Tips on Buying a Townhouse

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A townhouse is a very common type of house that’s popular around Europe, North America, parts of Asia, as well as Australia. The term originally rose to popularity back in Britain, and was used to refer to the larger houses in the cities, primarily London. However, fast forward to the modern age and townhouses are popular in almost every part of the globe. The term has become synonymous with any type of house that has a terraced roof. If you are interested in buying a townhouse, there are many things that you should know. Rather than falling for the marketing gimmicks of the real estate agents, it’s imperative that you check a few things on your own. Here are a few important tips that you should keep in mind when buying a townhouse.

Location

The location of the townhouse is going to have a direct impact on the price of the place. For instance, Yarrabend Alphington townhouses sell for pretty high prices simply because of the peaceful location. The prices of land in desirable areas are automatically higher, so be prepared to pay a greater price if you are looking for a townhouse in a tranquil, peaceful environment.

Make sure you choose a townhouse that’s closer to a commercial area with some shops. You will need to purchase groceries every now and then. If you are buying a house out in the suburbs, check if there are any shops and places to eat nearby. If you buy a place that’s distant from commercial establishments, it won’t be long before you’ll get tired of starting your car, or bike, every time you have to buy something. It’s going to make life just a bit more difficult for you.

Financing

Unless you are rich enough to pay the full price for the townhouse in one go, you will need financing. Now, mortgage financing comes with a whole array of caveats that you need to be aware of. One of the many challenges that you will face is that it’s quite difficult to find a lender who is able to classify and appraise the townhouse in an accurate fashion. Many people often confuse condos with townhouses. If you don’t already know, mortgage financing for condos is more difficult, restrictive, and more expensive. Some lenders may have a policy of underwriting all townhouses as condos, which will increase your costs significantly.

Prepare Yourself Mentally

Buying a townhouse is going to tire you out mentally. Remember, you will be making a lot of trips to the townhouse in order to inspect the place first, and inspect each and every thing carefully, before you buy. You also have the option of getting the place inspected by a certified agent in order to get a better idea of the property. You can also get legal titles inspected in order to ensure that the property is under the ownership of the buyer, before you go ahead with the transaction. It’s important for you to take all of these steps before you sign on the dotted line.

 

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