What To Consider When Purchasing A Townhome
Posted on: 22 October 2019
Looking to buy a home and considering a townhome? It will help to consider the following things before you move forward with making an offer.
Affordability
You definitely need to consider your budget when deciding to get a townhome. Since townhomes are in a communal space with shared walls and yards, you can expect to pay less for a townhome when compared to a single-family home. This will work great if you are a first-time home buyer looking to purchase a starter home or if you simply have a small budget and looking to move to a place that you own instead of one that you rent.
Lifestyle
A townhome will work great if you have a lifestyle where you do not want to put too much time into the maintenance of your home. There will be a property management company that handles a lot of upkeep, such as cutting grass and shoveling snow, which means you do not have to spend the time to do it. This is ideal for people who are looking for a second home or who frequently vacation since you don't have to be home for upkeep on the exterior.
Upkeep Cost
Be aware that townhomes do have fees that you have to pay for maintenance and management as part of living in the community. They are fees that do not go away and that typically go up in price over time. This is often something that scares people away from getting a townhome, but it is not necessarily a bad thing. Owning a single-family home means that you are responsible for your own maintenance, and you will be paying for things out of your own pocket in that situation. You can't get away from paying for maintenance costs, no matter what home you get.
You can inquire about the financial situation of the community before you buy. Request board meeting notes to see how much money the community has in reserve for maintenance, as well as how often and by what percentage they increase the fees. If there are reasonable cost-of-living increases, that's a sign that the community is managed well.
Appreciation
Real estate is something that typically goes up in value over time. If you are looking to purchase a home for the long haul, know that a townhome will likely increase in value the longer you own it. Even if a townhome doesn't increase in value as much as other styles of homes, it is money that you'll make as the home appreciates in value.
For more information, start looking at townhouses for sale.
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