Options to Consider When You Are Looking to Buy a Townhome

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Options to Consider When You Are Looking to Buy a Townhome

When it's time to buy your own home, it is important to make sure your purchase has all the bells and whistles you want in a residence and fits within your budget. Townhomes provide a great number of floor plans, features, and pricing options, as you have many good choices to fit your needs and requirements. Here are some options to consider when you are shopping for a townhome for your next residence.

Consider HOA Fees

When you opt to buy a townhome you are buying into a planned community with your home sharing walls with one or more neighbors. As part of the planned community, there can be additional features with the property, such as a playground, common area, swimming pool, tennis courts, and a workout room. All of these extra require upkeep along with the maintenance of your townhome's exterior and landscaping. 

So to pay for these extra costs, you will need to prepare for a monthly HOA fee for the Homeowners Association, which covers these maintenance costs. However, with these fees, you won't have to worry about paying for a new roof, replacing the air conditioner in your unit, and handling snow removal in the winter or mowing the lawn in the summer, as just a few examples. Ask your real estate agent to find out the HOA fees for the property and what areas of the property they maintain. 

Type of Outdoor Space

When you look at buying a townhome, the property you would be buying would also have access to an outdoor space, such as a backyard, side yard, or front yard. This space may be your own private space that no other neighbors have access to and are where you can have your children's outdoor toys or grow your vegetable garden. 

Check into the CC&Rs on the property or the covenants, conditions, and restrictions, which specify what rules and regulations apply with the property. Your real estate agent can help you with getting this information. The CC&Rs will let you know, for example, what type of additions you can add to your outdoor space, such as if you can set up an above ground four-foot deep swimming pool, or a swing set for your children. You can also find out if you will be able to add vegetation to the landscaping or if you would need to add your own separate gardening area to plant to your heart's content. 

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In Real Estate, It Pays to Have a Plan Real estate purchases are big purchases. You may pay several hundred thousand dollars, or even more, for a property. As such, there's not a lot of room for error. If you buy a house that needs a lot of unexpected work or end up in over your head when it comes to the mortgage, your dream home can quickly turn into a nightmare house. We want to help you avoid scenarios like that, which is why we share so much information about real estate on this blog. Our readers emerge more informed on a wide array of topics, from buying to closing.