Many people find townhomes so appealing because they boast benefits of single-family properties, like the yard and multiple stories, yet often come with the convenience of a condo, including less maintenance and community amenities.
If this sounds like the best of both worlds, then a townhome may be the ideal property for you. Before making the big decision, here is everything you need to know to avoid being blindsided by townhome fees.
Townhome HOA Fees
Townhome residents are members of their neighborhood’s HOA, which requires monthly or annual dues.
Member fees ensure common space maintenance and upkeep, which may include activities like pest control of common areas and garbage removal. Despite the extra cost, these fees save residents time and energy.
Another plus for townhome owners is that their HOA fees are usually less expensive than condo fees because the HOA is less involved in property maintenance.
While townhome owners’ monthly expenses are lower than condo owners, maintenance work can require much higher out of pocket expenses because unit owners are solely responsible for the indoor and outdoor space of their unit.
On average HOA fees will run townhome residents $200 to $400 per month depending on services and amenities that the neighborhood provides.
It is also important to be aware that these fees can potentially increase over time. In order to stay up to speed with these changes, it is critical that townhome owners regularly attend HOA meetings.
Along with monthly or annual HOA dues, townhome owners are also responsible for paying utilities, taxes, and mortgages. While these costs work just like a single-family home, the good news is they tend to cost residents less.
Luxury Amenities that may Cost More
While luxury amenities may draw buyers into a condo community, it is important to know that the more bells and whistles offered, the higher the price for residents.
Since townhome owners help indirectly fund these luxury features through their HOA fees, as these amenities increase, so do those member dues.
While the list of potential community amenities is vast, popular bonus features include community pools, spas, gyms, outdoor parks, security systems, and gate security guards.
While townhome fees may not be any buyer’s favorite topic, it is important to understand that they enable residents to enjoy the convenient, low maintenance living that so many townhome communities offer.
Now that you can feel more confident understanding townhome fees, begin the search for your perfect home today!