The townhouse is a great investment for those who want to live in a condo-style living arrangement but don’t want the responsibility of taking care of their own yard. Townhouses are an attractive alternative to apartments and single family homes, as they provide the privacy that comes with owning your own home, without having the upkeep. However, before you make this decision for yourself or your family, ask these three questions:
1) Do I have enough money saved up?
Is my down payment 20% or more of the value of the home when it is time to buy a new house? This can also include closing costs and other expenses associated with owning property, such as maintenance. If you still need to save for this cost, don’t forget that your townhouse will require repairs at some point in its life; so consider putting aside an emergency fund too! For example, if you are buying a $200K townhome (which isn’t very expensive), then make sure you set aside $40K for all potential future costs. And remember: these things happen without any warning, so be prepared!
An individual who wants to purchase their own home in Cherrywoods Meraas would do well to consider the townhouse. Real estate agents can help you find a great deal on a property in your area, and being mindful of your financial situation is key when making this decision.
2) What’s my timeline like for moving into my new house?
If you’ve already committed to a specific timeline for your move, make sure it fits with the townhouse’s schedule. Naseem townhouses are generally available on shorter timelines than single family homes or apartments. Don’t wait too long to begin looking at properties because they can get snatched up quickly!
A good rule of thumb is not to plan any major renovations or changes for at least two months after you move in.
3) Am I looking at townhouses in general or am I specifically interested in one location/area?
Townhouses can vary a lot depending on the location and neighborhood in which they are located. Townhouse properties would do well to be close to public transit or at least have good access routes for cars, as many townhomes owners rely heavily on their vehicles.