Whether you’re looking for a more affordable home, a low maintenance lifestyle or a worry-free, lock and leave option, consider a townhome as an attractive alternative to a single-family home. Roughly 1/3 of Park City’s primary residents and second homeowners have chosen one of our townhomes as their “right-size home”. Here’s a brief review of basic distinctions and advantages of townhomes.
WHAT MAKES A TOWNHOME A TOWNHOME?
A townhome is attached, sharing at least one common wall with another, similarly designed home. But unlike a stacked condo, there is no one above or below you. In most cases, you have your own private entrance and usually direct access to your own garage. So, they tend to live like a single-family home, even though at least one wall is shared with a neighbor. Buying a townhome involves living in a common-interest development in which a standard set of rules govern the community. In general townhomes tend to be smaller than single-family homes. However, the Park City area offers a wide range of options from affordable to luxurious, and sizes can range from about 1200 to 5800 sq ft.
ADVANTAGES
Homeownership of any type requires maintenance, but maintenance in a townhome may require considerably less effort than in a single-family home. The advantage of a townhome community is that the homeowner’s association ensures the upkeep and uniformity of the dwellings. The HOA oversees and enforces daily community operations, including common area maintenance and trash removal.
HOA’s also typically handle all exterior maintenance, and some provide other services, such as swimming pools, spas, clubhouses, tennis courts and/or playgrounds. Dues vary depending on amenities and the common areas to be maintained. In addition to the usual lower purchase price, townhome owners generally have lower utility costs than single family homeowners.
There are two types of townhome ownership – condominium, or planned unit development (PUD). The majority of townhome properties in this market are condominiums. With a condo you are in a common interest HOA and what you are purchasing is the airspace inside the unit (“from the sheetrock in”) and share ownership of common areas, with all other owners. With a PUD, you are also in a common interest HOA, but the difference is that you are purchasing the unit, along with the land on which the unit sits.
TYPES OF OWNERSHIP AND FINANCING
There are two types of townhome ownership – condominium, or planned unit development (PUD). The majority of townhome properties in this market are condominiums. With a condo you are in a common interest HOA and what you are purchasing is the airspace inside the unit (“from the sheetrock in”) and share ownership of common areas, with all other owners. With a PUD, you are also in a common interest HOA, but the difference is that you are purchasing the unit, along with the land on which the unit sits.
Financing is available for pretty much any Park City area townhome. Townhome subdivisions that don’t allow short term rentals are generally easier to finance than townhomes that do allow short term rentals. We are working with several very experienced lenders who can provide the best available financing for most properties.
TOWNHOME BUYERS
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TOWNHOME SELLERS
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Tom Ward, Realtor
CLA, CSA, CRS, e-Pro, GRI, SRS
Winderemere Real Estate – Utah
I’ve been a full-time agent in Park City since 1994. I have a passion for the art & science of home resales, and a track record of delivering results that “move you”. Don’t hesitate to contact me for information regarding the selling process. It’s never too early to start preparing for a sale! And if you’re next purchase is a right-size move, let me help you find a perfect fit. Call me, or start here! rightsizeyourhome.com
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