Article: Take out all of your family’s bills and add up how much you spend each month on food, insurance, school, transportation, etc. Then calculate all sources of income. You need to buy a home within your budget.  Use online calculators to estimate your monthly mortgage payment. For example, a $160,000 loan at 4% interest will cost about $764 each month. Your mortgage shouldn’t be more than 31% of your monthly income, and your total debt to income ratio shouldn’t exceed 43%. You can find townhouse listings on websites such as Trulia, Zillow, and Realtor.com. Search by location and price. Each listing should have pictures, so you can get some feel for the property. You can also set up alerts at some of these websites. You’ll enter your criteria, and then receive an email whenever a townhouse that matches that criteria comes onto the market. A qualified real estate agent will know the market inside and out. They may also know about townhouses for sale that haven’t been listed yet. You can buy a townhouse without an agent, but you should hire one if you can’t find acceptable properties or are overwhelmed by the process.  You can find an agent in your telephone book or online. Also ask friends or family if they would recommend any agent they have used in the past. You may absolutely want a townhouse, but at least consider common disadvantages so that you will make an informed choice. Consider the following:  Townhouses share one or more walls with neighbors. If these neighbors are noisy, then you could be in for an uncomfortable stay in your new home. Many townhouses are governed by homeowner associations (HOAs), which might place restrictions on what you can do. For example, an HOA can prohibit you from having a pet or remodeling your townhouse. HOAs also charge annual fees.  You may be responsible for the upkeep of any personal, non-communal outdoor areas. If you don’t want any maintenance responsibilities, then you should consider a condo. Once you’ve identified properties, contact the seller’s agent and schedule a showing. You can also stop by if there are any open houses. While walking through the townhouse, pay attention to the following:  Check if you can hear any noise coming through the walls. If the townhouse has been properly insulated, then noise should be minimal. Also take a peek at the yard. You’ll probably be responsible for upkeep.  Consider whether you are happy with the property as is or if you want to renovate. Figure out why the owner is selling. Are they retiring and needing to downsize? If so, they might not be in a hurry to sell. However, they might have gotten a new job in a different city and need to move. If so, they might be desperate to sell, which means you can be more aggressive when it comes to price.  Check how much the owner regularly pays for utilities. This amount will impact whether you can afford the property. Ask whether there are any restrictions on renovating.

What is a summary?
Decide how much house you can afford. Look at online listings. Hire a real estate agent, if you need help. Consider the disadvantages of owning a townhouse. Visit properties. Ask the owner questions.