Townhomes for Sale

If you're in the market for an affordable home to purchase, you might consider the multitude of townhomes for sale right now. These are usually a horizontal row of single- or multiple-story units that share walls with one another.

Owning a Townhome

When you own a townhouse, you not only own the unit, but also the land that lies beneath it, so another unit cannot be stacked on top of yours. Common areas in the complex are jointly owned by all of the owners within the complex. You pay property tax just on your unit, and a property association takes the responsibility to manage the complex and maintain the common areas (usually by collecting fees from all of the owners). Townhouses are generally cheaper than freestanding single-family homes, but there are several things you should determine before you decide to purchase one.

Researching Townhomes for Sale

First of all, you want to know about the monthly fees you'll have to pay. These generally include some or all of your utilities, maintenance of the common areas, garbage, insurance, roads, sidewalks, parking and maintenance for any special areas like pools or fitness centers. 

Next, you'll want to ask who manages the complex. Is it the HOA, or have they hired a professional management consultant? Sometimes the latter will raise your dues, sometimes not. The benefits of a professional management firm is their ability to negotiate lower prices for services from maintenance professionals. Since they likely manage multiple properties they have more buying power. You also should find out about the amenities. Is there a pool? A fitness center? A party room? What hours are these available? What about parking? You'll want to know how many spots you get, and whether there are spots for guests.

Most importantly, be sure to visit the site multiple times, at different times of the day. How secure is the site? How noisy is it at night? Doing thorough research up front will help ensure your future happy home.