Real estate market prices are rising in many areas of the country, with some home prices becoming increasingly out of reach and more expensive than many individuals can afford. But with townhomes and other multi-unit properties creating a more affordable option, home ownership is a more realistic goal that you can work toward. So when you look at buying a townhouse or condominium, because it shares boundaries with other units and often shared spaces, there are some recommendations you need to be aware of to make your upcoming purchase easier and less stressful. Here are some considerations to help guide you through the selection process of your next townhome purchase so you can be prepared to know what to expect in the process.
Landscaping Management
One of the features of a townhome is a connected outdoor space, usually off the back of the patio and sometimes with a privacy fence. Whether the backyard space attached to a townhome is encircled by a fence of not, you will want to find out if the yard area is your own private space in which you can plant your choice of vegetation and garden plants.
Talk to the listing agent of the townhome to find out what types of restrictions may be in place with the HOA (homeowner's association) and if you have the freedom to add in your own landscaping or if you are only permitted to plant specific vegetation or vegetation only in your own pots on the attached patio.
You may also want to find out if the HOA management will hire the needed landscaping services to keep up the landscaping for the specific unit in addition to the entire community. Sometimes a townhome HOA will only care for the common areas and the front landscaping, whereas the landscaping in your own backyard space is your responsibility.
Property Amenities
Another benefit with a townhome that you will need to be aware of and ask some additional questions about is the types of amenities that will be shared within the property that you have access to. A townhome community may have a community room you can rent and use for parties and have a private exercise facility or a pool, which comes with your part of the property ownership. Because the townhome likely has an HOA fee for each owner, the fee will cover the upkeep and maintenance of these areas, which you will have access to use and enjoy.
Find out what types of amenities are available and their hours of availability and any rules and regulations you need to be aware of. For example, if the pool is an outdoor pool, what months is it open for use, and what are its hours during its open season?
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!