Is a Townhome the same as a Condo?

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Real Estate

Often First-time Homebuyers envision their new home with all the features they desire, big backyard, and in the best school district in town. Many times, they are surprised and disappointed to find their ideal home is far from their budget.

Here's a story about a couple I worked with a few months ago.

They were renting an apartment and had recently married. Over the past three years they had saved for a wedding and the down payment for their first home. They were just back from their honeymoon when they called me to say they were ready to begin the search. I gave them a few mortgage lenders to shop and once they received a pre-approval letter, we met to discuss what type of home they were looking for. 

They handed me a list of the features they wanted in their new home and an area which was zoned for a specific school. They said they were only interested in single-family homes, no condos, or townhomes. After reviewing the lender's pre-approval letter, I quickly realized the home they were looking for didn't exist within the desired school district.  

I pulled some listings and recent sales in their area and showed them an estimated breakdown of closing costs and monthly payment for the average priced home and compared it to their pre-approval letter.

They agreed it wasn't within their reach. 

I asked them if they would set aside the afternoon and allow me to show them some potential homes. I knew of a townhome for sale near the school and it had most of the features they wanted. Once they walked in the door, they said it was exactly what they were hoping for. They were surprised at how it felt like a single-family home and not at all like a condo as they had imagined. True, they wouldn't have a big backyard, but they still have a private entry and 2 car garage. 

Their offer was excepted and they closed on their new home!

Now they are building equity, instead of tossing it away in rent, and soon will be in position to buy their ideal home!

 

If you're thinking about buying a home but don't know where to begin, Contact me. I'm here to help.

 

Real Estate is all about real people being able to call someplace their own, a small slice of earth where they can lay their head at night and make a future for themselves and their families.