Are you thinking about buying a townhouse in Arlington? Buying a townhouse has its own perks in terms of convenience, location, and price. There are some few important factors that you need to consider before making that purchase. But first, what's a townhouse?
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Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
When the time comes to purchase a home, there are five basic ground rules for smart shopping in {Location_Name}:
#1 – Get your financing before you get your home
Even though you may be eager to find your new home, receiving financing beforehand is important so that you do not become disappointed down the road, such as if you were to find the perfect home only to find out that you can't receive financing for the price of the home.
Receiving financing ahead of time will allow you to know your price range and will give you credibility among listing agents because they will know you are serious about the home buying process. Knowing how much you can afford will save you from wasting time with unaffordable properties, and the listing agent will know what properties in {Location_Name} to show you within your price range.
Looking at the various types of mortgages offered is an important step in the home buying process because today's mortgage options offer more than just simple 15 or 30 year financing. Home buyers need to talk with financing specialists to find the mortgage that will best fit their needs.
#2 – Look at the community, not just the home
Everyone knows that location is important, but this is especially important when looking for a new home. Even though you may find your perfect home, you need to look at the community as well. Being familiar with the area in which your home is situated is important for you and your family because you will want to make sure that your new community has access to things that are important to you. Things that may be important are traffic, commute time, proximity of places to shop, and access to public transportation. If you have children, you'll want to consider the school districts, recreational activities, and general community atmosphere. If you believe you have found your perfect home, consider driving around town and through the various neighbors or talk to other residents in order to get a feel for the community.
#3 – Be fair with your first offer
Before making either a lowball offer or an offer that is over-the-top, research the local market and compare the asking prices of various homes nearby as well as homes in {Location_Name} that have sold recently to get a general idea of a fair offer. This process of comparing similar homes in the area is known in the real estate industry as "comps" and is one of the best ways to determine the fairness of an offer.
#4 – Always get a home inspection
Home inspections are a must when considering making an offer on a home. A home inspection will find possible defects before you purchase the home. You may not want to put up the money to have a home inspection, but the cost of this is negligible in comparison to the price of a home and the cost of potentially having to fix something major down the road.
As far as finding the best home inspector, ask around in the community to find someone that others speak highly of since many of the best home inspectors rely on word of mouth for advertising.
#5 – Do not alienate the sellers of the home
Personal animosity between buyer and seller has caused many real estate deals to fall apart. Examples of this would be if the seller feels alienated or if the buyer nitpicks over every detail.
A smooth real estate transaction is more likely to occur if goodwill between buyer and seller is maintained.
[learn more about the home buying process]
Everything built by man requires some maintenance at some point.
Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance.
Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters needn't worry about the expense maintaining a property. Many first time buyers aren't ready to take on the hassles and expenses of yard work, gutter cleaning, painting and so on, and for this reason condos are a viable and interesting alternative.
In the case of a condo, maintenance can be separated into two categories: owner's responsibilities and association responsibilities.
These exact nature of these duties and responsibilities will vary from condo to condo, but there are a few rules of thumb. For example, certain retirement communities provide maid service as part of the condo, but most often the condo owner is responsible for cleaning his own unit.
In most cases, the condo owner must clean the condo interior, including all windows which are reachable from the interior. The condo owner must clean of his or her private balcony or patio. Most renters are accustomed to this type of arrangement already.
Unlike renters, condo owners own the appliances in the unit. Thus, the condo owner cleans and maintains all the appliances, but the condo owner also pays for repairs and replacements as needed. A condo owner has the power to pick his own appliances, but with that benefit comes the duty of maintaining that unit.
In most older condos, the association supplies the heating and cooling to the unit, and the condo owner owns the convector or radiator (heat transfer appliance) in the unit. In new condos, the owner typically owns the HVAC (heat pump / air conditioner) that heats and cools his unit.
Plumbing and electrical concerns remain for owners of single family homes and townhouses, but in all but a few rare cases the condo owner need only worry about systems that are outside the walls. For example, the condo owner typically owns the bathroom vanity and the pipes supporting that vanity, but not the pipes which supply water and take sewage away from the bathroom. A condo owner owns his kitchen cabinets, but not the electrical wires inside the wall that bring power to his kitchen appliances.
In general, the condominium owner is responsible for his personal space, but the condo association is responsible for all common areas. This includes maintaining and operating the elevators and outside doors. In most cases this includes the windows. Most always, the association maintains the lawns, flowers and shrubs. The condo association maintains the roof.
While the owner of a single family home must maintain his own driveway, a condo parking lot is maintained by the condominium association. The parking garage can be private, common, or common with assignments. If the parking garage is common, with or without assignments, the condo association will clean and maintain the parking. A private garage is the domain of the condominium owner.
Review your docs
Ultimately, you'll want review your condo documents, charter and by-law to determine exactly how your condo association interprets its domain. Rest assured, a condo owner will have more to maintain than a renter, but significantly less responsibility than the owner of a single family residence or townhouse.
