The purchase of any home is one which you will want to complete with success, from the search to its terms negotiation and eventual purchase. A townhome is a slightly different type of property than a single-family home, so there are extra considerations you should take during your home hunt and up to closing. Here are some recommendations to help you search for the right townhome to purchase as your new home.
When you are looking for a home to purchase, the costs that come with that new home will likely be one of the more important details that you consider. You may be on a structured budget with your new home, which will not only include the mortgage payment. The mortgage payment is important and you need to shop around for one that provides you with a low interest rate to lower your payment as much as possible.
In addition to the mortgage, look at the condition of the townhome and if it is brand new or existing property. You may want to complete some upgrades to the interior, so evaluate if you want to include this in your mortgage or if you want to pay for it over time out of your pocket. Then, find out the cost of what you can expect for the townhome's utilities, such as electricity, water, gas, and internet fees. The HOA (homeowners association) fees will cover the maintenance of shared areas, such as a park and outdoor pavilion, pool, walking trail, or parking lot. Make sure you evaluate these costs altogether to make sure they fit within your personal budget.
Inspect the Property
In your townhome search, be sure that you look closely at the property and its interior along with the floor plan layout. For example, which walls are shared walls with your neighbors? This may be the laundry room, kitchen cabinets, and garage. However, if you share walls in the bedroom or bathrooms, check out the type of insulation that the shared walls include and how well the soundproofing is within the shared walls.
It is a good idea to hire a professional inspection to check into the structure and systems within the home, and any defects that may be present in the original construction or from age. If the townhome has an HOA, you should know what repairs will the HOA cover, such as the roof, exterior walls, windows, and exterior hardscaping, as examples.