Friday, December 13, 2013
While everyone else is scrambling to get their hands on the newest, worthwhile condominium investments, some still prize the old-school charm of a house and lot. In these troubled times, safety is a primary concern for many home buyers. Investing in subdivisions and townhouses with round-the-clock security could be the answer to these concerns.
Aside from that, building a family in a place where your kids can have bikes and roam the village by themselves is something you can’t replace. Others appreciate the feeling of a home away from the hustle and bustle of city life. However, before you commit to a townhouse or subdivision investment, here are a few points to consider.
With the constant heavy traffic around the metro today, location is one of the top things to consider when buying any home. Unlike condo investments, townhouses and subdivisions are usually located farther away from business districts. While there are some with prime locations, these tend to be on the more expensive side. Know your location needs and match them to your budget.
Neighborhood and security
When investing in a townhouse or subdivision, you’re also buying into the neighborhood and security of the property. Consider the size of the subdivision. A larger scale will inevitably be less secure. When you visit the property, ask the sales agent or even village residents some questions. Do the subdivision guards monitor the roads and go on rounds? Do they ask for visitors’ IDs?
Monthly dues and amenities
Know about the monthly dues and decide whether it is a worthy regular expense. Generally, this is for general upkeep and maintenance of common areas and amenities. Note the quality and cleanliness of amenities such as the gym, pool and basketball courts. Landscaping, road repairs and repainting of curbs and humps are also part of subdivision maintenance.
It’s also important to ask about the administration rules this early in the home buying process, so you can identify some deal breakers for you and your family. Some subdivisions only allow up to a certain number of cars per house. Check whether there are extra fees for owning extra cars too. For townhouses that have a uniform look, there might be some rules on repainting your façade or adding extra features to your home. For subdivisions that only sell lots, there might also be rules on minimum setbacks and maximum height of your house structure. If you’re a pet lover, be sure to ask about rules and regulations regarding pets. - Aislinn Kee