Tag Archive for Condo/Townhome

Is a Condo or Townhome Right for You?

Condo/Townhome

Buyers from many walks of life are discovering the advantages of condo and townhome living.

Whether you’re a first-time buyer looking for an affordable way to own a home, a busy professional with little time to devote to home maintenance, or an empty-nester who’s “right-sizing,” a condo or townhome may be a good choice for you.

Advantages

  • A condo or townhome is very low maintenance; landscaping and maintenance of the exterior structure are typically handled by the homeowners’ association (HOA). This is attractive if you’re not “handy” or if you have a busy lifestyle that doesn’t leave much time for home maintenance.
  • Many communities offer amenities such as pools, tennis courts, clubhouses, and walking trails, which may not be available with many detached homes.
  • Newer construction offers greatly improved sound barriers and fire walls.
  • The proximity of neighbors may give owners a greater sense of security.

Disadvantages

  • HOA dues increase your monthly outgoings and can rise in the future as maintenance and repair costs go up. Increases or decreases in HOA fees usually must be approved by the HOA, but check the community bylaws before making an offer to purchase a condo or townhome.
  • HOA covenants and by-laws may restrict the way you can use or improve your property. Again, be sure to read them carefully before making an offer.
  • Available parking for guests may be limited.
  • Typically, there is less storage space than in a detached home.

Before purchasing any home, consider the potential for resale. So, begin your search at Guidance Realty Homes to spot that perfect condo or townhome in the community that’s right for you. Also, to determine if the property you’re considering is a good investment, ask about the condo/townhome market in your area. If you’re looking to purchase in Orlando, Florida, Maryland and NY Metro, well you’re in luck because Guidance Realty Homes’ buyers receive a commission rebate of the purchase price by using our agents. Not only that, buyers can also receive an additional $350 appraisal credit when financing online with Guidance Residential.