While the process of purchasing a townhouse is near identical to that of any other home styles, they are often equipped with many different features than that of a single-family home or even a condo. In many cases purchasing a townhome creates a more affordable option for many homeowner hopefuls as well as the possibility to downsize for those looking for a little less space. Just like with other housing styles, there are certain things you want to pay extra attention to when it comes to buying a townhouse.
Understand the HOA Fees and What the Cover
Easily the most important aspect of purchasing a townhome is understanding the HOA fees associated with the building, their reserve accounts, what the fees cover, etc. This helps you budget as well as get a feel for what is your responsibility and what is the homeowner association’s responsibility when it comes to repairs, maintenance, and upkeep.
Assigned Parking and Guest Parking
While many townhomes may have a garage space below the home, pending on the location of the townhouse you may notice that guest parking could be a struggle. Understanding the parking rules is key in your long-term enjoyment. Additionally, if you have multiple vehicles or your townhouse doesn’t come with a garage, makes sure to ask if there is assigned parking and if so, where that space is located.
The Condition of the Roof
Most of the time the roof is covered by the HOA, however much like with the first point, you’ll want to verify this prior to purchase. Even if the responsibility falls on the HOA, you’ll still want to inspect the condition of the roof thoroughly. If it shows sign of needing replacement soon this could be cause for the HOA’s reserve funds to be used, which unfortunately could cause a rise in your monthly dues.
Outdoor Space and Fencing
Many townhomes have a small section of outdoor space, whether a small patio, deck, or small yard, all of which are huge perks that draw attention to the housing style as it still allows homeowners to enjoy some outdoor space with minimal upkeep. One major thing to pay attention to is the fencing in your outdoor space as if it is damaged or shows signs of replacement you generally must get the approval of the HOA as well as your neighbors who may share the fence prior to replacing or upgrading the fencing.
While your neighbors play a huge role in the enjoyment of a home purchase of all styles, when it comes to a townhouse this is especially important as you’ll be sharing a wall with your neighbor and thus, you want to ensure that you all get along and can respect each other’s space as well as quiet hours that may be in place.
If you’re currently searching for a new home, whether a townhome or other housing style, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding Coastal Real Estate, please feel free to contact our office at any time.