Are you considering buying a townhouse? Townhouses have been around for centuries in Europe, and they are a popular choice amongst Americans as well. Originally, townhouses were row houses in the heart of cities such as London, New York, and San Francisco. However, townhouses today can be located anywhere from bustling city centers to quieter suburban areas. In Europe, townhouses were originally aristocratic city homes for the wealthiest elite. Today, townhouses could be an affordable housing option for working professionals. If you are considering buying a townhouse, then read some guidelines below:
The advantage to buying a townhouse is that it can be much less expensive than a single family house. Although you most likely will have a small yard or an enclosed patio, you will not have to maintain a yard yourself. If you live in a townhouse with townhouses on each side, your heating bills will be much cheaper because your unit has very little exposure to the outdoors. Also, some people may be able to afford living in a certain area in a townhouse when it would be too expensive to live in a house. Townhouses with newer construction will most likely have better amenities than older homes as well.
You are still sharing walls with your neighbors, so you could be exposed to more noise than you would like to hear. If you like bigger yards or more greenhouses, then townhouses may not be for you. Sometimes townhouses feature less than desired amounts of natural light due to the unit location. Also, you will have to pay HOA fees,which means that you will also be subject to the HOA rules and regulations. Depending upon the market, buying a townhome can be a risky investment, and sometimes townhomes sell for a smaller price than the price in which they were purchased.
What You Need To Know About The HOA
When you are townhouse shopping, it is absolutely crucial that you research the HOA of the townhouse you are interested in. Can you afford the HOA fees and what do they cover? HOA fees could cover structural issues such as roof repair, which could save you thousands of dollars if something happens. However, will your HOA fees include fees for events that you don’t want to participate in, such as the neighborhood ornament swapping party? Who manages the funds and how are they managed? You do not want to pay fees for an HOA that shirks responsibilities or misuses funds.
Check Out The Neighborhood
Before investing in a townhome, it is important to drive by the neighborhood at different hours day and night to get a feel for the neighborhood. Just because a neighborhood is safe during the day doesn’t mean that it will be safe at night. Chatting with neighbors will also give you a feel for the types of residents that occupy the townhouses. Because you are sharing walls with your neighbors, you need to make sure that you will be able to live alongside them peacefully.
If you are interested in buying a townhouse, contact our mortgage brokers today to help find you the best mortgage rates today.