Is a Townhouse Right For You?
A townhouse can be the ideal compromise between a single family home and a condo apartment. A townhouse, or townhome, allows you more freedom over your space and sometimes gives you more private room outdoors. However, you are still sharing your space with other people, along with the financial costs of the building.
No matter what kind of real estate you buy, there are expenses for upkeep. Unlike a single-family home, a townhouse will require a monthly strata or HOA fee that covers maintenance, repairs and replacements. You will not have to pay this if you buy a single family home, but then again, all the expenses of maintenance, repair and replacement will be your responsibility. Overall, a townhouse is cheaper, with the added bonus of little or no exterior maintenance required.
Townhouses come with neighbors - the other owners or renters in your complex. If you don’t mind living close to other people, this may not be a problem, especially if they value their property and strive to keep it clean and welcoming for everyone. However, if neighbors are noisy or filthy, you’re going to have to deal with it. The other townhouse owners are also going to be members of your townhouse association and have certain powers over what you can do with your unit.
Townhouse associations are in charge of deciding how the money from the fees will be spent. Many townhouse complexes hire maintenance done, which means the cleaning of the interior, exterior and grounds care is going to cost you, the home owner. If there are major repairs or replacements decided upon, you may be charged an assessment for your share if there is not enough in the reserve. It is wise to inquire as to how much is in the reserve, how much has been previously spent and on what.
The CC&Rs are extremely important when considering a condo townhouse. These are the covenants, conditions and restrictions that govern daily life in your unit. Can you have pets? What kind? Are there limits on pet sizes? How about outdoor belongings? Some complexes have rules about the kind of patio furniture you can have. Can you deal with that kind of restriction? Ask for a copy before making an offer on a townhouse.
Like other kinds of real estate, townhouses come with property taxes and mortgage expenses. Changes to the interior are the responsibility of the homeowner, as are appliance replacements. Budgeting for all aspects of townhouse cost is the best route to happy and financially secure home ownership.
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