When doing house hunting, most people get confused with their numerous options. One of the spectacular options most people go for is the townhouse which is between detached single-family homes and condos. When buying a townhouse, the process is always different from that of a condo and single-family home. It’s important to research the requirements when shopping for a townhouse. The townhouse differs in structure and size, but has multilevel residences attached to the common wall. Irrespective of the process, they are various benefits of living in a townhome, such as a cost that is often affordable. In the townhouse, unlike the condo, the owner typically owns the exterior land and the home’s interior, including the yard. This article will explore tips you need to consider when buying a townhouse.
The Pros and Cons of a Townhouse
They are Affordable: The townhouse costs less than single-family houses of the same size in the area.
You have Greater Ownership: Most townhouses allow you to have ownership over the exterior and interior of the home. Even though the rules of HOA are enforced on the aesthetic codes for the exterior, you have more freedom to change them than you would if you have a combo.
Requires Little Maintenance: The townhouses are smaller in size and often in smaller lots than freestanding homes, making them easy to maintain. Additionally, you are not responsible for maintaining your home’s shared grounds and the external. The homeowner’s association often takes care of these with a monthly fee.
Lack of Privacy: The townhouse is attached units which might not give you enough privacy as a detached single-family home. Sometimes you can hear your neighbors.
Tips for Buying a Townhouse
Hire an Experienced Real Estate Agent
Looking for a townhouse can be very challenging. That is why you need to consider hiring a reputable and well-experienced real estate agent to advocate when purchasing a home. The agent will guide you on the prices of the townhouse and provide you with information about the local market. They will help negotiate on your behalf and help you with all the paperwork and disclosures needed when purchasing a home.
Know the HOA Fees and What They Cover
Before closing a deal to buy the townhouse, paying attention to the homeowners association and what they cover is important. Additionally, ensure you evaluate the rules, financial statements, and regulations of all the development HOAs documents before buying. This will ensure there are no surprises when it comes to the restrictions and fees for the property.
Prepare for a Possible Bidding War
Most times, townhouses are often in demand due to their affordability. You might be in a bidding war with most first-time buyers running to buy them. In such cases, what makes you stand out is the amount you are willing to pay from the start and stick to the number. This is because, in case of a downturn in real estate, the prices of the townhouse tend to fall faster compared to other housing.
When looking for a townhouse, you must research the local market to prepare yourself financially. Additionally, have an experienced realtor to help you with purchasing, which is often tiresome. To add up the value, add a marble toilet is a good idea.