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TownhomesMany buyers in today's real estate market are choosing to buy townhomes. They are a great way to get into the property market without the responsibility of a large mortgage and you have the benefit of being part of a small and tight knit neighborhood. Individuals, the elderly or young couples are groups that often prefer a townhome to a regular house. Even though they may be smaller, the layouts of townhouses are functional with things such as lofts for utilizing the space. Townhome Ownership Defined When you buy a townhome, you will have some parts that are solely yours, and some parts you share ownership of with others in the complex. With these types of homes, you own the section of land underneath your unit, as well as any part within the boundary of the exterior walls. Any walls that are shared between you and another townhouse owner are known as common walls and are owned by both sides. For example, if your townhouse had a neighbor on each side and one behind, you would be likely to share ownership of at least three walls with three different town homes owners. Because townhomes come with the land, they never have another home built on top of them. Any areas of the complex that are used by all owners are also common and have shared ownership. These could be pools or outdoor entertaining areas, tennis courts or guest car-parks. There are taxes that are paid collectively and an association that manages the property accounts that is usually made up of some elected owners. Townhomes or Single Family Homes? If you are a young couple starting out and have or want to have a child, you will be faced with the decision as to whether you should buy a townhome or a regular house. Any individual or anyone looking to downsize would also look to buy town homes. The benefit to buying a freestanding house is the added privacy and larger yard, and even single-family homes can be bigger than a townhome. Townhomes usually offer great security, and for a young family it can be nice to live close by to your neighbors yet have more independence than a condo. They are also considerably less in price compared to single family houses, so lower mortgage payments are an attractive benefit. Often people buy a townhome to begin then upgrade to a house in a few years when they have more collateral and credit. If you buy a townhome, you will be able to buy up instead of down. This means you will be able to afford to purchase one with a more modern interior and maybe even an extra bedroom. It is also a good idea to buy a townhouse that needs some work, renovate it and then sell for a profit so you can upgrade yourself. Many townhomes also have lofts that can be used for an extra bedroom for children or guest. Questions to Ask Before Buying a Townhouse Although choosing to buy townhomes is a cheaper option, there are definitely some things to consider before rushing in. It takes a certain type of person to be happy in one and you will probably have heard many negative stories over the years. Often, you will be able to hear sounds through common walls, especially in quieter times. If you have children, you could find people complain about them being noisy, causing you constant stress. Also consider whether lofts are sufficient for your needs or if you actually need that extra bedroom. Think about what sort of community you want to live in. Some townhome complexes are very social and everyone gets along, while others are quieter and people keep to themselves. When you buy a townhome, your children will have somewhere safe to play around people you know. Anyone who has ever lived in one will tell you the most important thing is your neighbors and they can make or break your experience. Good neighbors could mean long, happy townhouse living, where as difficult ones could make you unhappy every day. If you can't afford to buy a detached home, you may just have to grin and bear it for a while until you can. Buying a home is a personal decision to make and whether to choose a single family home or a townhouse is really up to you. Be sure to take all aspects into account so you can be comfortable and at ease with your decision, as it will affect your every day life for some time. For some people a townhouse is the perfect arrangement, but for others it can be an absolute nightmare! |
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