Considering a townhome?
First homes are usually not forever homes, so if the rapidly rising prices in the single-family market are getting you depressed and wanting to give up your search, you should definitely consider buying a townhome.
Putting off purchasing a home till the prices drop or your income increases is very tempting but isn’t very wise. It is better to start building equity now so that you can use that equity to get your dream home down the road. One of the best ways to do this is with a townhome.
Townhome living has disadvantages and advantages. The former includes the likely HOA fees that will increase your monthly payment and living in very close proximity to your neighbors.
If you can handle that, however, you’re on your way to making the home of your dreams a reality.
What’s the difference between a condo and a townhome?
There is general misunderstanding of what these two terms describe. Townhome is an architectural term, like triplex or duplex.
It describes a building where units share a common wall, they all have separate entrances from the street, and nobody lives above or below the unit. This is opposed to a main entrance and corridors with you main door off of those interior corridors, as is the case in many condo communities.
Condominium, on the other hand, describes a type of ownership. Each homeowner owns their unit, but not the actual building, and they share ownership of the common areas.
Units can consist of one or more floors and units may have neighbors above and below.
To make matters even more confusing, a townhome can be a condo, depending on how ownership is held in the community.
Lawnmower not required
When you purchase a townhome, your monthly HOA fees will typically cover the cost of landscape maintenance. Some townhomes offer private patios, in that case, the homeowner is responsible for any upkeep of landscaping in this area.
The fact is, even maintenance of the hardscaping in a townhome community is covered by the association. This includes pool maintenance, tennis court resurfacing, etc.
While your single-family home-owning friends are spending their weekends weeding, feeding, edging, raking and mowing, you’ll be kicking your feet up in that hammock you installed on your patio.
You’ll spend less money overall
The average townhome costs less than the average single-family home. For instance, the average single-family home price in the U.S. hovers around $243,225 according to BusinessInsider.com. Compare that to the average townhome price of $195,000 (GlobalPropertyGuide.com).
Sure, you may run across the occasional luxury townhome that is selling for significantly more than this, but most are very reasonably priced.
The lower price tag makes for a lower mortgage payment. And, because a townhome often contain less square footage than a single-family home, they cost significantly less to heat and cool—saving you even more money.
Townhouse amenities
If a pool, gym, outdoor kitchen or other amenities seemed beyond your homebuying budget, think again. When you buy a townhome, you may just get at least one of those amenities right there on the property.
If there are others you simply must have, shop strategically. Some of what you can find includes:
- Swimming pool and spa
- Private garage
- Security guard or doorman
- Health club/fitness center
Keep in mind that a single-family home with any of these amenities will cost significantly more than the townhome with these amenities. Remember as well that typically the more amenities, the higher the price of the home.
Like to be social?
When you live in a townhome, your next-door neighbor (in fact, all of your neighbors) are situated a lot closer than they would be if you lived in a single-family home neighborhood. This provides lots of opportunities to get to know them, socialize with them and forge relationships.
Many people find this appealing. If you’re among them, let’s go shopping for a townhome!
Should you buy a townhome?
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