Are you considering buying a townhome? The quick way to think of a townhome is that it is in-between an apartment and a house. Although you may own it, there can be a number of restrictions, but it will give you more freedom than an apartment.
Most townhomes are part of a homeowner’s association. The upside to an HOA is that there are rules and regulations that must be followed by each homeowner to keep up with the community’s image. Some of the more common rules and regulations apply to pets, parking, types of vehicles allowed to be parked outside, and what homeowners can do to the exterior of their home.
Once you sign a purchase agreement for a townhome, you will have ten days to read the HOA documents and decide if you’re okay with the rules and regulations. There will also be an HOA fee, most often monthly, which covers items that vary by association but can include shared amenities, building and grounds maintenance, hazard insurance, trash service, and water. Your HOA dues will also put money aside “in reserves” to be used for future repairs and projects taken care of by the HOA. The financial information for the HOA is also included in the documents you will receive to review.
If you don’t want to worry about anything outside your home, a townhome can be ideal. In most townhome associations, your yard will be cared for, snow shoveled—all you need to do when you leave home is lock your door! People who travel a lot or work long hours often enjoy having all the exterior work taken care of.
When it comes to privacy, you may have to make some sacrifices with townhome living. Townhome units share a common wall—sometimes two or three. Outdoor patios are not usually very private. There may be rules about what you are allowed to put on your lawn or patio. On the other hand, if you love to hang out with neighbors and meet new people, townhomes are an excellent place to do just that.
If you are unsure about purchasing a townhome, talk to your realtor about deciding if a townhome is the right choice for you.