Town Home Buying Ideas

By: Daniel Spivey

Buying a town home is now a popular trend among moderate buyers. Buying a town home entitles an individual the ownership of a particular residential unit. Town homes are lofty apartments arranged together in a row where each individual or family occupies one property. Each individual is entitled to the ownership of his particular residential unit. A town home is often festooned with property extensions like garden, parking lounge, swimming pool and the like. The home owners are required to share the added amenities along with other members.

Buying a town home is quite an affordable option for a buyer of moderate means. However, leasing a town home might sometime be a more prudent option than buying one.

While you opt for leasing a town home, it is always better if you personally visit the place along with your home inspector. A home inspector is always a better position to detect the possible flaws of the house that might escape your eyes. Sometimes, the keepers of the property would ask you to fill out visitors' register forms. Remember, that filling out visitor's information card is not in any way a compulsory obligation and it depends entirely on the discretion of the visitor himself.

Once you are ready with the idea of buying a town home, you are required to file a lease application along with a processing fee and credit check fee. The application is then subject to close securitization. The process may take about a couple of weeks and once you fulfill their requisite criterion in terms of your credit worthiness, income and salary, you will be allotted a residential unit. In most cases the landowners prefer individuals with a consistent and verifiable income. An applicant may be denied application if he has a negative credit history, negative rental history, insufficient income, any criminal proceedings against him or has ever filed bankruptcy.? In case the securitization process takes more than two weeks, your name should appear under priority listing. The documents required for the verification purpose include payroll receipt within a span of thirty days, tax records of the current previous year, bank statement of one month, court records and also brokerage statement.

In most cases, the accommodation standard is two bedrooms for four people and three for six people and an infant is not considered as an occupant unit he reaches the age of twelve.

While leasing a town home, your landlord is required to comply with occupancy guidelines as stipulated by Federal housing law. The Federal law also stipulates that a landowner can not discriminate among his tenants on the basis of cast, religion and sex. Last but not the least; an applicant should be possessor of clean civil history. An applicant in no way should pose to be a threat to other inmates and retard their lifestyle.
Last but never the least; you should get your town home insured by a reliable insurer even if it means a little more cost. It is always better if you are provided insurance as a part of the deal when you are buying one. Else, it is your responsibility to ensure the safety of your home and its inmates.

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