Pros and Cons of Leasing a Town Home

By: Daniel Spivey

Most buyers agree that town homes offer a convenient and affordable living platform that ensures their safety, satisfaction and solace. Town homes not only match with the need and preference of buyers but just fit smoothly inside the pocket of the buyers. For many, buying a down-home is a more feasible option than purchasing a single family residential unit. Whether buying a town home is a good option for an individual depends on his or her individual financial position and also on some other obvious factors.

If you are a happy single and in the flourishing stage of your career, your job may demand frequent transfers and you may have to visit places. Or you might consider switching over to a better option. In that case, selling off your town home might entail certain unwanted hassles. In that case, leasing a town home might be more suited to your needs. Else, finding a prospective buyer might just pose out to be a difficult task and you might just have to compromise on the price. That would also deprive you of any equity guaranteed on the asset.

However if you have leased a town home and plan to quit before the lapse of the period mentioned in the contractual document, your landowner might impose "buying out of lease" penalty.

This might require you to make hefty payment and cost you a few more bucks.
Leasing a town home provides you the option of foregoing lease anytime you wish. If you are somehow not satisfied with the services being provided by the homeowners
Association, you might consider leaving anytime you wish. If you are somehow not
Satisfied with the services being provided by the homeowners association, you might consider leaving anytime you feel like. Few instances show that homeowners' association would jack up its maintenance fee without a proper notice. It might just be a severe blow on your monthly budget whereas leasing a home relieves you of this hazard.

Though leasing a town home is advantageous in much respect, it is not free from drawbacks. While leasing a town home you are required to pay a monthly rental to your landlord. While in case you are buying one, you would have to pay the interest on your home loan which you might claim as deductible benefit. While you are leasing a town home, you are required to pay monthly rental to your landlords without having any option to claim it as rebate. Moreover, when you are in possession of a town home, you would be entitled to any appreciation in the value of asset. But when you are on lease, it is you landlord you would be getting the benefit.

It is important to know about your rights before you decide to go for leasing. While leasing a town home, your landlord is required to comply with federal housing laws which imply that he should not discriminate on the basis of race, religion, color, sex, national origin, handicap or family status of prospective tenants. Occupancy guidelines denote that the town homes should provide two bedrooms for four people and three bedrooms for six.
Leasing a town home provides you conducive living. However it is advisable study the ins and out of your prospective home before your acquire the same.

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