Townhouse refers to a multi-floor home that shares walls with adjacent properties, however, have its entrances. These are quite different from the condo in ownership. The owners of the townhouse own both the exterior land as well as the interiors of the home. The major advantage of having a townhouse is that it often costs less than the single-family homes of similar sizes. Moreover, it easier to maintain a townhouse as they are smaller lots.
Factors to Consider Before Buying a Townhouse
Buying a townhouse makes you enjoy the benefits of living near or in a big city as well as homeownership. However, before you explore the list of townhouses for sale in Cloverdale BC, it is important to consider a few key factors
- Knowing the Cost of Townhouses in Your Area
Being aware of the cost of a townhouse in your area is important. This would help you decide whether you are going to pay a fair price for the townhome you are getting. Median prices per sq. ft. varies according to the city. Therefore, ensure you research about the median price of the city in which you wish to buy the townhouse.
- Shopping for Mortgage Rates
It is essential to compare the mortgage rates with several lenders. Getting a low mortgage rate would help you save thousands of dollars. The individuals having the least debt and best credits tend to get the most favorable rates.
- House Inspection
A home inspection is crucial before you finalize the townhouse. Even if the HOA looks after the exteriors, ensure the inspection includes both outsides as well as inside. In case you find any issues on the exteriors, ensure they are addressed as well as repaired before the purchase. Do not forget to pay attention to adjoining houses as the failure to maintain the roofing and siding by neighbors can damage to your house.
- Pre-approved for Financing
Being pre-approved for financing offers you numerous advantages. Getting pre-approved before purchasing a house would help you get an idea of what you can afford. It also helps to compete with other buyers. Moreover, it is helpful in determining whether the HOA fees of the specific townhouse would be too high.
Along with these, it is important to consult an experienced real estate agent. The agent can help you with information on purchasing a townhouse for sale in Cloverdale BC, filling all the forms and disclosures, and negotiate as well. While hiring the agent, do not forget to ask about their commission charges.
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