You may be renting an apartment at the moment and considering buying a new house for yourself or your family.  Has it ever crossed your mind to buy a property that has a less competitive purchasing process but will provide you with shared amenities and for you to develop a closer relationship in a small community?  Actually, there are new townhouses in Melbourne to choose from where you can experience these conditions. 

This type of residence is composed of two or more floors, designed with a vertical layout in mind and the upper floors are usually intended for bedrooms.  Smaller in size compared to a single isolated house, one or more of the townhome’s walls are attached to the next-door unit but it has its own exclusive entrance.   Being an owner of a townhouse, you can enjoy possession of both the interior and exterior components of the property including any yard or balcony there is, unlike condominium units where sole ownership is limited to what is inside the unit only.  

Here’s what you can anticipate when purchasing a new townhouse. 

Researching the Market

Be knowledgeable about the real estate market in your target location – property values, neighbourhood amenities, school districts, and future development plans.

Understanding Builder Incentives

To attract buyers, there are promotions and incentives from the developers such as discounts, free upgrades, or assistance with closing costs which you should avail of.

Customisation and Upgrades

As the owner of the new townhouse, you can customise certain components of your residence.  The builders themselves may offer upgrade packages for flooring, countertops, or appliances but be sure to give priority to what is more essential to you since these upgrades can add up quickly than your expectations.

HOA Fees and Regulations

As a townhouse owner, you become a member of the homeowners’ association (HOA), and you will be obliged to pay monthly fees and abide by community regulations.  Your payment may cover maintenance, landscaping, and shared amenities.  It is but reasonable to read and understand the HOA’s regulations and fees before closing the deal so that you will not be surprised by collections and penalties later.

Financing and Mortgage Options

Analyse mortgage rates and loan terms from different financing institutions and select one that fits the financial assistance you need.

Home Inspection and Walkthroughs

Even brand-new structures need to be inspected – safety standards and building code assurance.  Also, join your builders in the final walkthrough to identify issues that need to be attended and fixed before moving in.

Closing Process and Move-In Timeline

Signing documents, securing financing, and completing final payments … these are the steps to conclude the townhouse deal.  Just a reminder that a house may have a longer waiting time if they’re not move-in ready yet.  If you have completed these steps, you will receive the keys and can move into your new home.

Final Thoughts

Buying a new townhouse is an exciting and rewarding experience, following these certain tips can make the experience a lot more convenient, especially for the first-time homebuyer.  Actually, any buyer of a townhouse needs to understand the process to make a smart decision.