Townhomes can be a terrific option for homebuyers searching for an ideal balance between condo living and single-family residences. They offer the same financial advantages but are generally more affordable than a typical single-family home. Like condos, most townhome communities are governed by a homeowner’s association, which sets rules covering the maintenance of some or all of the exteriors or shared amenities.
If you’re looking to purchase a townhome, here are few important questions you should ask during your search:
What’s the homeowner’s association like?
Communal areas within a townhome community such as the parking lot, recreation center, park, and other common areas are often controlled and regulated by its homeowner’s association or HOA. You need to know if there are any additional maintenance costs required by the HOA, and whether or not they’re something worth paying for. Keep in mind that you already have aa mortgage to deal with, so it’s up to you if you can accommodate other bills on top of that.
Which aspects are covered by insurance?
In some townhouse communities, the HOA will cover part of the insurance. In other communities, insuring the property will be up to you. It’s important to find out what the policies are in the townhome and what you have to do in order to insure your home and belongings in case of unexpected situations.
Look into what type of situations are covered, such as damage from floods or earthquakes. If the townhome’s location is vulnerable to disastrous situations, you may want to consult an insurance agency to review the policy and enhance it if necessary.
How’s the privacy?
Unlike a condo where you’re surrounded by neighbors on nearly all sides, you’ll only have neighbors on either side when you’re living in a townhome. Noise levels however, may still be unpleasant, especially if you happen to live right next to neighbors who enjoy listening to loud music, for example.
Remember to ask current residents of the townhome community regarding the environment. Are there any problems with transportation sounds? Can they hear their neighbor’s TV through the wall? Visiting the community during different times of the day may also help you gauge the environment’s noise levels and how it could affect your lifestyle.
What’s covered by the CC&R?
Rules set in a townhome community are covered in the covenants, conditions, and restrictions or the CC&Rs. The CC&R can specify who can live in your home, your obligations in the event of a pest infestation, rules on pet ownership, and other aspects of day-to-day living.
While a townhome’s CC&Rs imposes limits on what you can do with your property, it offers plenty of benefits as well. A townhome community with residents who abide by the CC&Rs are often safer, well-maintained, and retain higher property values.
Searching for the perfect townhome in South Park, Myers Park, Dilworth, South End or other nearby communities? Get in touch with me today by calling (704) 576-8050 or sending me an email at Julie(dotted)anselmo(at)exprealty(dotted)com.