Learn How to Save Money While Buying a Townhouse

Do you want to buy a bigger and more beautiful townhouse in Wenonah, NJ but are worried that your current savings isn’t enough? Then it’s time to save more money so you can make your budget much bigger. Here are some expert tips that you can follow to help you buy your dream townhome.

1. Improve your credit score before applying for a home loan.

To get a cheaper loan, lender fees, and interest rates, you need to have a higher credit score. How do you improve it? Before applying for a home loan, make sure to pay your credit card bills on time. Pay down your credit card balances so that they total to less than 15% of your credit limit. You need to prove to the lender that you are capable of paying your loans. Thus, maintaining a payment history of your credit cards, other loans, as well as bills is necessary. Also, financial advisers recommend against opening a new credit account as this may drag down your credit score.

2. Aim for a bigger down payment (10% and 20%).

Banks like working with clients who can make a bigger down payment for their new townhouse in Wenonah, NJ. This proves that they can pay for their loan on time. A sizeable down payment that’s between 10% to 20% lets you choose a shorter and cheaper mortgage term and pick a more desirable townhome. Moreover, it will also cut down the costs of your monthly house payment.

3. Use the builder’s lender.

Builders of townhouses in Wenonah, NJ give discounts to buyers who use their partner mortgage lender. This lets you save a lot of cash on closing costs. Aside from the savings, there are many more reasons why it makes sense to use the builder’s lender. For one, mortgage approval is faster and easier since the lender knows the builder’s reputation well. Another advantage is that the lender can lock in your mortgage rate longer than 30 or 60 days and potentially give you a lower monthly rate.

Essentials to Buy Your Dream Townhome

Townhomes in Gloucester County, NJ are unique types of properties because they combine the convenience of a condominium and the comfort of a single-family home. They offer enough space and are easy to maintain. They are also the perfect homes for first-time home buyers, couples, and those who are just starting to build their families. If you’re in the market for a townhome in Gloucester County, NJ, here are some of the things you need to think about.

The neighborhood

Drive around the area to see what amenities are near your home. How long will it take to commute from your home to your kid’s school or your office? Is there a supermarket nearby where you can do your groceries? Are there malls, restaurants, and recreational areas where you can go shopping and do some fun activities? Aside from these things, you should also take a look at the area’s crime statistics, tax rates, and availability of hospitals, fire stations, and police stations.

The floorplan and features

It’s important to find a home that meets the requirements of your current lifestyle. When looking for townhomes in Gloucester, NJ, look at the floorplan and included features carefully. Attend open house events and do walkthroughs of potential properties. This way, you can examine them closely. These are also great opportunities to ask the builder of the standard features and amenities that come with the base price of the townhome.

HOA fees and policies

The policies and regulations of the HOA can affect your day to day life more than you think they do. HOAs are typically in charge of the maintenance of the lawns, rooftop, and other exterior parts of your property. This is where your monthly fees go. It’s wise to find out about the community’s regulations and fees before buying so you can take them into account as you make your decision.

Advantages of Investing in a New Townhome

Should you just buy an existing townhome in Gloucester County, NJ or invest in a brand-new one? If you’re after short-term savings, then you’ll probably opt to purchase an existing townhome and renovate it later. But if you want to get the best value for your money, then you’ll choose a new construction townhome. In most cases, brand new townhomes in Gloucester County, NJ are better choices because of the following reasons.

Luxury features

The major advantage of buying brand-new is the fact that everything in the townhome is at its best and finest condition. In fact, builders equip their townhomes with trendy and luxury features that you’ll only see in high-end homes. What’s more, these modern amenities come standard or included in the base price. Indeed, townhomes offer luxury living at an affordable price.

Floorplans designed to your lifestyle

Leading builders of townhomes in Gloucester County, NJ offer award-winning floorplans that are tailored to the needs and preferences of the modern home buyers. They make sure that the layout and features make your townhome living comfortable and convenient. You can do upgrades and customize some elements so that your brand-new home will meet your needs exactly.

Insurance or warranty to cover structural issues

Like detached houses, brand-new townhomes are also covered by insurance or warranty. The builder is the one responsible for fixing any structural problems and other issues with the pipes, siding, and roofing of the home. If you encounter any of the said problems with the townhome you purchased, just call the builder or the HOA. They’ll repair them for you according to the warranty and insurance policy.

Attractive locations

Many builders are developing townhome communities in beautiful suburban and convenient areas such as Gloucester County. Here, your family will enjoy living close to schools, parks, malls, and business centers. If you don’t plan to live in your townhome yet, you can just rent it out. Finding a tenant won’t be a problem since Gloucester County and townhomes are perceived as attractive options by most people.

Pros and Cons of Buying and Living in a New Townhouse

Many community builders are betting big on townhouses with the increasing demand for this type of dwelling. It can certainly be exciting to purchase a new townhouse in Washington Township, NJ because of the range of good options to choose from.

For modern home buyers, the affordable prices of townhouses make these types of properties very attractive. But just like all other kinds of real estate, townhomes also have disadvantages. Before you make a huge financial decision to buy a townhome, it’s important to understand the pros and cons.

Advantages 

  • Luxury amenities within your reach – Is it possible to buy a high-end townhome without breaking the bank? Definitely. In an attempt to attract more homebuyers, builders of new townhouses in Washington Township, NJ now include luxury features as standard amenities. You don’t have to pay extra for hardwood floors, granite countertops, and stainless-steel appliances. They will be included in the purchase price.
  • Ease of maintenance – Cleaning your new townhome is easy because it is compact. You won’t have to worry about mowing your lawn, either, because your HOA will be in charge of trimming shrubs and mowing the grass, keeping your landscaping pretty.

Disadvantages

One of the major disadvantages of townhome living is that you have limited privacy. Since the units are attached or built side by side, there are times you will be bothered by the noise next door. In the same way, you have to be extra cautious and courteous so as not to disturb the neighborhood. This might not be a big issue; still, it’s one of the factors to keep in mind before buying a townhome.

Some lenders treat townhomes in Washington Township, NJ as condominiums. The mortgage loans they offer may have higher interests. To get the best deal, it’s good to find a lender who is experienced and well-informed about the townhome community or area. You can also consider using the partner lender of the builder.

Pros and Cons About New Townhomes in New Jersey

Townhomes in New Jersey offer buyers the best of both worlds: the security and convenience of condominium living and the spaciousness of single-family homes. But they are not without disadvantages. Before you look for a new townhome for your family or for yourself, consider these pros and cons.

Pros

1. Affordability

Compared to single-family homes, townhomes in New Jersey are more affordable. This is because developers spend less on constructing townhome units with shared walls than they do on detached homes. Thus, these properties are great options for those who are looking to invest in their first home, those who want to downsize, as well as buyers who don’t want to tie up their money on housing.

2. Low-maintenance

In townhomes, you don’t have to worry about pulling weeds and mowing the lawn. In fact, any external maintenance and issues will be handled by the HOA.

3. Convenient location

Developers of townhomes cater to young families and professionals. That’s why they built in areas where people would enjoy an easy commute to schools, offices, and recreational facilities in the city.

Cons

1. Townhome financing is different

Townhomes in New Jersey are more affordable. But how much savings you’ll enjoy will depend on the type of mortgage plan you choose. Some lenders don’t treat townhome mortgages like traditional mortgages. You may find it difficult for your loan to get approved, or the interest rate may be higher. Before closing the deal with the developer, shop for lenders. Some developers can also recommend partner lenders who can give you excellent rates.  

2. HOA fees

You are required to pay HOA fees monthly for the maintenance of your lawn, yard, and shared amenities. Don’t forget to account for this before deciding to purchase a townhome.

To find the best townhome for you, look for the communities built by award-winning developers. Check the background of the builder, the floorplans, included features, payment plans, and the fine prints of their townhomes they offer before making your final decision.

Facts You Need to Know About Townhome Communities

The prices and the shared amenities of townhome communities in Cherry Hill, NJ‌‌ certainly make them attractive. After all, townhomes tend to be more affordable than single-family home units in the same area. They also offer more space than typical apartments or condominiums.

Are you interested in buying a townhome in the area? It’s important to do some research. As a wise home buyer, you want to know as much information about the townhome before making a commitment to buy it. You don’t want to rely on the hearsay—you want facts. Below are some of the factors to look into:

What are the home design options available?

New home builders of townhome communities in Cherry Hill, NJ offer a range of customizable floorplans and open floorplans for the modern home buyers. Ask to see their portfolio of available layouts.

What appliances are included in the townhome?

Keep in mind that not all appliances and features you saw during your walkthrough of their model townhome are included in your townhome. Some of them are upgrades that you have the option to get. If you want those appliances, you have to pay more.

What are the regulations or duties of the HOA?

You should know the management and maintenance scope of the homeowners’ association (HOA) before you buy a townhome. More often, they are responsible for maintaining the exterior parts of the home, including the lawn, patios, as well as the shared areas such as the parking lot and playgrounds. 

What establishments are near townhome community?

The ideal townhome community in Cherry Hill, NJ is close to the city amenities, local attractions, and recreational areas. More importantly, they are minutes from schools, hospitals, and workplaces.

What company built or developed the townhome community?

You know that you have found the right townhome if it was built by an experienced and award-winning builder.

Four Essential Steps to Buying a Townhome in Washington Township

Are you thinking of buying your own house? Then it’s time to explore new townhomes in Washington Township NJ to see what fits your price range and your requirements. Here are the major steps to ensure that you find the home of your dreams:

  • Determine your budget. It’s important to trim your options down to townhomes within your budget. This will not only save you time—it also spares you from the heartache of falling in love with a home only to find out later that you can’t afford it.
  • Do your research about homebuilders in the area. Familiarize yourself with the best construction companies and developers in the community. Do your research online, by consulting the local directory, or even by asking around the neighborhood. Find out what projects they have worked on and delivered. Check out customer reviews and testimonials about them. Make a shortlist of the most competent builders in Washington Township and then start contacting them to look at the townhomes they offer. Take note of those that fall within your price range.
  • Check the features of the townhomes you are interested in. How was the home planned and built? Were the materials carefully chosen by the builder? What features are standard and what can you upgrade? Are basic appliances included?
  • Look around the neighborhood. You want to purchase a townhome that is well located, with easy access to community amenities and shopping. Are there a good school in the community? How many minutes will it take to grab food and other essentials whenever necessary? Is public transport available should your car break down?

The best new townhomes in Washington Township NJ were built by trusted local builders who are known for delivering high-quality homes and creating wonderful neighborhoods. They can help you give your family the beautiful home they deserve.