Tips For Buyers Looking At Townhomes For Sale
Posted on: 6 October 2022
If you want to own a home in a community with a swimming pool and other amenities without the hassle of taking care of them yourself, then buying a townhome is a phenomenal option.
Townhomes are individually-owned homes connected to other homes by at least one shared wall. Townhomes are often less expensive than single-family homes and are a great way for first-time homebuyers to get on the property ladder.
Here are some tips to keep in mind when looking at townhomes for sale.
Tip: Get Pre-Approved for a Mortgage and Lock In an Interest Rate
With the current market uncertainties and raising interest rates, it's a good idea to get pre-approved for a mortgage and lock in a rate as soon as possible.
When you are pre-approved for financing, your offer will be taken more seriously by sellers because they aren't at risk of signing a contract with a buyer who ends up not being able to obtain financing.
While no one can foresee the future, mortgage interest rates are expected to continue to raise so locking in a rate as soon as possible can save you a lot of money.
Tip: Review the HOA Financial Documents and Rules
Townhomes are often in neighborhoods with homeowners' associations (HOAs). This means there may be rules about anything from what color you can paint the exterior of your townhome to what trees and landscaping you can plant.
HOAs also often have monthly or yearly fees all townhouse owners pay. The HOA fees are used to take care of the community landscaping, swimming pools, and other costs shared by all members. These fees can be just about any amount depending on the amenities and costs they need to cover.
When you are considering the purchase of a townhome or other home within an HOA, it is vital you get a copy of its financial documents and ensure there are enough funds to cover the expenses. If you need help understanding the HOAs financial reports, you can consult either an accountant or an attorney.
Tip: Work With a Buyer's Agent
Finally, when looking at townhomes for sale, it is very important you are represented by a local buyer's agent.
A local agent will know the history of the townhomes you like and the reputation of the HOA. They can steer you towards better HOAs and properties and away from those you should avoid.
In addition, a buyer's agent represents your interests during the sales and inspection process.
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