Buying a home is an exciting process where you can tour through living spaces and properties to find one that you love and that fits your budget. Here are some recommendations to help you as you search for townhomes for sale in your area.
Calculate Home Ownership Costs
When you are buying a townhome, there are many types of homeownership costs that you need to be prepared for, both before you close on the purchase and after you get your keys. With a townhome, you want to make sure you understand the costs to maintain the property, such as utilities, property costs and taxes, and HOA fees for the homeowners' association.
A homeowners' association is the established group that manages the property's maintenance and regulates its condition in the common areas. The HOA is going to collect the monthly HOA fee from you, then when the roof needs replacing, the snow needs to be removed from the sidewalks, or other property costs arise, they are provided for from the funds. The HOA fee is going to vary in cost based on the type of property and if there are other community areas. For example, if the townhome also has a community pool, tennis courts, and playground, then the HOA fees will be a bit more to cover the maintenance of these areas.
Find out what type of utilities the home is connected to and the heating or air conditioning. This can help you estimate how much your utilities will be if, for example, the townhome you want to buy is much larger than your existing residence. It can be more expensive to heat and cool a larger space, so make sure your budget covers it.
Recognize Rules and Regulations
Your HOA is also going to regulate any types of exterior additions you can make, such as building a backyard deck or installing a storage shed, and also what types of vegetation you are able to plant in the yard. Make sure that you understand if the HOA has regulations against allowing outdoor pets or setting up a backyard trampoline for your children.
These regulations are set up to keep up the property's condition and to maintain its value with all the various activities and residents who live there. It will prevent, for example, your neighbor from storing their broken-down vehicle in the parking lot which will detract from the property's value and condition.