{"id":4259,"date":"2024-11-12T12:08:41","date_gmt":"2024-11-12T17:08:41","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=4259"},"modified":"2025-02-10T11:52:26","modified_gmt":"2025-02-10T16:52:26","slug":"whats-a-townhouse-anyway","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/whats-a-townhouse-anyway\/","title":{"rendered":"What\u2019s a townhouse, anyway?"},"content":{"rendered":"\n<p>First off, let\u2019s get one thing straight: a townhouse is not just some glorified apartment. It\u2019s a multi-story home that shares walls with your neighbors but has its own front door. Think of it like a cozy little slice of independence, but in a community setting where you might have perks like a pool or a gym. It\u2019s like being in a relationship with your neighbors\u2014close enough to borrow sugar but not too close that you have to hear their Netflix binges.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What makes townhouses different?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Ownership structure<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Townhouses are kind of the middle ground between single-family homes and <a href=\"https:\/\/tomo.com\/blog\/are-condos-a-smart-investment\/\" title=\"condos.\">condos.<\/a> You own both the inside and outside of your unit (yard included!), but you\u2019re still sharing walls with someone else. Single-family homes? Totally solo. Condos? You\u2019re sharing everything with your fellow owners.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Maintenance responsibilities<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Here\u2019s the kicker: you\u2019re on the hook for some of the exterior stuff, like your yard and the roof. But if your townhouse is part of a Homeowners Association (<a href=\"https:\/\/tomo.com\/blog\/is-it-good-to-buy-in-a-hoa\/\" title=\"HOA\">HOA<\/a>), they might handle things like lawn care and exterior maintenance. Just don\u2019t expect them to clean your windows\u2014unless you bribe them with cookies.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>HOA involvement<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Spoiler alert: most townhouses come with an <a href=\"https:\/\/tomo.com\/blog\/hoas-the-good-the-bad-the-ugly\/\" title=\"HOA, \">HOA, <\/a>which means you\u2019ll be paying monthly fees. These fees cover shared amenities and maintenance, but they can also dictate what you can and can\u2019t do with your property. If you\u2019re someone who loves to paint their front door neon pink, or even have control over parking certain types of vehicles,\u00a0 you might want to double-check the HOA rules.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Size and layout<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Townhouses usually pack a punch when it comes to space. You\u2019ll find everything from tiny one-bedrooms to larger multi-bedroom units. And because they often have multiple stories, you can get a good amount of living space without having to tackle the full maintenance<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\">See today&#8217;s rates<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1: assess your needs and budget<\/h3>\n\n\n\n<p> <\/p>\n\n\n\n<p>Before you jump in, it\u2019s time to get real about what you want:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Location<\/strong>: Are you looking to be close to work, family, or that hip coffee shop? Townhouses are everywhere\u2014from bustling urban areas like<a href=\"https:\/\/tomo.com\/mortgage\/rates\/austin-tx?utm_source=tomo_blog\" title=\" Austin \"> Austin <\/a>or <a href=\"https:\/\/tomo.com\/mortgage\/rates\/washington-dc?utm_source=tomo_blog\" title=\"DC\">DC<\/a> to quiet suburbs like <a href=\"https:\/\/tomo.com\/mortgage\/rates\/salem-or?utm_source=tomo_blog\" title=\"Salem\">Salem<\/a> or <a href=\"https:\/\/tomo.com\/mortgage\/rates\/des-moines-ia?utm_source=tomo_blog\" title=\"Des Moines.\">Des Moines.<\/a><\/li>\n\n\n\n<li><strong>Budget<\/strong>: Get a grip on what you can afford, including mortgage payments, HOA fees, utilities, and property taxes. Sure, townhouses can be cheaper than single-family homes, but HOA fees sneakily make the price gap comparable in many instances. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: research townhouse communities<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Not all townhouse communities are created equal, so do your homework:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>HOA rules and regulations<\/strong>: Seriously, read the fine print. Rules can cover everything from pet policies to exterior changes. If you want to keep a goat, you might be out of luck.<\/li>\n\n\n\n<li><strong>Amenities<\/strong>: Check out community perks like pools, parks, or gyms. These can add to your lifestyle and future resale value.<\/li>\n\n\n\n<li><strong>Resale value<\/strong>: Peek into property value trends in the area. Are homes going up? What\u2019s the turnover like? This is your future, so don\u2019t ignore it!<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 3: understand financing options<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Getting a mortgage for a townhouse isn\u2019t much different than for a single-family home, but keep these in mind:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Loan types<\/strong>: You\u2019ve got options! <a href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\" title=\"Conventional loans,\">Conventional loans,<\/a> <a href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\" title=\"FHA loans\">FHA loans<\/a>, <a href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\" title=\"VA loans\">VA loans<\/a>\u2014take your pick. Just remember, some lenders might look a bit more closely at townhouses than single-family homes.<\/li>\n\n\n\n<li><strong>HOA fees<\/strong>: Lenders will factor in your HOA fees when assessing how much you can borrow. Higher fees can mess with your <a href=\"https:\/\/tomo.com\/blog\/what-is-debt-to-income-dti-in-mortgage\/\" title=\"debt-to-income ratio,\">debt-to-income ratio,<\/a> so keep that in mind.<\/li>\n\n\n\n<li><strong>Approval process<\/strong>: It\u2019s not harder to get approved for a townhouse than a single-family home, but lenders will pay extra attention to the HOA\u2019s financial health. If the HOA is in shambles, you might have a tough time getting a green light.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 4: find a knowledgeable real estate agent<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>You don\u2019t want just any <a href=\"https:\/\/tomo.com\/blog\/whats-the-difference-between-a-buyers-agent-and-a-sellers-agent\/\" title=\"agent\">agent<\/a>\u2014you want one who knows their stuff:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Look for an agent who knows the ins and outs of townhouse communities. A <a href=\"https:\/\/tomo.com\/blog\/do-i-need-a-realtor-to-buy-a-house-pros-and-cons-of-diy-home-buying\/\" title=\"savvy agent can negotiate on your behalf\">savvy agent can negotiate on your behalf<\/a>, especially if the market is competitive. You want someone who\u2019s got your back!<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 5: schedule tours and inspect carefully<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>When you start touring townhouses, bring your Sherlock hat:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Condition<\/strong>: Look for any red flags\u2014water damage, cracks, or anything that makes you think, \u201cUgh, no thanks.\u201d Check shared walls, roofs, and common areas.<\/li>\n\n\n\n<li><strong>Layout<\/strong>: Does the flow work for you? Think about how you\u2019ll actually use the space, not just how it looks.<\/li>\n\n\n\n<li><strong>Noise levels<\/strong>: Pay attention to the sounds around you. If you can hear your neighbor\u2019s reality TV at full blast, you might want to reconsider.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 6: conduct a thorough home inspection<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Seriously, don\u2019t skip this:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Hire a pro<\/strong>: Get a <a href=\"https:\/\/tomo.com\/blog\/do-i-need-to-worry-about-a-home-inspection\/\" title=\"solid inspection\">solid inspection<\/a> to reveal any hidden issues that could lead to headaches down the road.<\/li>\n\n\n\n<li><strong>Focus on shared areas<\/strong>: Inspect not just your unit but also common areas and amenities. Look for signs of neglect or required repairs\u2014those can affect your living experience.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 7: review the HOA documents<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Before you sign anything, get familiar with those HOA docs:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Financial<\/strong> <strong>health:<\/strong> Check the HOA\u2019s financial health. High fees or lots of delinquencies could mean future headaches.<\/li>\n\n\n\n<li><strong>Meeting minutes<\/strong>: These can give you the lowdown on community issues or any planned assessments.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 8: prepare for closing<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/tomo.com\/blog\/how-much-are-closing-costs\/\" title=\"Closing \">Closing <\/a>on a townhouse is pretty similar to a single-family home, but there are a few things to keep in mind:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Understand costs<\/strong>: Beyond typical <a href=\"https:\/\/tomo.com\/blog\/are-closing-costs-a-good-way-to-pick-a-lender\/\" title=\"closing costs\">closing costs<\/a>, remember to include any HOA fees or special assessments due at closing.<\/li>\n\n\n\n<li><strong>Get ready for the responsibilities of a homeowner<\/strong>: Even with an HOA, you\u2019re responsible for your property\u2019s upkeep and following community rules.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/affordability?utm_source=tomo_blog\">How much home can I afford?<\/a><\/div>\n<\/div>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:0;margin-right:0;\" class=\"has-link-color wp-elements-c54b177fd5d2f341f8967a20726f2ac0 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color has-large-font-size\"><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\"><a href=\"https:\/\/tomo.com\/blog\/author\/clairegtomonetworks-com\/\" target=\"_self\">Claire Gallaudet<\/a><\/p><p class=\"wp-block-post-author__bio\">Claire is a Mortgage Analyst at Tomo, where she explores the data and trends shaping the housing market. She is especially interested in how economic forces impact homebuyers. A Seattle native, she now lives in Austin, where she balances analysis and communications with teaching yoga and walks around the lake with her dog.<\/p><\/div><\/div>\n\n\n<p>If you&#8217;re ready to start your journey to homeownership, <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval?utm_source=tomo_blog\" title=\"\">get pre approved with Tomo Mortgage today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>First off, let\u2019s get one thing straight: a townhouse is not just some glorified apartment. It\u2019s a multi-story home that shares walls with your neighbors but has its own front door. Think of it like a cozy little slice of independence, but in a community setting where you might have perks like a pool or [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":4262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[38],"tags":[],"class_list":["post-4259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-dictionary"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/11\/townhouse-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/4259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=4259"}],"version-history":[{"count":2,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/4259\/revisions"}],"predecessor-version":[{"id":4261,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/4259\/revisions\/4261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/4262"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=4259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=4259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=4259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}