Sunday, October 7, 2018 / by Elizabeth Karsten
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What you need to know about townhomes for sale in Albuquerque
Owning an Albuquerque Townhome presents a unique set of challenges. As a real estate authority in Albuquerque for more than 30 years, we'd like to share with you some of those complexities to help you make a better-informed decision as a buyer.
First, more about townhomes
A townhome is typically understood to be a certain type of residence. In some locations, the definition can be broad. But, in Albuquerque, typically the term "townhome" will refer to a tenant-owned home that shares at least one wall with another unit. Backyards in Albuquerque townhomes are typically private but some may have common spaces instead.
Nationwide insurance defines a townhome similarly.
A townhome is defined as conjoined units that are owned by individual tenants. They are architecturally similar to row houses in that owners usually share at least one or more walls.
In some cases, townhomes in Albuquerque will share a section of roof as well.
Townhomes can take a number of setups, however, so it's best to confirm the details of any listing you become interested in with one of our buyer's agents.
Find out about the HOA
If you are thinking about buying a townhome as a first-time homeowner, you may not be familiar with the concept of a homeowners association (HOA). Townhomes in a community governed by an HOA are quite common. An HOA can dictate the exterior aesthetics of your home and usually makes decisions regarding common spaces in the community. Also, there is almost always an associated monthly "HOA Fee" that is charged of tenants every month.
Think about privacy
Townhomes are great -- they're economical, practical and build community among neighbors. However, some of their benefits can occasionally be downfalls. If you're hunting for townhomes for sale in Albuquerque, you'll want to keep privacy in the forefront of your mind.
Some units will share only one wall while other will share two or more. This can allow for some noise to travel between units. When you are touring homes with your qualified buyer's agent, listen for noise from other units to determine how soundproof the home is.
You know the privacy level you expect from a home so you're the best judge of character. However, don't be unrealistic with your needs. Our team can help you find the perfect townhome in Albuquerque without having to settle.
Don't assume anything about insurance or mortgage
Insurance and mortgage lending for townhomes can vary significantly from a standard, detached residential home. Even if you've bought a home before, you should not assume that buying a townhome will be similar. To protect yourself and your finances, you shouldn't attempt to purchase a townhome with the help of a local realtor.
Think about the CC&Rs
CC&Rs is the common term for what is called "Covenants, conditions and restrictions." CC&Rs are guidelines for the tenants of a townhome community. While some guidelines are set by the HOA, the CC&Rs can be more far-reaching. Basically, and provision can be made in the CC&R document for a townhome at the discretion of the leadership of the community.
Common provisions include guidelines for having pets in the home, parking utility vehicles temporarily, contracting construction projects, maintenance and more.
For some, guidelines set out in a CC&R will be too bothersome. However, most consider the guidelines beneficial as they keep the neighborhood looking pristine and can actually increase property values.
We Can Help you Find Townhomes for Sale in Albuquerque
We have been in the Albuquerque real estate business for over 30 years now. Our team is filled with qualified buyer's agents ready to help you in your search for the perfect home. We're not a franchise and we are local to Albuquerque. Nobody knows this place better than we do.
Check out our search for townhome listings in Albuquerque or contact us for personalized help finding a home.