Second to the purchase of a single-family detached home, is the popularity of a townhouse. The National Association of Realtors finds that townhomes are second in demand amongst buyers across the country and are very popular with homebuyers under the age of 30.
Purchasing a townhome can be similar to the purchase of a traditional single-family home, but it can also be different. There are some differences between the property types that you will want to be knowledgeable of when shopping for a townhome.
Here are some good things to know when you are shopping for a townhouse
The definition of a townhouse
There are several types of properties that can be mistaken for a townhouse but when it comes down to it the definition of an actual townhouse is a residence attached by a communal wall to another residence or two that also comes with ownership of a small piece of land.
The US census bureau's definition of a townhouse is that it must have no units above or below it and be separated by ground to roof wall from the other townhome units and maintain a separate heating system from neighbors in the same overall structure as well as have individual meters for public utilities.
How is a townhouse different from a condo?
Some condos can be very similar in shape and size to townhomes and as such can be confused as a townhome. Though both types of property share walls with neighbors they are different than what is actually owned as your property when you purchase.
With a condo, your soul property lies within the interior of the walls. With a townhome, ownership lies inside the walls as well as including exterior land that the townhome is on. This can extend to owning a...
If you plan to purchase a house with less than a 20% down payment for a mortgage your mortgage lender will most likely tack on the extra cost of requiring you to carry private mortgage insurance as a standard precaution.
As your home grows in value it could be possible to drop this required private mortgage insurance. But when does private mortgage insurance go away? Exactly when can you drop it?
Whether the mortgage qualifies for this insurance removal will depend upon factors like how much is still owed on your current mortgage balance and how dependable your payment history has been.
Home equity is rising at a very rapid pace. In the third quarter of 2021 reports from CoreLogic show that homeowners with mortgages averaged an equity increase of about 30% year over year which is an average of $51,500 per mortgage holder.
Due to this significant increase, it could be a good time to look into the possibility of canceling private mortgage insurance on your home loan. The higher amount of equity within your home can lower any perceived risk from the lender and in many cases, it could lead you to be able to drop this extra cost much more quickly.
In some cases, private mortgage insurance can add tens of thousands of dollars over the entire life of a loan so it is important to try and take steps to drop private mortgage insurance as soon as you possibly can.
A Quick Overview of Private Mortgage Insurance
Private mortgage insurance or PMI is a type of insurance that helps protect the lender if a borrower stops making the monthly loan payments. This type of insurance...
Lewis Center is a small and unique farm town with a lot of character in central Ohio located in Orange Township which is an area of Delaware county. Officially it is an unincorporated community and the population is around 30,000.
Though it is small, it is a neighbor to the community of Africa, Ohio and home to shopping centers and retail stores that are mostly nestled together along Route 23. The Olentangy River is a fun source of outdoor recreation just outside of Lewis Center.
Lewis Center provides a calm and quiet suburb/rural/ farmland atmosphere. It is a peaceful oasis not too far removed from the hustle and bustle of Columbus Ohio.
History of Lewis Center
Lewis Center has a history that dates back to 1850 when a railroad came through the area. The community is named after William M Lewis who gave his family’s land to the railroad to bring commerce into the area in exchange for land, he won naming rights to the town.
The whole of Delaware County where Lewis Center is located played a large and important part of the underground railroad until 1863. During this time Ohio was one of the northern states offering freedom to African-American people. Unfortunately at the time Ohio had the Ohio Fugitive Slave Act in place for runaway slaves. This meant that any runaway slaves found were captured and returned to their owners in the south. Many residents of Delaware County chose to help escaped slaves head further north were this act was not in place.
The neighboring town of Africa is named so due to the large role the town played in the underground railroad. Today visitors can use a printable guide to take...