Are you thinking about buying a townhouse? Don’t rush into your decision.
There are many home choices these days including condos, townhomes, and houses, and each has its pros and cons. Buying a townhouse can be a great option, but you’ll need to consider some things before you take the plunge.
Here are 7 important factors to consider before buying a townhouse.
1. Know Whether You’ll Hire a Real Estate Agent
One of the things to consider before buying a townhouse or any other property is whether you want to hire a buyer’s real estate agent or not.
While you’ll need to pay a commission to a real estate agent, the value they provide can be well worth it. They can give you a lot of advice on townhomes in your area and what their average prices are and can help you spot good deals. An agent can also help negotiate for you and handle the closing process.
While buying a townhome alone is possible, it’s best if you get some help to do it.
2. Find Out About HOA Fees
When considering townhouse options, you need to make sure that you know what to expect from all HOA fees and other maintenance costs. In many cases, the townhome will be part of a homeowner’s association (HOA) and it will be necessary to pay your share of fees on a regular basis.
If the HOA fees are high, you may not live as cheaply in a townhouse as you may expect after purchasing one. You’ll need to consider the fees carefully when buying a townhouse to ensure that it will be worth it for you and that you’ll be able to budget for it.
3. Know the CC&R Specifics
In addition to knowing what the HOA fees are, you should also know what the covenants, conditions, and restrictions (CC&Rs) are as well. CC&Rs are rules that well need to be followed if you live in certain communities and there will likely be some to follow in a community where you buy a townhome.
These rules can specify a lot of things regarding how you can use your property and how you need to behave in the neighborhood. They’ll specify whether you can have pets, who can live in your townhome, and more.
You’ll want to consider what’s included in these rules when you’re thinking about buying a townhome.
4. Learn More About the Neighborhood
It’s also important to consider the neighborhood itself and its general atmosphere if you’re thinking about buying a townhouse property.
While a townhome does offer some privacy, you’ll still be in close proximity to your neighbors. If there’s a lot of noise in the neighborhood or if it otherwise doesn’t seem to suit you, you’ll want to know about this before you buy a townhome and move in.
It’s a good idea to spend some time exploring the area surrounding your potential townhome before you decide to buy it. This way, you can know what to expect once you start living there.
If you want to buy a great home, you may want to look for a townhouse in Soller.
5. Consider the Privacy You’ll Have
Your privacy should be a key consideration when buying a townhome. You should get an idea of exactly what to expect and how close to your neighbors you’ll be.
You should find out if the house will be sharing walls with other townhouses or if they will be physically separated. You should also consider the privacy you may have in outdoor spaces such as on the patio or on the porch.
Some townhomes that you can buy will have more privacy than others, so be sure to look at the specifics of each one when trying to make your choice.
6. Get the Townhome Inspected
Before buying a townhome, you should make sure that you get it inspected by a professional.
It’s a very good idea to hire a third-party inspector to take a close look at the house and to determine if there are any problems that you should know about. Regardless of what the HOA does to take care of the exterior of the home, be sure that the inspector will examine it as well.
If the inspector finds any problems, make sure that they are dealt with before you buy the home. The inspection may also help you to negotiate a better price for the house as well depending on what the findings are.
7. Find Out What to Expect From Insurance
If you think that townhouse living is for you, you should also find out what to expect from insurance.
In some cases, the HOA will cover part of the insurance for the townhouse. For others, you’ll need to handle it completely yourself. Either way, you’ll need to make sure that you’re covered and that the protection you’ll get will be adequate for covering your belongings should anything happen.
You should also consider your location and what kind of potential disasters may be possible where you’ll be buying the townhome. You may need to ensure that there is flood damage coverage or protection from things such as earthquakes.
Be sure to find out specifically what you can expect when speaking with an insurance agency and when finding out what the HOA will cover.
Considering These Tips When Buying a Townhouse
If you’re thinking about buying a townhouse, make sure that you know what to expect. Be sure to consider all of the important factors listed above when trying to decide if buying a townhouse is right for you.
Hoping to find more real estate tips? Read through our blog to find more helpful real estate guides and articles.