How buying a townhome is different than buying a single family house.
I often talk with a lot of people that are on the fence about buying a townhouse or single-family house and what the difference really is. In a lot of ways, it’s exactly the same as buying any type of house except you will probably have some form of a homeowners association to deal with. This is not to say that single-family homes cannot have an association as well but you’re more likely to find it in a condominium or townhouse complex.
Townhouses are very similar to single-family homes but the Wilshire at least one common wall. Each of the units is individually owned by different homeowners and are typically multilevel units in a row of units connected by a shared wall.
Single-family homes are a detached property on their own lot that usually does not share any type of walls with other properties. A duplex is very similar to a townhouse in that it is simply to single-family homes connected by one wall all under the same roof.
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You will usually have more privacy and a bigger yard by going with a single-family home but that doesn’t mean that a townhouse can have its own privacy or even its own backyard. In the Irvine California area townhouses are a little bit unusual but not unheard of. There are several different styles of townhomes available throughout the Irvine California that typically range from about $400,000-$900,000 based on size, condition, and amenities. Homeowners association fees can run anywhere from $200-$900 a month based on the amenities and the type of perks that the complex provides.
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Just as if you are buying into a condominium complex, there are a set of bylaws and rules that each condo or townhouse owner needs to abide by. You should receive a copy of these either before you make an offer or during the purchase and sale process. You can look over these bylaws to confirm that you accept them or you can terminate the transaction if there’s something you don’t agree with. Often times there will be an association application fee, which could run anywhere from $50-$150 and there may be special assessments from time to time. If the Association does not have enough in their reserve account to cover major replacements such as roofs or siding, each condo owner may be required to pay a special assessment fee broken up into monthly increments in addition to their monthly association fees. This is certainly something to consider when choosing a townhouse. Talk with the Association about their rules, their reserves and how they handle special assessments.
Only a townhouse is not necessarily less expensive than a detached home because of those association fees but as with a regular house, the homeowner must pay real estate taxes, insurance and possibly private mortgage insurance should the lender require it.
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Really, the only difference between a townhouse and a single detached house is that shared wall and the community in which the townhouse resides.
The basic process and purchase and sale agreement and transaction are very similar to any type of real estate transaction. If you’re looking for a townhouse in Irvine California or in outlying communities and towns free to contact my office today. There are several townhouse communities in the city ideal for first-time homebuyers or those looking for a low-maintenance real estate option.
Here are a Few Townhouse Communities in Irvine: