsafe. I prefer to have one that is convenient to work so we could look at better savings due to rising fuel costs. Having to beef up security because the free townhouse is not in a good place would not appeal to me at all.
I believe the story I saw said buy a $1.4M house and get a $400K condo in downtown San Diego. It is just another way to discount the main purchase. If you can afford the main purchase and it is a house you want, buy it. You can always sell the the condo if you won't use it and use the money to pay down your loan.