Condos and Townhomes in NC's Triangle Area
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| On this page: What's the difference between a condo and a townhome? Is an attached home right for me? Advantages Disadvantages Are they a good investment? Factors to consider Search homes for sale |
An increasing number of home buyers in the Triangle Area of North Carolina are choosing townhomes and condominiums over detached homes. What’s the appeal? A number of factors make these homes attractive.
What's the difference?
Condominium
A condominium is a form of ownership in which the homeowner purchases the air space inside the unit and a joint interest in common areas, such as the land, structure and parking lot. Condominium owners belong to a homeowners’ association, to which they pay a monthly fee for expenses like insurance and common area maintenance. This form of ownership is typically associated with apartment-style buildings, but it can be applied to other types of structures as well, including townhomes and detached homes.
Townhome
Townhomes are dwellings that are not free-standing and usually contain two or more stories. Unlike condominiums, homeowners own the structure and the land on which it sits when they purchase a townhome. They are, therefore, usually responsible for carrying hazard insurance on the property, although some townhome communities do provide insurance on the structure. In those instances, the homeowner is responsible for carrying insurance on the home's contents (similar to renter's insurance). As with condos, townhome owners typically pay a monthly fee to a homeowners' association (HOA) to cover maintenance of the common areas and any insurance or amenities that are included with the property.
Is a condo or townhome right for me?
Condos and townhomes (also referred to as "attached homes") appeal to people from all stages and walks of life. First-time buyers may find them an affordable way to move from renting to owning. Busy professionals tend to like the fact that they don’t have to spend a lot of time on exterior maintenance. And empty-nesters who no longer need lots of space and want to decrease the time they spend on upkeep often find condos and townhomes are just right for their simpler lifestyles.
In fact, it's not just older homeowners who prefer the simplicity that comes with owning an attached home. Many young adults who spend most of their week working outside the home and their weekends at their favorite recreation spots find these homes a perfect match for their lifestyles. With many communities offering amenities such as playgrounds, swimming pools, tennis courts and parks, even families with children are finding them an attractive alternative to a detached home with a big backyard.
In the Triangle Area of North Carolina, many home buyers who work in Research Triangle Park (RTP) are choosing these homes in order to minimize their commutes. A shorter commute means less time on the road and less money consumed by gasoline and vehicle maintenance, which frees time and money for other priorities.
Advantages of owning a condo or townhome
- Attached homes require much less maintenance than detached homes. Landscaping and maintenance of the exterior structure are typically handled by the HOA. This is attractive if you’re not “handy” or have a busy lifestyle that doesn’t leave much time for home maintenance.
- Many communities offer amenities such as pools, tennis courts, clubhouse, and walking trails, which may not be available with comparably priced detached homes.
- Newer construction methods offer greatly improved sound barriers and fire walls.
- The close proximity of neighbors may give owners a greater sense of security.
Disadvantages of owning a condo or townhome
- HOA dues increase monthly payments and can increase in the future as maintenance and repair costs go up.
- Restrictive covenants and HOA by-laws may restrict the way you can use or improve your property.
- Availability of parking for guests may be limited.
- Typically, there is less storage than in a detached home.
Are condos and townhomes a good investment?
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I specialize in the condo and townhome market throughout the Triangle Area, including Raleigh, Durham, Cary, Apex, Morrisville, Holly Springs, Fuquay-Varina, Wake County, Durham County, Johnston County, Harnett County and surrounding areas. I am happy to answer your questions - please don't hesitate to call or email me! |
Before purchasing any home, you should consider the potential for resale. In the Triangle Area, attached housing has shown good appreciation rates in recent years and have out-performed national housing appreciation rates in 2007-2008. Market values vary among locations and price ranges. Contact me for current statistics.
Factors to consider when purchasing a condo or townhome
- Consider the lifestyle you hope to create and whether an attached home will meet your needs.
- What amenities are you seeking? Consider the availability of a pool, tennis courts, golfing, parks, playgrounds, recreational facilities, fitness centers, laundry, car washes, mail delivery, trash collection, and other necessities and conveniences.
- How much are homeowners association dues and what do they cover? For example, are the repair and replacement of exterior siding and roofing covered with townhome HOA dues? Is plumbing covered with condo HOA dues? Be sure to understand exactly what you are and are not responsible for.
- How well is the HOA managed? Is it managed by a hired company or by a board made up of homeowners? Is there a reserve fund to cover future major expenses, such as parking lot paving or extensive pool repairs? What are the by-laws and how are decisions made? Are there any assessments due or pending on the property? If so, be sure to make it clear in the sales contract who will be responsible for paying them (buyer or seller).
- Read all restrictive covenants to learn about limitations on how you may use the property, rules governing pets, smoking, landscaping, restrictions on resale, whether renting is allowed in the community and, if so, whether it is limited to a certain percentage of units. Be absolutely certain that the restrictive covenants don't contain anything you can't live with before making an offer on the home!
- How well are condos and townhomes selling in your area? Are sales prices appreciating? What is the average number of days on the market for a properly priced home? Is inventory increasing or decreasing? What is the current supply in your price range?
- Investigate the location of the neighborhoods you're considering. What's nearby? Is it convenient to work, school, shopping? Is it close to railroad tracks, airports, fire stations or other places that may cause noise, odors or other disturbances? Are any major roads or developments (commercial, residential, industrial, office) planned for the surrounding area? If so, consider how this may affect the value of homes in the area.
- Will the home meet your storage needs and/or is offsite storage readily available?
- How "soundproof" is the home?
- What type of parking is available for homeowners, e.g., a garage, driveway, or designated space near the home? Is additional parking available for guests?
- What types of fire safety measures were used in construction?
- What type of homeowners insurance is needed and how much does it cost? Is flood insurance needed? Ask what type of master insurance policy the HOA carries and what the deductible is for each homeowner. Consider purchasing additional insurance to cover the deductible amount if it is substantial.
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