If you’ve ever thought of moving into a community of low-maintenance living, such as a townhome or condominium development, either of these may be the perfect place for you.
There are, however, a few things to keep in mind while you are shopping for one.
Townhomes, from an ownership perspective, are more like owning a single-family home than a condo.
You own the structure and the land on which it sits, and you are part of the association, which may have dues that are paid each month. With a townhome, while the fees may be lower than in a condo, you may still be responsible for items such as keeping up parts of the property’s exterior and minor landscaping maintenance.
In a condo, you own the structure, but the land under it is part of a larger parcel. Fees here are often higher than with townhomes, and rules can be more restrictive.
Whichever of the above developments you choose, make sure that you and your attorney go over the rules and regulations and the finances of the respective associations, to make sure they are sound.
Your lender may want to do the same, as any given lender may want to finance only a certain number of units in a given development, in order to limit its exposure.
Financing either of these properties is similar to financing a single-family home, with the above exceptions.
If you have any questions about financing a condo or townhome, please give me a call. I’d be happy to review your options.