As a highly desirable community in Southern California, Irvine offers prospective homebuyers many options in terms of real estate diversity. From single-family residences to condominium towers and apartment complexes to townhomes, Irvine has appealing options for all lifestyles.
If you are interested in Irvine townhomes, here are seven things you should consider prior to signing a purchase contract.
1. Architectural Style
Townhomes tend to look a lot like the neighboring properties. This aesthetic may not be desirable for homeowners who insist on a highly individualized idea of residential architecture.
2. Type of Dwelling
The term townhome can refer to a certain architectural style or to the rights and responsibilities of homeowners as they relate to the residential boundaries. Townhomes are more like condominiums and co-ops in the sense that homeowners live in attached dwellings and may thus share walls, gardens, roofs, and even lots. What this means for homeowners is that they have to share certain maintenance costs, which are often more affordable than the costs associated with the maintenance of single-family homes.
3. Easement Rights
When you are looking at townhomes in Irvine, you may want to ask your real estate agent about easement rights, which govern the rights of tenants to share driveways, gardens, courtyards, and other areas shared between two or more units.
4. Homeowners Association Fees
Some townhome developments in Irvine are essentially gated communities governed by a homeowners association, which means there may be association fees to pay on a monthly or quarterly basis. Depending on the bylaws of the association, the association fees may cover upkeep of common areas, landscaping, garbage collection, security, and even basic cable television. If you are purchasing a townhome with a mortgage, the lender may place a condition of satisfying the first association fee payment as part of the prepaid items at closing. The lender may also want to collect the fees along with property taxes and insurance as part of an escrow account.
Townhomes located inside private residential communities may have amenities that greatly enhance quality of life for residents and their guests. Examples of some of these amenities include swimming pools, spas, fitness centers, basketball courts, athletic fields, picnic areas, nature trails, courtyards, and clubhouses that can be reserved to organize social events.
Although the entire city of Irvine is a great housing market, some areas may appear to be better than others depending on their lifestyle preferences. If you or someone in your family wishes to enroll at UC Irvine, you can likely find townhomes near campus, but you may have to be prepared to pay a little more. As with anything related to Irvine real estate, location is often a strong factor that determines the listing price.
If you are not a hands-on type of homeowner, the maintenance-free aspect of townhomes will likely appeal to you, but you have to thoroughly understand the type of maintenance agreement offered by the homeowners association.
Whether it’s a townhome, condo, or single-family home, there are many things to consider when looking at homes for sale. Irvine, California, is a wonderful place to live no matter what type of property you purchase. Get in touch with local real estate agents at 714-454-6304 to find out why.