The real estate market is booming and growing rapidly in many markets across the US. And, as a result, many home prices are rising faster than your personal budget can allow you to afford one. Fortunately, not all real estate comes in the form of a single-family detached home, as there are townhouses that provide you with your own private indoor and outdoor space where you can have all the benefits of owning a home. Here are some recommendations to help you when you are searching for a townhome to buy as your next residence.
Look at Outdoor Space
When you buy a townhome for your personal residence, you also buy into a certain amount of maintenance-free living. Depending on the type of property and its HOA fee coverage, you might be responsible for no to some landscaping and yard care. And with this can come the benefit of having your own backyard outdoor space that can include a patio and lawn for outdoor activities.
If you are looking to buy a townhome with a private fenced back yard, you can find this with a townhome. You can have the opportunity to take care of your landscaping and plant the types of vegetation and flowers you want to plant, including a vegetable garden right in your own plot of soil. Let your real estate agent know your vision in an outdoor space so you can find new townhomes with a yard to fill your needs.
Understand the CC&Rs
Once you have found a townhome that has a backyard space for you to personalize, you will need to check into the property's CC&Rs (Covenants, Conditions & Restrictions), which provide the rules for the property, including what you can and cannot have in your townhome's outdoor space.
For example, if you want to grow a vegetable garden and plant fruit trees in your backyard to fill up the entire space, you will need to make sure the CC&R contains no restrictions on this activity. Some CC&Rs regulate how you can change up the landscaping, so check with the local county recorder's office or on the county assessor's official government website. Your real estate agent can help you find this.
Determine the HOA Fees
Another important part about buying a townhome is to consider the costs of the HOA fees. Be sure you calculate the HOA fees into your monthly budget.
The property's HOA fees are important and go to pay for the property upkeep and exterior maintenance. This can include paying for repairs to the property's roof and replacing the roof when it needs replacing. The HOA fees can also go to take care of the common area landscaping, the parking areas, and a property playground or swimming pool.