Are you looking for a new home in Florida? Do you want to avoid having to do a bunch of maintenance? If so, you might be thinking about purchasing a townhome. At the same time, as you look at Plantation Bay villas Ormond Beach, there are plenty of townhomes from which to choose.
Therefore, how can you make sure you select the best one to meet your needs? Take a look at a few important factors, and remember to reach out to a professional who can help you consider all factors before buying a townhome.
Look at the Local Market
If you are thinking about purchasing a townhome, one of the first things you need to do is take a look at the local market. Of course, you should always take a look at the local market regardless of whether you are purchasing a townhome, a single-family home, or a condo; however, you have to take a look at the statistics a little bit more closely when you are purchasing a townhome.
Just because the price of single-family homes has gone up during the past few years doesn’t mean that townhomes have done the same thing. A local real estate agent can do some detailed research, helping you understand if you are making a good investment or not.
Know What HOA Fees and What They Cover
Next, you need to take a look at HOA fees. It is true that a lot of single-family homes have HOA fees as well; however, they are typically higher when you purchase a townhome. If you are paying more money in HOA fees, you probably expect them to cover more.
Therefore, understand how much your HOA fees are, how often you have to pay them, and what they cover. For example, do the HOA fees cover all of the yard work that you have to do outside the townhome?
Do the HOA fees cover any parking areas? Do the HOA fees pay for a security guard at the gate? Make sure you know what you are getting in exchange for those HOA fees.
Know What You Are Responsible For
Furthermore, you need to know what you are responsible for with your townhome. You might assume that the HOA is going to be responsible for all of the yard work outside; however, they might only be responsible for the common areas.
You might still be responsible for taking care of the trees outside your front door. You need to think carefully about whether you are willing to do the work required to take care of the home. If you are not, then this might not be the right investment for you. A real estate agent can do something regarding the HOA and make sure you know what you have to take care of.
Know the Rules of the HOA
Finally, you need to know the rules of the HOA as well. For example, if you want to rent out your townhome in the future, are you allowed to do this? If you want to change the exterior of your townhome, will the HOA allow you to do that? You expect to have a lot of autonomy if you are purchasing your own property.
However, there could be a lot of restrictive covenants in place. You need to make sure you understand the rules of the HOA and what you are allowed to do.
Work With a Local Real Estate Agent
Ultimately, there are a lot of factors you have to think about if you would like to buy a townhome. It can be difficult to decide which one is right for you, which is why you should work with a real estate agent who has a lot of local knowledge.
Even though it is true that you can save a lot of time and money by purchasing a townhome, it is also true that there are a lot of additional factors that you might not think about if you are purchasing a single-family home. A local real estate agent can help you make sure that you do not overlook anything, maximizing your chances of being happy with your purchase.