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How to Buy a Townhome

Real Estate

Some buy a townhome when they like the idea of space without being in charge of maintenance. They may modest backyards or only decks, but this works for those who hate mowing the lawn. As long as living in close proximity to neighbors doesn’t bother you, townhome living may be for you.

When you buy a townhome, consider the following:

  • Decide if townhouses are the best option. A townhome is a home attached to one or multiple homes. The owner of the townhome also owns the land, otherwise this arrangement is called a condo. Townhomes also are known as duplexes (or triplexes, etc.)
  • Shop around for amenities before you buy a townhome. Decide what’s important to you and make sure that the townhouse has it. This may be a swimming pool, the ability to garden or security. Location is another important part of the equation, and a well located townhome can be more valuable than one of equal stature in a less convenient or desirable location.
  • Learn about your association. These people will have a large impact on how you will live. Study previous meeting minutes and learn how well repairs are kept up. Ask current residents about their current gripes or compliments of the association. Also learn about dues and rules and regulations and comb over every piece of paper you sign with a fine-toothed comb and the assistance of a lawyer.
  • Apply for a townhome. You will have to endure a credit and security check and need to provide proof of income among other documents such as tax information or court records. There will be fees associated with this step of the process, and it could take up to two weeks.
  • Buy a townhome that is insured. If the insurance doesn’t come with the sale, be sure to get it on your own. While the common areas are insured by the housing association (funded in part by your dues), you still need protection for the part of the property that is yours. It is highly recommended that you protect your personal property and liability if someone gets injured on your property.

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