Townhouse/Condo Buyers
Over the last two decades a new breed of home buyer has emerged, the town home buyer. Townhouses and Condominiums have become permanent fixtures on the home ownership landscape for many reasons. Most notably, townhouses and condominiums offer the tax advantages of homeownership with less of the maintenance burdens. Townhouses and condominiums provide the perfect solution to homeownership for someone who doesn't have the time or interest in maintaining a single family home but desires to build equity and save on taxes.
Since most units in a Townhouse / condominium complex are built within the same time frame, associations face significant repair expenses as the complex ages. Just think of the cost of roof repair and multiply that by 100 units? It is imperative when buying a condominium or Townhouse that you consider the age and lifespan of the common elements and verify that the association has the necessary reserves available to make needed repairs and improvements.
| Typical Unit Owner Concerns |
|---|
| AC compressor 6-10 years |
| AC condenser unit 10-15 years |
| Double glaze windows (seals) 10-30 years |
| Boiler 18-25 years |
| Furnace 15-20 years |
| Heat Pump 6-10 years |
| Water heater 6-10 years |
| Faucets/valves 10-15 years |
| Vinyl Flooring 10-15 years |
| Plumbing Fixtures 12-20 years |
| Kitchen Appliance 5-15 years |
| Sump pump 6-12 years |
| Typical Common Elements |
|---|
| Siding |
| Aluminum 20-25 years |
| Fiber-cement 30-50 years |
| Vinyl 20-30 years |
| Metal 30-50 years |
| Composition (Hardboard) 5-20 years |
| Wood, Shakes & Clapboard 20-40 years |
| Roofing |
| Asphalt 16-30 years |
| Cement 25-50 years |
| Built-up/single ply 10-20 years |
| Metal 30-50 years |
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