Loans Serivces

What Is a Townhouse? Everything You Want to Know

Townhouses are a common type of housing, and you’ve almost certainly seen your share of townhouse communities — or, at the very least, a row of townhomes lining a street — where you live. This distinct building style shares many similarities with detached homes and condos, but there are also a number of features that set townhouses apart.

Here’s what you need to know about townhouses and how they compare to condos and single-family houses:

What is a townhouse?Townhouse vs. condo vs. housePros and cons of a townhouseTips for buying a townhouse in 2021Should I buy a townhouse?

What is a townhouse?

A townhouse is an individually owned, residential home — usually multi-level — that shares a wall with at least one other home. Because they’re often constructed side by side, townhouses are sometimes referred to as row houses, particularly when located in a dense urban area.

The owner of a townhome owns both the structure and the land it sits on. In some cases, townhouse clusters are part of a larger townhome community, which is often managed by a homeowners association that sets the rules for the community, collects membership fees from the homeowners, and arranges for maintenance.

Townhouse vs. condo vs. house

Although townhouses, single-family houses, and condos all serve as residential homes and can be financed with a mortgage, they’re actually quite different. Here’s a breakdown of the primary differences between these three property types:

TownhouseDetached houseCondoType of ownershipFee simple ownership: includes the structure and the landFee simple ownership: includes the structure and the landCondo ownership: includes the space inside the condo but not the outside space or landCost to buyUsually costs less than a detached house but more than a condoUsually the most expensive optionUsually the least expensive optionFinanceStandard mortgage financingStandard mortgage financingSubject to financing restrictionsNeighborsAt least one shared wallNo shared wallsAt least one shared wallUpkeepYou’re responsible for the exterior and interior of your home, plus any shared walls.You’re responsible for all maintenanceYou’re only responsible for interior maintenance, such as plumbing; the condo association takes care of common areasInsuranceStandard homeowners insurance requiredStandard homeowners insurance requiredCondo (HO-6) insurance required; condo association policy insures common areas and exterior of buildingAmenitiesSometimes includes amenities, if part of a planned communitySometimes includes amenities, if part of a planned communityOften includes amenities

Any property you buy has rights of ownership associated with it, but some properties have more rights than others:

Fee-simple ownership: When you buy a detached home or townhome, you receive fee-simple ownership. This is the least restrictive type of ownership. It allows you to use your house, yard, and any other structures on your land as you wish, as long as you act within the law and abide by HOA rules, if applicable.Condominium ownership: Condo owners have fewer ownership rights than owners of houses and townhouses. What they own individually is the space between the exterior walls of their unit, but not the exterior structure of the unit. They might also be entitled to exclusive use of amenities, like a patio or parking space, located in a common area but reserved specifically for their own use.

Read: Condos vs. Houses: How to Decide

Financing

Detached homes and townhouses are generally easier to finance than condos are. That’s because when you buy a detached home or townhouse, you buy the house and land it sits on.

When you buy a condo, the agency backing your mortgage loan — Fannie Mae, for instance — must approve or “warrant” the building or community before it’ll sign off on financing. When it does, it’ll likely be at a higher interest rate than you’d get with a house or townhouse.

Why the higher interest rate? Mortgage rates on condos are usually higher since the lender has to take on additional risk. With a townhouse, the lender only has to worry about you defaulting on your mortgage. But with a condo, it also has to consider the fact that other condo owners in your building might default on their loans and HOA dues as well. Such defaults could threaten the financial viability of the complex and, in turn, negatively impact your condo’s value.

Pros and cons of a townhouse

Every type of home has pros and cons. Here are some to consider before you buy a townhouse:

Pros

Less expensive than a detached homeSame financing options and ownership rights as a detached homeLess yard to maintainA sense of community

Cons

Less privacy than a detached homeOften subject to HOA restrictions and feesLimited yard sizeFewer style choices

Tips for buying a townhouse in 2021

The process of buying a townhouse compared to a single-family house is relatively similar, but you’ll want to be especially considerate of the following:

Budget: In addition to the home price and closing costs, factor in HOA fees. Make sure these costs don’t send you over budget.HOA: An HOA protects a community’s property values by enforcing certain standards. These standards include appearance and upkeep of your unit, the kinds of structures you can construct in the yard, and whether you can keep a boat or RV on your property. Ask yourself if these policies are overly constricting.Amenities: Amenities like a pool, fitness center, and clubhouse can make a townhouse community a more enjoyable place to live, but you’ll pay to maintain them as part of your HOA dues. Decide whether you’d use them enough to justify the expense.Neighbors: Because townhouses are attached, you’ll share walls with at least one neighbor, and you’ll live in close proximity to all your neighbors. Living so close together can foster a sense of community, but you may not be comfortable with the noise or lack of privacy. An end unit will give you slightly more privacy.Future plans: Consider your life stage and think about how happy you’ll be in a townhouse over the long term. Ask yourself if it will suit your needs a few years from now, and take into consideration your family and financial goals.

Should I buy a townhouse?

A townhouse could be a great choice if you’re seeking a smaller home with a yard that requires minimal upkeep. Perhaps paying HOA dues and the lack of privacy are small compromises when compared to the benefits of owning an easy-to-maintain home in full.

If, on the other hand, the thought of homeownership conjures images of lots of space and privacy, where you can do whatever you want without neighbors or HOAs interfering, a detached home might be a better choice.

And, if all exterior maintenance is a deal breaker, consider buying a condo instead.

If you’re looking to purchase your home the traditional way, Credible can help you compare prequalified rates from all of our partner lenders in just a few minutes. It’s simple and secure — and you don’t even have to leave our platform.

Credible makes getting a mortgage easy

Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now

Trustpilot

The post What Is a Townhouse? Everything You Want to Know appeared first on Credible.

paving
Loans Serivces

Is Residential Asphalt the Best Building Material?

A residential asphalt is a form of building material that has been designed to be stronger and more durable than other forms. In fact, asphalt has stood up to decades of harsh weather and usage because of its durability. Many homeowners and commercial businesses are choosing residential asphalt for their driveway, walkways, and parking lots because it is a tough, durable, and cost-effective material to work with. In addition, there are many reasons why this material is so beneficial to a structure.paving

One of the most common reasons why asphalt is chosen as a material for structures is because of its ability to withstand a variety of climate conditions. When the temperature and humidity are high, most types of asphalt will crack under stress. If an asphalt repair job is needed on a structure, finding a company that can work with the particular issues and concerns of the structure will make the project easier to complete. The same is true when it comes to repairing or replacing any part of a structure. When a company has experience repairing and replacing these types of materials, they will know exactly what to do to make sure the structure is repaired or replaced in a timely manner.

Another reason why people choose this material for their asphalt repair projects is because it is available in a wide array of colors. In addition, it can be used for a wide variety of other purposes, including exterior house painting, driveway repairs, and new construction. There are a lot of advantages to using this material, but the biggest one is cost. If a structure has to be replaced or repaired, the use of asphalt is often the most affordable option, especially when compared to other types of materials that require extensive amount of labor in order to install and repair.

One advantage of using asphalt for repair or replacement projects is the material’s energy efficiency. When it is used for both interior and exterior applications, this building material can save a structure a considerable amount of money on heating and cooling costs. Some asphalt materials have a high level of reflective properties that help reduce heat transfer from the summer to the winter. It also reduces internal temperatures from building elements and allows them to retain cooler air. This energy efficiency feature can significantly reduce the need for cooling and heating expenses.

Resdential asphalt is also highly durable. It is made with a thick, durable coating that will resist damage from inclement weather and vandalism. In the case of inclement weather or damage, it is easy to replace just the damaged asphalt instead of having to replace the entire building. When compared to other building materials such as vinyl or concrete, asphalt is more resistant to both heat and moisture. A resdential asphalt structure can be anticipated to last for decades.

When people are considering asphalt repair or replacement, they should think about all of the benefits that come with using this material rather than traditional building materials. This is an excellent choice for repairing or replacing structures because it is eco-friendly. It is also a cost-effective option that is ideal for do-it-yourselfers and small businesses. Resdential asphalt is a low maintenance material that will not require additional protection from chemicals or water damage.

Aesthetics are important to many people. And resdential asphalt is an attractive building material with a beautiful color. It is extremely decorative and its beauty can be enhanced by the proper paints or staining. In addition to being decorative, asphalt is an excellent material for landscaping, especially when used as a driveway. Asphalt is a tough and durable material that can withstand heavy vehicle traffic and stays looking new.

Asphalt is resistant to fire, is highly flexible and has a low impact resistance. If you are considering asphalt repairs or replacement, you might want to call a professional company. There are many things to consider before repairing your structure. If you are not sure if it will be a good idea to repair your structure yourself, contact a local contractor. They will give you a free estimate and help answer any questions that you may have. Resdential asphalt is a great choice for many projects.

realtors
Loans Serivces

Where Can You Find Homes For Sale?

realtorsAre you looking for Homes For Sale? Are you looking to move to a more prominent place and don’t know what type of home you want? Looking to find a place to raise your children when you are getting older? There are many things that you can do to look for and purchase a good home.

First, determine what kind of house that you want. Are you looking for places to live alone, or do you want to buy a home with someone to live with you? Either way, you will like something out there, so set your goal and work towards it.

The next thing that you will want to do is go online and do some research. Many people make the mistake of not looking around enough before they decide on a house. There are many homes for sale in every area of the country. Take the time to look at what is available and see how much they are selling for and how much you think it should cost.

Once you have done this you need to compare the prices of the houses for sale. You can do this by using a site like Zillow. This will allow you to put in your criteria and see how the houses for sale compare. This will give you an idea of what kind of house you should be looking at.

Now that you have your list of houses for sale you need to see where they are located. Usually the best houses are located close to a major city. Look at what the city is known for and if you are interested in living somewhere there.

After you have found a few houses you can then start to ask yourself, are you looking for homes for sale? When you are searching online you can find out information about the houses for sale and their history. You can see what the neighborhood is like and how much there is to offer for it. You can also find out about the owner and what kind of mortgage plan they have. Find out if they pay on time or if they have defaulted on their mortgage.

You can go to the city and look at some of the houses for sale. These are not always the best though. If you know the neighborhood, you may want to wait and see if the property will gain equity over time. If you can afford to buy a home in a neighborhood that needs work then it might be the better choice. The equity will allow you to make repairs and add some improvements.

When you are looking for homes for sale the internet can provide you with some helpful information. You can check out houses and get price information right away. You can find out where the houses are located and if they have any value added services.

You can save yourself time and money too. You can find many different houses all in one place and see what is available. It can take you a while to drive around the area and find the houses that are for sale. With the internet you can browse at your leisure and see what you can find quickly. You can save a lot of time by doing this.

You can even find houses that are still owned by the original owners. Many owners want to sell their home and are willing to sell it in return for some sort of compensation. This is an excellent way to get a house quickly. Most owners are more than willing to sell their property because of the equity that is built up on the house.

If you are wondering where you can find houses for sale then you need to turn to the internet. There are many places that offer houses that are being sold. This will give you options that you would not have found otherwise. The best way to find out where there are houses that are for sale is to use a site that specializes in letting you do a free online search. This will give you all of the options that you need to know where you can find a home.

You can also contact real estate agents who specialize in selling and buying foreclosures. These people will usually have an entire catalog of homes that are ready for your viewing. You can narrow your search in almost every way possible until you find the house you are looking for. These experts can also give you information on where you can view houses so that you can find one quickly.

Loans Serivces

Home Loans – An Overview

At Paragon Home Loans, your dream of becoming a homeowner can come true. Our mission is to help you achieve your goal by providing you the highest quality mortgage products and valuable education. We want you to succeed, so we work hard to find the lowest rates available in your area. The best part is that our home loans are backed by the FDIC – Federal Deposit Insurance Corporation.

home loans

Paragon Home Loans strives to be the most reliable source for your mortgage needs. Our goal is to help you become a homeowner by giving you the very best mortgage deals and education available. Since we offer competitive mortgage rates and flexible loan terms, our goal is to help you make the most affordable home loans possible. To do this, we work hard to educate you on affordable home loans so you make the best decision for your future.

We understand how confusing mortgages can be. There are so many different types of mortgages, and each has different rules and restrictions. When it comes to home loans, there are many different types of lenders. Here are some things you should consider when choosing your mortgage:

If you have an above-average credit score, you should not have any problems qualifying for the best home loans rates and packages. The majority of borrowers with above-average credit scores qualify for the prime rate and get competitive rates. However, some borrowers have below-average credit scores and still qualify for the loans. If you have below-average credit but have a good fico score, you should have no problem securing the financing you need.

If you are a frequent borrower, you may qualify for lower interest rates and repayment options. Most lenders offer a fixed-rate mortgage for borrowers who make regular payments. They also offer an adjustable-rate mortgage rate that changes as interest rates change. If you pay off one large loan quickly, you can lower your monthly payments and start paying less in principle while your principle is growing. This type of leverage can help you save thousands of dollars in the long run.

The term length you choose will determine the amount you pay in interest over the life of the loan. Lenders vary on their terms for these terms. Some lenders allow borrowers to purchase 30-year mortgages. Others require borrowers to begin paying interest in the first year and finish paying on the last year. There are other mortgage loans to choose from, including options to borrow against the equity in the property or to use the cash flow from other assets.

Borrowers who own a home are always interested in the current interest rates. Adjustable-rate mortgages offer flexible payments based on changes in the index. They feature fixed-rate mortgages for thirty years and then come with an option to repay the loan early or not at all. Mortgage rates can change each day, and you may find that your payment amounts go up. Fixed-rate mortgages provide an initial interest rate and a level interest rate after the introductory period. As the introductory period ends, the interest rate goes up and may stay there, or it may fluctuate depending on the market.

Both adjustable-rate mortgages and interest-only mortgages have come with different payment and interest rates. Adjustable-rate mortgages start with a lower interest rate but later increase to become more competitive with a fixed interest rate. Interest-only mortgages offer a lower monthly payment but start with a higher interest rate. The payment and interest rates will decrease once the loan has been paid in full.