Not ready to buy a single family house?
Have you considered townhouses?
A townhouse, or row house, is a multi-story home that shares at least one wall with an adjacent property. With a townhouse, you have your own entrance and might enjoy amenities such as your own driveway, garage, and backyard. The home will generally be part of a homeowner’s association, or HOA.
- Better affordability
When comparing prices of a detached house and a townhouse in the same neighborhood with roughly the same interior and updates, then you’ll likely spend less buying a townhouse. Why? It’s cheaper to construct properties that share walls than it is to build them separately, and so that savings is passed on to you.
Also, if you’re a first time home buyer on a budget, then a townhouse could be a nice, affordable option. It can even be a great investment to use as an income property.
- More ownership than Condo
Townhouse ownership is more in line with ownership of a detached single family home. You personally own the interior and exterior structure and the land it sits on — the difference is just that the structure shares some walls with another structure.
- Lower Maintenance thanks to HOA generally maintaining the exterior
With a townhouse, you generally are responsible for the upkeep of the interior. The HOA often takes care of the exterior, such as maintaining the property’s lawn, raking leaves, landscaping, cleaning gutters, power-washing, arranging for snow removal, and the list goes on. This is a lot less responsibility for you and more time to do what you really want.
- Shared amenities giving convenience, uniformity, and simplicity
As part of your HOA fee, you also may be entitled to perks like a playground, swimming pool, gym, tennis court, or club house, where you can entertain your guests. Having these things close to home saves time on commuting further as well as money on other memberships.
- Sense of community
Townhouses, by nature, are close together. If you enjoy interacting with others, this is a great opportunity to get to know your neighbors and build connections. Another perk is that if you happen to go out of town, those neighbors will keep an eye on your unit to keep their community home safe from intruders.
- Location: Tend to be most prevalent in highly desirable areas
When it comes to real estate, everyone knows that location is key. In fact, it’s one of the things buyers prioritize the most when they hunt for new homes. Luckily, townhomes check this box, too. More often than not, townhouses sit in dense and convenient locations that are near vibrant establishments, offering ample choices for entertainment, dining, and shopping. Sometimes schools, parks, and grocery stores can be within walking distance, making townhouses a great option for anyone- with or without children.
Townhomes are a great starter home for first time home buyers or people who prefer the more convenient lifestyle and enjoy living in a more urban location.
Whether you’re on a budget or looking for an investment property, townhouses can be a great addition to your portfolio.
We’d love to chat and find the right one for you. Contact us today!