Q:

What should you consider when buying a new townhome in New Jersey?

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Quick Answer

Hoboken Attorney explains that issues to consider when buying a new townhome in New Jersey include the building's completion time, tax rates and abatements, and the possible need for flood insurance. Bergen County Homes points out that condo buyers need to ask questions about the condominium association's rules, financial health, management company, elected leadership and hazard insurance.

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Full Answer

The New York Times explains that as of 2013, New Jersey has been experiencing a real estate boom in the form of condos built along the Hudson River, which many view as an affordable and pleasant alternative to New York City. However, the difference in value between condos on or near the river and those even a few blocks back can be significant. New townhome buyers should be aware of the differences between these locations as they consider possible purchases.

According to Bergen County Homes, condo and townhome buyers should review the condominium association's rules and financial statements carefully before buying. Specific issues to look for include whether the condo association restricts an owner's ability to rent out the unit, restrictions on pet ownership, how the management company responds to requests for repairs, whether the association has a capital improvements fund and how cooperative the elected leadership of the association is to questions from owners.

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