|
Just to pile on...
All things considered, I would pass on townhome living. Anytime you are sharing a wall (and/or ceiling/floor), there are bound to be issues eventually. The only time a condo/townhome makes sense IMO is for a second/vacation home (lock & leave).
Condo/Townhouse HOA dues can get out of control as well. As mentioned, you can also be liable for "special assessments" over and above your dues whenever the board sees fit to cover big expenditures (new roofs/paint for the entire complex, etc.). I remember an instance at one complex where monthly HOA dues were tripled (from $300 to $900) just to cover the loss of funds that a treasurer had stolen (this caused a couple people to lose their homes as they couldn't afford to pay it). So, at the very least, be sure that the HOA is solvent, and professionally managed with a good track record. Then be sure to read the CC&R's very, very carefully. Personally, I'd be looking at smaller detached SFR homes before considering any condo/townhouse as a primary residence.
If you don't mind sharing a wall, you may consider looking at duplexes instead. If so inclined you can live in one side and rent out the other. Some wouldn't want the headache, but it could be a nice way to reduce your monthly expenses, or even get to a positive NOI position under the right circumstances.
|