4 Tips for Choosing the Ideal Townhouse
It's wise to acknowledge that buying a home is a big investment. As such, every decision matters. Here are a few things to remember when purchasing a new townhouse.
There are many investment opportunities associated with purchasing a home. Many people who want to avoid the responsibilities that come along with buying a stand-alone house opt for a townhome instead.
However, there are entirely different factors to consider when shopping for connected housing. Making a hasty decision could lead to an unhappy lifestyle or even financial loss.
It's important to educate yourself on the aspects of owning and living in a townhome. Even if you plan on renting it out, these factors will still come into play.
Here are four tips to keep in mind when looking for townhouses for sale:
1. The Privacy Factor
Proximity to your neighbors is a major difference between a house and townhome. There's a good chance you'll be sharing at least one wall with an adjoining unit.
Before even considering a space, do a little research. Check the quality of the walls to find out if the noise can easily travel from one unit to the other.
Speak with other owners and residents nearby to get a sense of the level of activity in the neighborhood. Consider the amount of traffic and the proximity of the unit to the street as well.
2. Will You Be Part of a Homeowners Association?
Townhouses for sale are often part of a homeowners association. This means that there will be a fee for services like lawn care. Many times, these fees get added to the monthly mortgage.
A homeowners association typically has certain rules regarding the general upkeep and the appearance of homes in the area. You'll need to figure out what's your job and what they take care of.
HOAs are not all created equal. If you want a few laughs (or gasps), check out these HOA horror stories. While not all bad HOAs are obvious about it, sometimes all it takes is a question or two to get all the information that you need.
Also, if you have ideas for future renovations, you'll need to make sure they're allowed by the HOA.
3. Look for a Good Natural Environment
Even if you initially love the layout and quality of a townhome, you still want to consider the landscape and natural environment surrounding it.
Most townhouses have smaller yards, especially if it's a middle unit with neighbors on both sides. However, natural elements like big trees and good landscaping can make a huge difference.
Also, consider which way the unit faces and whether it gets a fair amount of sun. These are all elements that make a townhome more valuable and desirable to renters.
4. Look into Insurance
With any piece of real estate, you want to make sure the property itself along with your possessions are insured.
When looking at townhouses for sale, ask about insurance conditions. Many times, the HOA will handle some of the insurance. Other times, it's completely up to you.
If the HOA provides some level of insurance, find out exactly what it is. This way, you can make a proper estimate on what insurance you'll need if you decide to buy.
Shop Smart When Looking at Townhouses for Sale
Owning a new townhome is exciting. It may be a place where you can settle down and raise a small family, or start your life as a landlord.
Either way, it pays to do a little homework before you buy. Consider the tips discussed above whenever you look at a new property.
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