Buying a Town Home With POTL fee and how can it affect your purchase
In the hot market it becomes very important to be knowledgeable what you intend to buy. Since real estate market has been very hot in year 2021 and at the beginning of 2022. In many homes sales, this question comes about the freehold town homes when the buyer want to buy but he doesn’t know the implications of POTL fee.
“Before you buy your next free town home, you must know about POTL and see how if it can impact your monthly finances “
In the year gone by, almost all the homes were being sold in multiple situation or one can say in bidding. A situation, where no buyer would like to be in, but they found themselves in. Its a situation, where there are more than one buyers competing for the same property on sale. If its a home with a POTL fee, they should always be more careful.
In this scenario, sellers would like to sell the property on the same day. What it means to buyer is, the seller
want a firm offer, means no financing or home inspection (and may be status certificate in condos sometimes). At the fear of FOMO factor, buyer must realize that there might be additional fee for these town homes. They are free hold town homes, but there is an additional fee.
In the hot market, there have been few instances, where buyers might have been not paid attention towards the type of freehold townhouse they are buying and not realizing that they will have to pay monthly fee. You can read more about type of homes and POTL fee, this fee can be very from low of 100 and up, so always verify your figures.