The Benefits of Living in a Town Home

Mortgage and Lending with Horizon Lending Services, LLC NMLS # 198754

Many people have heard of town homes, and here is what the majority of people know; Town Homes are magnified apartments. Though they aren't stacked upon one another, they are squished together side by side. Most townhomes are ruled by a homeowners association. This is a blessing and a curse. They make sure everyone is taking care of their property, but can tend to go over board with rules.


It turns out, the majority of us don't know a whole lot about townhomes and the differences they share with condos, apartments, and houses. One way a townhome differs from a condo is owning a condo means you own the airspace within the walls of that condo and owning a townhome means you own the small portion of property that townhome sits on. So if you desire to own a piece of land on this beautiful earth, you may want to consider a townhouse.


Townhomes are often found in desireable neighborhoods showing a growth in the real estate market. This could be a great solution for a first time homeowner looking to get their feet wet in the real estate market. It feels like a single family home in a nice neighborhood, however, before diving all the way in it is best to educate yourself about all things townhouse.


The Convenience of a Condo with a Single Family Home Feel

Townhomes can offer the perfect amount of privacy and affordability that someone is looking for. Living close to nice urban centers, yet living in a home that fits your budget could be the perfect solution. If you are looking for a townhome that can fit more than a single family, these can get expensive and rare. A townhome is typically multi-leveled, with a couple shared walls. There are free standing townhouses available, but the majority are whole blocks of row-houses.


REMEMBER: The HOA that often comes along with townhouses can be a positive and negative. This can assist with ground maintenance, amongst other amenities, but keep in mind that with HOA you typically lose some control.

Financing a Townhouse
Unless you have a large amount of cash to pay for a townhome, you will have to aquire mortgage financing. Some lenders can find it challenging to accurately appraise a townhome, but Horizon Lending Services has 25+ years of experience and know just how to handle it. Mortgage financing for a townhome is different from your standard home loan. Some lenders choose to classify a townhome as a condo, leading to higher expenses and costs. This is no bueno. It is important to go through a mortgage lending company with experience in financing a townhouse.
If a townhome is want you are looking for, choose the exerienced team of professionals at Horizon Lending Services to assist you through the mortgage lending process.





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Pat & Sharon Mistowski

Horizon Lending Services, LLC
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