Town homes are also known as "row houses," with individual units being referred to as either a "one-off" or by their generic type, for instance a triplex for three units on one lot. Town homes can be purchased individually or they can be acquired through multi-unit buildings where the building itself is purchased and the owner subsequently rents out each unit separately.
Town homes are a more affordable housing option than fully detached single-family homes, and they often come with less yard maintenance. They are also frequently marketed as condominiums (condos) or townhome developments (where multiple units share common amenities such as pools and workout facilities). Many professionals live in them because they offer privacy, and a lot of times easy access to public transportation, and proximity to work places. They are also a popular investment vehicle because generally a homeowners association is managing the property and at times will allow for or even manage rental income opportunities.
In the Market for a Town-Home?
If you are in the market for a home, and you think that a town home might be the right option for your next property purchase, it's time to start thinking about loans. At Mortgage Quote, we have access to various lenders and we have mortgage loan programs that might be a right fit for you. We try to offer a personalized service to make the process as easy as possible for you in pursuit of finding the mortgage that meets your needs and wants.