Home Buying 101: Twin Homes
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-ApprovalPhase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Town Homes
Condominium
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
Twin homes are a strange dwelling. It is a 2-unit building with each owner owning one side of the building and the lot beneath that side. It is kind of like a duplex that is split up to 2 different owners. The units are joined by a common wall which runs down the middle of the building. Sometimes this type of home can be beneficial as it is similar to an association townhouse without the association. But being married to a neighbor that doesn’t have the same concern for the property can be a source of conflict.
Pros:
- I can’t think of any pros of owning a twin home
Cons:
- When it comes time for maintenance, if the other owner disagrees, you’ll see buildings with a HALF a roof, or siding in 2 different colors, or a half a new driveway
- Committed to a neighbor that you may not like or agree with
- I recommend staying away from twin homes