Townhouses are one most popular types of real estate on the market right now. From urban areas to the suburbs, townhome developments are cropping up all over the U.S. If you’re considering buying a townhouse, we’ve created this article with everything you need to know.
What Is a Townhouse?
A townhouse is a single-family home with a minimum of two floors, plus a shared wall with another house. Townhouses are an excellent option for first-time buyers or seniors looking to downsize. This is because they tend to be cheaper than single-family homes and often have lower property taxes too.
Many people get confused between townhouses and condos; however, they are different, although they share some similarities. For instance, one similarity is that condos and townhomes are both typically part of a community. These communities often share common areas and amenities like pools, tennis courts, and clubhouses. Because of this, homeowners of condos and townhomes have to pay HOA dues to a homeowners association (HOA).
One big difference between a condo and a townhouse is that you only own your property’s interior as a condo owner. In contrast, with a townhouse, you own the building’s exterior and the land it sits on.
What Are the Advantages of Buying a Townhouse?
There are several advantages to buying a townhouse. Here are some of the most common:
Townhomes are typically less expensive to purchase than single-family homes in the same area. This is because you’re not paying for a large lot — plus, townhouses tend to have small yards. In addition, because of their smaller lot, townhouses also tend to have lower property taxes.
Easy to Maintain
Townhouses require much less maintenance than a typical home. One of the significant conveniences is not having lots of yard work to worry about. This can save you money and free up more time for you to enjoy your new home. In fact, many communities include landscaping services in their HOA dues!
Townhouses tend to have less square footage to heat up and cool down. This is good news for your monthly utility bills and good news for the planet!
What Are The Disadvantages To Owning a Townhouse?
Townhomes won’t work for every homeowner. Here are some potential drawbacks to owning a townhouse.
HOA Rules and Covenants
Most homeowners fall into two categories — those happy to live under a home owners association and those who wince at the thought. Homeowners associations for townhouses typically have fewer rules than a condo; however, there are still rules. If you don’t like the idea of being told what to do with your own home, a townhouse with an HOA is unlikely to work for you. Before purchasing a townhouse with an HOA, it’s crucial to research the rules and covenants to make sure you can live with them.
HOA’s charge homeowners fees to help manage the community and pay for amenities. The more amenities a community has, the higher the HOA fees typically are. For instance, if your community has a pool, a gym, or a playground, you’ll have to pay dues for their upkeep. If you’re not interested in extra amenities or would rather have your own pool, a townhouse might not be the best type of property for you.
Less Space and Privacy
Detached, single-family homes tend to offer more yard space and much more privacy than a townhouse. If you value your privacy, and the thought of sharing an exterior wall isn’t appealing, you can safely assume a townhouse may not be for you.