It’s exciting to buy a home, and you can get a place you really love if you’re willing to spend the time looking around. Don’t choose the first thing that seems all right to you, especially if you’re looking for a place where you can live for a long time. The type of house you get may really affect how you feel about living there, so it’s important that you make the right choice. If you want to own your own home but you’re not sure about dealing with exterior maintenance, or you enjoy the close-knit feeling of apartment living, you may want to consider buying a townhouse. So, what is a townhouse, and is it right for you?
What is townhouse living like?
Living in a townhouse can be very comfortable, because you have people close by to socialize with but you also have your own private space. You own your home, but you don’t own the building, so you only need to insure and maintain the space that’s within your particular townhouse unit. Everything outside of your front door will be maintained and protected by someone else, so you have less liability for problems. However, if there are big changes or repairs that need to be made the owner of the building may want all of the townhouse owners to pitch in and help through a special assessment or added fee.
How is it different from an apartment?
When you’re buying a home you may be thinking of a detached house with some land around it. Many people like the space that provides, but it’s not for everyone. Some people prefer apartment-style living, but they don’t want to rent for the rest of their lives. If you’re one of those who likes the community feel, you can buy a townhouse instead of renting an apartment. Then you no longer have to worry about a landlord raising your rent or making other changes, and you can do whatever you want to the inside of your unit. Many townhouse communities are also not as large as apartment buildings, so you might not feel as crowded or closed in.
What are the biggest benefits?
Among the biggest benefits of living in a townhouse is the maintenance and other protection you have, that you don’t need to worry about. Cutting the grass or fixing the roof will never be issues you’ll need to be concerned with. Someone else will always do those things. If you have a busy life where you travel a lot, you also won’t need to worry about an unattended house sitting vacant while you’re gone. Your unit will be safer than a stand-alone house because it’s in a community where there are other around to watch out for you.
Is it going to be noisy?
One of the things you should consider carefully when you purchase a house is it’s location. You don’t want noisy neighbors or a lot of other problems. A townhouse may bring you a little bit more noise than you would get with a stand-alone house, but that’s not necessarily going to be the case. Many townhouse communities are well-insulated, so your unit will be very quiet. Make sure you spend plenty of time there before you buy, so you get a good idea of how much noise you may be able to hear, both in the unit and in the surrounding area.
Are there extra costs that come with a townhouse?
When you look for a townhouse to purchase, one of the most important things to consider is the cost of fees that you may have to pay for maintenance and amenities, as these will be required even after you’ve paid off your mortgage loan. That isn’t necessarily a bad thing, but it’s something you want to be aware of. Like condominiums, townhouses often have HOA-style governing bodies that handle the operation of the building. You should find out up front how much the townhouse fees are going to be and whether they can rise, along with how often they can change and if there is any cap on how high they can go. Also be sure about what they cover, so you know if there are additional coverage options you need for protecting your belongings or taking proper care of your unit.
Is it harder to get financing for a townhouse?
Most people don’t pay cash for their homes. They finance through a bank or another type of lender. When you head to your lender to get mortgage preapproval, make sure you let them know if you plan to buy a townhouse. You may have a bit harder time getting financed on this type of purchase because the building itself, its condition, and the financial health of the company that owns it may need to be taken into consideration. None of that would be an issue with a free-standing house, and some lenders are more particular about their requirements than others. By being up-front with your lender about the type of property you plan to buy, you can get the preapproval you need from a lender who will help you get your loan through and get you into your new townhouse.
2 Point Highlight
If you want to own your own home but you’re not sure about dealing with exterior maintenance, or you enjoy the close-knit feeling of apartment living, you may want to consider buying a townhouse.
When you look for a townhouse to purchase, one of the most important things to consider is the cost of fees that you may have to pay for maintenance and amenities, as these will be required even after you’ve paid off your mortgage loan.
