5 costly mistakes townhouse buyers make
The most common and most expensive ones, and how to avoid each.
1. Shopping by price and ignoring the monthly fee
Two townhouses at the same price can differ by hundreds of dollars a month once a maintenance fee or POTL fee is counted. Compare total monthly cost, not just the asking price. The monthly cost calculator does it for you.
2. Not checking whether it is freehold or condo
Two homes that look the same from the street can be owned in very different ways. On a condo townhouse, the status certificate is where an underfunded reserve fund or a coming special assessment shows up, so make your offer conditional on your lawyer reviewing it. Freehold vs condo townhouses and what the status certificate contains.
3. Assuming the parking will work
Check whether the garage fits your vehicle, how many cars the driveway holds, where visitors park and whether overnight street parking is allowed. It changes both how the home works for you and how easy it will be to resell.
4. Skipping the home inspection
On a freehold townhouse the roof, furnace, windows and driveway are yours to replace. An inspection tells you how much life each has left, and whether a finished basement was done properly, before you commit.
5. Not looking at what sold on the street
Asking prices are what sellers hope for. Sold prices for similar townhouses on the same street or in the same complex are what the home is worth. Ask for them before you offer. Request recent sold prices for any street.
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