Looking to invest in real estate? Hoping for the maximum amenities at the lowest possible price? If so, you might consider buying a townhome.
Note, however, that townhomes aren't right for everyone. They certainly have their benefits, but their drawbacks as well. For this reason, before closing the sale, you need to make some considerations.
Wondering what these considerations are? I'm going to review 6 of them below.
1. HOA Agreements
One of the most important things to consider about townhomes is their HOA or Homeowners Association agreements. These agreements put standards and regulations on how you can use your residence and generally also come with fees. They're simultaneously beneficial and detrimental.
For instance, not only can an HOA agreement prevent you from having pets, but it can also place strict rules on the way that you decorate your home. In some cases, an HOA will even forbid the building of sheds and other such entities. And if you don't abide by HOA rules, you can be targeted with hefty fines.
Depending on your location, HOA fees will run anywhere from $100 to $700 a month. This can make a substantial difference as far as your monthly payment goes.
Now, this shouldn't deter you from pursuing a townhome. After all, as was noted, HOAs come with some benefits as well (lawn care service, community amenities, etc.) You just need to be cognizant of the fact that some HOAs have turned into nightmares for their residences.
Think hard about whether you're willing to live with restrictions on your residence. If you are, a townhome could very well be a suitable option for you.
As you know, townhomes consist of two residences contained within one structure. While this can be beneficial in some ways (energy efficiency!), it can be detrimental in a number of ways as well. Perhaps the biggest detriment is the detriment of noise.
Simply put, any loud noise made by your neighbor will be heard by you. So, if your neighbor decides to start blasting music at 2 a.m., you'll have to listen to it (though your HOA might be able to step in and prevent your neighbor from doing so). Conversely, if you're a guitar player, for example, you'll have to keep your decibel levels to a minimum.
For this reason, townhomes aren't appropriate for everyone. If you're going to buy one, you need to have a bit of give-and-take in your personality. You need to be respectful of others while also knowing how to give the benefit of the doubt from time to time.
One of the problems with townhomes is that they force two sets of dwellers to live in close proximity to one another. As such, they allow for only a limited level of privacy.
Like sitting on your front porch by yourself? In a townhome, this isn't a certainty. Your neighbor could very well like doing the same thing, putting you in a situation where you're forced to sit with someone else.
That said, every townhome is different. Some offer more privacy than others, both in terms of visibility and noise. Though it's rare, some might even come with enclosed porches or yards.
So, when looking, make sure to keep an eye on privacy measures that will help the home meet your needs. If those measures are not in place, it might not be the right residence for you.
It doesn't matter whether it's a standard home, a townhome, a condo, or an apartment, its location matters. After all, you don't want to live by a landfill. So, when looking for townhomes, you need to keep an eye on the surroundings.
Are there plenty of restaurants and grocery stores in the area? Is the area clean? Does it feel safe?
If you have children, you must also give some consideration to the school district that the townhome is in. In some cases, a bad school district will be located adjacent to a great school district. Failure to confirm your townhome's school district could have a direct influence on your children's' education.
When you buy a townhome, you're typically not only buying a townhome. You're usually buying a bundle of amenities along with it. These amenities run the gamut from swimming pools to tennis courts to gyms to dog parks and the like and can have a huge effect on your future lifestyle.
As such, before you buy a townhome, you need to consider whether the amenities offered with it live up to your standards. Though none of these amenities are "necessary", they can be nice to have at your disposal.
When we think of townhomes, we generally think of them as costing less than single-family homes. While this is oftentimes true, it's not always the case. In fact, in some cases, townhomes can end up costing more than single-family homes.
This is particularly true if HOA fees are high. Monthly HOA fees can run anywhere from $100 to $700 and sometimes even more. So, while the listed price on a townhome may appear low, with HOA fees included, it can actually end up being quite high.
Of course, there are some additional expenses that your HOA fees will cover. These can include everything from lawn care fees to gym fees to swimming pool fees and more. So, before making a purchase on a townhouse, you should assess how its various fees will affect your budget in the long-run.
Need Help Finding a Townhome?
Still interested in buying a townhome? If so, and if you're in need of a real estate agent in Riverview, Florida, I can help you.
My name is Randy Ahmad and I'm here to help you find your next Riverview home. Whether you're looking for a townhome, a condo, a single-family home, or otherwise, I'm the person to see.
Contact me now to get the ball rolling!