Before you buy a townhouse or condo, make sure you check with the homeowners’ association management to find out what percentage of the development is owner occupied. In other words, what percentage of rentals are here? This matters.
Your lender may not want to grant you a loan if the percentage of renters is high, because your target community might be more like an apartment complex than a group of home owners who live there, take pride in owning the home, and protect the value of the property. Renters are transient. Renters bring in some level of uncertainty because they don’t show up as homeowners on record. Renters don’t have the same incentive to protect the property value as owners who live there, and that adds risk. Lenders don’t like risk.
Neither will you, if the first and last weeks of every month bring a parade of moving trucks to block the parking lot and interrupt the peaceful nature of your community. If you buy a townhome or condo in a high rental community, you will never know whom your neighbors are.
These things may not bother you. But be aware. Investors love townhomes and condos, but they do actual damage to property value by filling up these communities with renters. Talk to your real estate agent about this so you can make an informed choice.
I can help. I’m at Premier Advantage Realty,, NC 919-210-6113.
brendabriggsrealtor 
Doesn’t that go for single family homes as well??
It does, but people shopping for townhomes are often looking for that lower payment, not aware act TH HOA fees are often substantial. My townhouse HOA is a ‘nanny’ HOA; they do everything, so my fee is high, on top of the payment.