Buying Your First Townhouse: A Step By Step Guide
You might be at the stage of realizing that a townhouse is the right investment for you and are now thinking about what steps to take next? There are a number of things you can do to make sure your purchase is as successful as possible. Here are some tips:
First step: Hire a real estate agent who has expertise in townhouses. A good realtor will work for you, and the more focus they have on townhouses, the better. A real estate agent who might manage a wide portfolio, including condos, might be tempted to cross-sell, avoid this by making clear your intention at the outset. Once you have agreed on this with a real estate agent, they are more likely to be able to guide you through the process, understanding your requirements, and finding you a suitable home.
Second Step: Get in touch with mortgage advisors and lawyers. Try to do an independent search for a lawyer, even if your real estate agent might recommend one for you. This way you can be 100% sure that they will be working for you and can impart impartial advice along the way. There are many mortgage specialists with a focus on townhomes due to their brilliant success.
Third Step: Townhouses for sale are like any other property in terms of extra costs, such as the hiring of the lawyer and other legal fees. This is the stage to get clarification on these fees to make sure they fit in with finances.
Fourth Step: Set your limits and stick to them throughout the process. This goes without saying. Having unrealistic expectations or making decisions which are alien to your initial intentions and budget will confuse everyone in the process and lead to failure. Be focused.
Fifth Step: Townhouses are not condos. Take a moment to remind yourself of the difference. Townhouses are shared their walls with other properties (like condos) but they are built in the style of a house. Furthermore, they are called “town” houses for a reason. If you are being shown properties that are miles and miles from the center of town, then there is a problem. Inner city area prices are increasing at a faster rate than the suburbs, so make sure you are being shown the right properties.
Sixth Step: Once you have found a townhouse that is within your budget and meets all your lifestyle requirements, take a step back and start to consider the property as an investment. Getting carried away with your fondness of the property might cause you to make a bad financial decision. This is the point to take a quick time-out to reflect on your options.
Seventh Step: Look around the complex where your townhouse is situated. Is there property with a better view, further away from dumpsters and/or other potential negative influences after you move in? Be assertive with your real estate agent and start to now point out the finer details of your requirements. He/she has come this far with you and will probably now go the extra mile to make sure you find your perfect home.
Eighth Step: Once you’ve decided on a home, visit it at different times of the day to understand lighting and other features which you might not have noticed.