What's a Townhouse? 5 Reasons to Buy a Townhome
Homebuyers who want the convenience of a condo but with the advantages of a detached home often turn to townhouses to get the best of both worlds. Townhomes can be an excellent option for those who want the benefits of homeownership but don't want to handle the maintenance responsibilities of owning a detached house. From greater affordability to more freedom in property upkeep, here are the top reasons why townhouses make great homes.
The Difference Between Condos & Townhouses
Condos and townhouses are attached dwellings that share walls with neighboring units. However, there are a few key differences between these two housing options, the first being ownership. When you purchase a condo, you only own the interior space of your unit; in a townhome, you own the unit, its exterior, and the land underneath it. Condos also tend to be smaller because they are generally one story and have no yard.
Townhouses Provide Owners More Freedom
Townhouses provide their owners more freedom than most other types of attached homes. As mentioned, townhome owners usually own the exterior, meaning they are responsible for maintaining the property and making any necessary upgrades. As long as they stay within any HOA rules, they also have the flexibility to change the exterior if they want to. For example, they might make aesthetic changes like new paint colors and updated fixtures.
Because some townhome owners have a yard, they'll have more options for decorating their space. Instead of trying to fit plants on a balcony, these owners can set up a garden. They also have more room for decorations. If they have a pet, there's space for them to play.
Single Family Home vs. Townhouse
Single-family homes are detached from other houses, offer more privacy, and are usually larger than townhomes. On the other hand, townhouses are typically more affordable than single-family homes and require less maintenance. Townhouses often offer amenities like pools or gyms that may be unavailable in a single-family home.
Townhouses Are Less Expensive Than Single-Family Homes
Townhouses are less expensive to build than single-family homes because they have shared walls. The average price to build a house is around $280,000, while the average cost to build a townhome is closer to $180,000. This price point allows developers to pass on the savings to buyers, making townhouses an attractive option for budget-conscious buyers. There will likely be HOA fees and some maintenance costs when owning a townhome, but overall, the prices are typically less than what single-family homeowners pay.
Townhouses Require Less Owner Maintenance
Regarding maintenance, townhouses require less owner involvement than single-family homes. While some responsibilities may fall on the townhome owner, depending on the community's rules, HOAs handle most maintenance like landscaping, roof, gutters, and siding. These costs are part of the HOA fees.
In contrast, single-family homeowners are responsible for all aspects of their property, inside and out. These tasks can be a significant time commitment, particularly if the home is large. As a result, townhouses offer a lower-maintenance option for busy homeowners who don't have the time or energy to devote to extensive property upkeep. Many of the seasonal maintenance tasks that single-family homeowners worry about won't even apply to townhome owners.
Other Reasons to Buy a Townhome
One of the benefits of living in a townhome community is the wide range of amenities that are often available. These can include features such as a swimming pool, barbecue area, fitness center, and green spaces. These on-site amenities can be highly convenient for residents, as they do not need to leave their communities to access them. Additionally, these amenities can help to create a sense of community among residents, as they provide opportunities for social interaction and recreation.
Another advantage is that townhome communities are typically in great locations close to cities. Therefore, residents have easy access to all the amenities the city offers, including shops, restaurants, and entertainment venues. Additionally, it may make it easier for residents to commute to work or school. Being close to a city also allows residents to take advantage of city services, such as library memberships and recreation programs.
Consider Making a Townhouse Your Home
A townhome can be a great option for many homeowners for various reasons. First, they tend to be less expensive than single-family homes. Plus, townhome communities usually offer amazing amenities, meaning there's always something to do—and there's often more to enjoy in the city not far from the community. A townhome may be the perfect choice if you're looking for more freedom than a condo and less maintenance than a detached home.