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By Scott Schultz | Agent in Apple Valley, MN

Lakeville Townhomes

There are many good reasons to go out searching for Lakeville townhomes for sale. Over recent years this type of housing has offered a convenient lifestyle for homeowners. With lower house maintenance costs and affordable prices, many people find it more conducive to their lifestyles. So what are the pros and cons to owning a Lakeville townhome?

Lakeville townhomes are often priced quite a bit less than traditional single family housing largely due to the shared walls and common areas. The townhome association to which you will be required to belong is responsible for upkeep of these common areas as well as some of the exterior maintenance of your home as well. This can make buying a Lakeville townhome especially appealing to busy first time home buyers as well as to retirees who prefer not to deal with that type of upkeep.

This fact does not mean that the maintenance of the home is free, of course. Included in your responsibility for residing in a Lakeville townhome you will have a monthly dues you must pay to the association. This monthly fee covers a number of things but as to what it covers can vary from one association to another. While your monthly association dues might include insurance coverage for your dwelling in one homeowner's association, you might have to shop and buy that on your own in another. It is important to review this information before you sign a purchase agreement to buy a Lakeville townhome as your monthly costs could vary significantly depending upon the association.

Lakeville, MN Real Estate

If you are thinking about buying Lakeville townhomes for sale you will be happy to know that the City of Lakeville is one of the fastest growing areas in the Twin Cities. As a suburb of the Twin Cities metro in Dakota County the 2010 census revealed that Lakeville has grown to over 55,000 in total population. It seems there is always something to do in Lakeville, MN because of its well established Dakota County First Time Home Buyer Program If you are going to be making a move to the southern metro now is the time to check out Lakeville townhomes for sale.

Lakeville townhomes for sale: Towhouse or Condo?

An important note to those buyers using an FHA loan to purchase your townhome, be sure to check out how the association was formed before you make you write any purchase agreement. In many cases, the associations for townhome communities were actually formed as condominium associations which saved some expenses for the developer. If the association is actually a condominium association, this means the association must already be approved for FHA financing. If the association is not yet approved by FHA, the process for getting it approved can be fairly time consuming and can delay your closing by several weeks.

Lakeville townhomes for sale: The Pros

  • Low maintenance lifestyle
  • Less expensive homes
  • Shared amenities such as recreational areas and/or swimming pool
  • Often a small back yard
  • No neighbors located below or above as is common in condos

Lakeville townhomes for sale: Cons

  • Monthly association fees
  • Smallish yards
  • You will share walls with neighbors

Get Preapproved for Mortgage Financing

The first part in the process of buying a house s to get preapproved for your home loan. This simply means that you talk with a local lender who will review your credit, income, etc. In doing so they can tell you what types of Minnesota first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

Scott Schultz
Sales Executive, Licensed Realtor in Minnesota
Remax Results
Cell 952-221-7419
Direct 952-431-2400
Fax 952-431-0420
14451 Founders Lane
Apple Valley, MN 55124
With a focus on Apple Valley real estate and surrounding communities.

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