Using A Realtor To Purchase Your First Townhouse
While townhomes often get overshadowed by single-family homes, they still provide an excellent purchasing opportunity for homebuyers. When you have a real estate agent with townhouse listings, this can be right up your alley. Here's what you need to know about shopping for and finding a townhouse that is perfect for you.
Why purchasing a townhouse could be right up your alley
First of all, you should know that buying a townhouse is usually far more affordable than a single-family home. This is a step up from renting since you have the freedom to make changes to both the interior and exterior much of the time. Be sure that you check with the homeowners association (HOA) to see what kinds of rights you have and what sorts of matters will be taken care of for you.
When you buy a townhouse, it usually means that you'll also get the latest and greatest fixtures. LED lighting is quite common with townhomes. You get about 80 percent greater energy efficiency when you have LED lighting in your home as opposed to incandescent lighting.
What's more, these townhomes tend to have the highest quality utilities, in addition to decorative options that are unmatched. Purchasing a townhome is also a great idea from an investment point of view. It's very easy to later rent out these townhomes — particularly if you are in cities like Wilmington, Deleware, Baltimore, Philadephia, and Virginia Beach, which have healthy townhome rental markets.
How working with the right realtor can help you find the right townhome
If you're trying to get the best deal on a townhouse, your real estate agent should specialize in these properties. This opens you up to the best listings available, in addition to professional assistance that can help you close a deal. You can expect your realtor to take at least a 30 percent commission of the sales price.
That is a fair price when you consider the work they do facilitate your initial offer as you go through the purchasing process. As a safe rule of thumb, you will want to get your credit score up to about 700 and above to get the best mortgage opportunities. This will include interest rates that are affordable, in addition to closing costs that are fair to you.
Utilize these tips and touch base with some real estate agents that specialize in showing and selling townhouse options.