What You Need to Know When You Buy a Townhouse
A traditional home in the United States consists of a house and a yard that is separate from neighbors. Homeowners have complete control over their homes and the space around them. Townhouses are also homes, but typically an owner may share a wall or walls in common with others. A typical layout of a townhouse might be a structure with two units positioned side by side. Explore the issues surrounding ownership of a townhouse before making a purchase.
Other People Are Reading
-
Homeowner's Association Fees
-
Townhouses are similar to condos in that certain utilities and maintenance costs are provided by a homeowner's association, or HOA. The residents of townhomes must pay monthly fees to the homeowner's association to cover these costs. HOA fees can vary significantly from one townhome to the next and are likely to amount to a few hundred dollars a month. While townhouses may be cheaper than traditional homes in terms of price and real estate taxes, HOA fees can diminish the savings of buying a townhouse.
Amenities
-
Because you will have to pay hundreds of dollars in HOA fees each year when you buy a townhouse, determine what amenities are covered by the fees. Fees may cover basic utilities such as gas, water and garbage removal. In addition, the HOA may provide amenities like pools, workout facilities, cable TV or Internet access.
-
Neighbors
-
When you live in a townhome, you have neighbors in adjacent units. You might be able to hear a neighbor's parties, music or kids through the walls of your home, and your yard space and doors will be close to theirs.
Parking
-
Townhouses may include an attached or detached garage space similar to a traditional home, but some townhouses do not have garages. A unit without a garage might include a driveway space for parking or a parking lot devoted to the complex. In some cases, a unit may only offer street parking. Off-street parking can be a significant benefit, especially in busy cities and areas with harsh winters.
-
