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Primary Residential Mortgage, Inc.
10121 N Rodney Parham, Suites C & D
Little Rock, AR 72227
855-474-7169
501-225-5626
NMLS # 3094
Branch NMLS # 252910
Licensed by Arkansas Securities Department 11558
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Equal Opprtunity Lender

Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Things to Consider When Buying a Townhouse

Townhouses in Tennessee are an ideal option for families that are a bit on a tight budget. Although each family share common walls, the family owns the land that their unit sits on, unlike other real estate investments such as condominiums. One great thing about having a townhouse is that you get to a feeling of permanence to the neighborhood. You also get to know other people like your neighbors, making you feel like you actually belong. It is also ideal for people who would like to have a family of their own. But there are still things to consider when buying and financing a townhouse.

  • Consider how your townhouse is constructed. Most townhouses have two, and sometimes even three to four levels. The bathroom is usually located on the first floor, and all bedrooms, including additional rooms are situated on the upper level. If you find it hard to climb the stairs on a day to day basis, then you might want to reconsider buying a townhouse.  Townhouses are made on a rather limited land space, so developers would often construct townhouses that have more than two levels. That’s why people have medical issues and find it hard to use the stairs daily, find it rather challenging to have their own townhouse.
  • Try to check your townhouse’s neighborhood. Since you and your neighbor share the common walls, it would be best to check what your neighborhood feels like. Noisy neighbors can be a bit bothersome, so having walls that are not constructed with sound insulation. You can ask the contractor or the developer of each unit has sound insulation. Your privacy is important, so making sure that your neighbors would barely hear anything can give you some peace of mind.
  • Always read the homeowner’s association fine print. Most townhouses, if not all, are governed by an HOA or Homeowner’s Association. Some HOA doesn’t allow dogs or any pet of any kind. Some may also have limited parking options as well. So reading the fine print before signing any mortgage loan is greatly advisable. However, many HOA do cover the cost of roof repair and replacement, common area maintenance, and other large expenses associated with your townhouse.
  • Check the unit’s outdoor space. No matter how busy or hectic your schedule may be, having a small touch of nature can enhance your townhouse. You can create a vertical garden in your backyard to save some space. Maximizing whatever space you have on your townhome can make greatly improve your townhouse’s overall look.
  • Know your insurance situation. In some set of townhouses like in Memphis, a portion of your insurance fee is covered by the HOA. But it’s important to know your insurance’ coverage to make sure that you are covered if anything bad happens.
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