Some things to consider when looking for a townhome are its location within the city, amenities offered, unit placement and homeowner association fees, explains The Nest. Other considerations, such as owner occupancy rates, are particularly important when purchasing a townhome or condominium, states the Mortgage Almanac.Continue Reading
The owners of a townhome usually pay a homeowners association fee, notes The Nest. Associations periodically determine the fees based on expenses incurred for maintenance, such as landscaping or pool upkeep. The fee is often wrapped into mortgage costs, though renters may experience fluctuations in rent prices depending on the established dues.
When selecting a townhome, it is critical to gauge how many of the units are occupied by an owner versus occupied by a renter, according to the Mortgage Almanac. This helps with mortgage approval rates, typical occupant satisfaction and resale value. Lenders recommend that at least 60 percent of the units house the actual owners of the unit.
By joining a townhome community, a person is joining a social group, describes the Mortgage Almanac. As such, it is wise to consider carefully the neighbors and neighborhood prior to making a commitment. The downside of shared walls includes a loss of privacy, while the upside is a greater sense of security, mentions The Nest.
Amenities offered, such as walking trails, sports activities and park space, can influence the living experience tremendously, says The Nest. Also, it is helpful to consider if the townhome is at the end of a building or situated between other units. While privacy is lessened with the latter, so are utility costs.Learn more about Finding a Home