Pasadena is one of the greatest places for buyers looking for beautifully upgraded and remodeled condos and townhomes. New ones are also being built near the downtown area (Old Pasadena). With these great property opportunities come very important questions that a buyer should review before heading into the buying process. As a buyer you have to be well equipped and prepared for such a process especially if it is your first home purchase. We break down a few questions that buyers should have knowledge about before jumping the gun.
First and foremost what is the difference between a townhouse and a condo?
In the broad sense a condominium complex is a multi-level dwelling of multiple units that share amenities, which can be a gym, pool or barbecue patio. A condo will most likely have designated parking spots in a garage where all residents’ vehicles will be whereas a townhouse will usually have an attached garage.
Majority of townhomes are normally 2 stories, which offers a small patio vs. a balcony in a condo. The major difference is that in a townhouse you only have a neighbor to the left and right of you unless you are placed in a corner unit. Townhomes may also have amenities just like Condos.
The two both share one major thing in common, which is a Home Owners Association.
So, what is an HOA?
A Home Owners Association enforces community rules (known as CC&Rs), provide building maintenance and covers funding for the amenities or events hosted by the HOA. As an owner of either a townhome or condominium you pay a monthly HOA fee, which is simply what covers the costs of what the HOA enforces and provides. However, a portion of that is placed into an account that is set aside as reserve. This reserve is normally set aside for repairs that may include new roofing, garage, piping etc. It is extremely important as a buyer to read through an HOA agreement because there may be a few restrictions or rules that you may not agree with.
Do the Due Diligence!
It is of extreme importance that a buyer do their due diligence when it comes to buying a townhouse or condominium. When a buyer does due diligence then their buying process is clear and understandable. To build your knowledge read this full article and feel accomplished that now you know more about one of the biggest purchases you will ever make.
If you want to read the full article then click the following link: Buying a condo or townhouse?