06 Sep What are the pros and cons of owning a townhome?
What are the pros and cons of owning a townhome?
Buyers looking to purchase a townhome or condo with a home owners association (HOA) need to do so with their eyes wide open. Many first time buyers purchase these in the cities and suburbs with the idea of having less demands for outside maintenance and the ability to travel without a security concern. Many older buyers also like the idea of no more outside maintenance when they longer have the need for a larger house and yard. Those two groups tend to be the majority of purchasers, but there are many exceptions to that.
An HOA offers the structure of rules that everyone must live by…parking, pets, maintenance, sound control and appearance; and that is a positive for those that like the consistent, attractive appearance of the neighborhood. On the negative side you must also live by the rules even if you don’t agree with them.
Most HOA’s include hazard insurance which will cover any exterior damage caused by instances such as like hail or high winds and which will give you the peace of mind that any unseen expenses will be covered. It normally also handles lawn care, snow removal and sanitation.
The monthly HOA fees can be as little as $200.00 per month and as high as $1,000 per month (depending on price of the unit, it can go even higher) and any increases must be voted on by the board that you as a homeowner elect. These should be watched and your voice must be heard at meetings if management is lax and fees continue to rise. Also beware if your development or building includes a party room, pool, workout facility, etc since you are paying for even if you don’t use them.
Townhomes and condos can be a wonderful alternative, but just know the facts!
Next week we talk about HOA docs you receive upon entering into a contract and what rights you have. If you would like information HOA’s just reach out to The Anderson Team.
Townhomes for sale – CLICK HERE