In areas where there is a high population density, buying a townhome may be the most feasible option when you are looking to invest in your own home. Even though these structures are much like any ordinary home, they do come along with some differences. Therefore, the buying process should look a little different, as well. Here is a short checklist to help you along the way so that you get what you want out of a new townhome investment.
1. Ask about the HOA
Just about every townhome is going to be part of an HOA. These housing units are shared structures with several aspects of the property that may need to be handled by an overseeing organization. For example, the HOA may handle landscaping and making general rules for the community. You will want to know about the HOA before you make an offer just to make sure you do not get stuck with any kind of restrictions you do not want.
2. Find out about parking availability
Parking is a big thing to consider when you buy a townhome or a condo. Most of these places will not have much in the way of private parking. Some will only have curbside parking for one or two vehicles, and some may have a very small driveway only big enough for one car. Many townhomes will offer only shared parking in a parking lot. Decide what will work out best for you and let your real estate agent know what you need.
3. Consider worthy amenities
Swimming pools, fitness centers, playgrounds—there are all kinds of amenities that may come along with a townhome in a community. Sit down with your family and decide which amenities are actually something you will utilize on a regular basis. Even though all those extras can be attractive, they can drive up the price of the home, so knowing what it is you really want will prevent impulse buying that will land you with a townhome with a high price tag and amenities you never use.
4. Prepare your ideal budget
Buying a townhome can come along with a few added expenses compared to buying a regular home. You will have fees for the HOA dues, fees relative to ongoing maintenance, and maybe even annual payments for the use of amenities. Before you start the shopping process, know how much you will have to spend in addition to your mortgage payment.
