A town house is a common property type, sometimes known as a townhome. They are usually built-in uniform rows and share walls, although they have their own entrances.
Most townhouses are multi-storey properties designed to make more use of vertical space. Although many of them are separately owned, a lot of them are built as developments with shared amenities and homeowners associations. Townhouses can also be part of a condominium.
One of the main reasons that buyers decide to go for a townhouse is the cost. They tend to be cheaper in price than detached properties because they share walls with neighboring houses. So, you should get about the same amount of space for a lot less than you would with other types of homes.
The homeowners association and the community element.
The homeowners association and the community element can be seen as a pro and a con, depending on what you want. Many people like it because it helps with maintenance and has amenities that can be used. Shared amenities in a townhouse can be another big draw. Pools and gyms, for example, are quite common in modern townhouse complexes. However, there are restrictions about what you can and cannot do with the property in terms of decorating the exterior, or constructing new additions and some buyers don't like those restrictions.
They are not the right choice for everybody, but if you are looking for a more affordable property, and do not want to live in a condo or manufactured home, a town house could be the way to go. Get in touch with Mortgage Quote today and we can assist you with finding a mortgage that might fit for your new property.