What Are Townhomes?

When shopping for real estate, you might ask, what are townhomes? Buying a house is a significant milestone. It’s an exciting time that marks the beginning of a new chapter in your life.

But having too many options when purchasing a new place of abode can take time and effort. That’s why knowing which type of home suits you is crucial. If you’re someone who loves living close to your neighbors, then consider getting a townhome.

A townhome, also known as a townhouse, is a style of multi-story home that shares one or more walls with an adjacent property. As the name suggests, townhomes are a style of urban residence built with a tall, narrow, high-density urban environment.

The below is an overview of townhomes and living in townhomes.

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Townhomes

Is getting a townhome a good move for you? Townhome living has been gaining popularity for over the years. Homebuyers may have reason to consider housing options outside major cities even more.

For some homebuyers, townhouse communities are a viable choice. They should offer a comfortable compromise between city and suburban living.

Let us look at the pros and cons of living in a townhome.

What Are Townhomes?

Living in a Townhome: The Pros and Cons in Our Opinion

Everyday living is generally considered when making townhomes since they are usually built in a community with accessible amenities, transportation, and security. In addition, grocery chains, schools, restaurants, and malls are near townhomes.

Townhomes are usual run by homeowner association (HOA) and have community amenities. Amenities may include pools, clubhouses, and trails to walk around. Having an organization like HOA and shared amenities are factors some would consider when getting a townhome.

You may want to live in a townhome if you like to mingle with the nearby residents around your place. Living in a townhouse lets you bond with your neighbor because you are close to them.

If you are in a townhome community, you may find that your neighbors organize events from time to time. These get together includes barbecues and seasonal events.

Unlike other properties where ownership is only the interior, such as a condo, you can fully own a townhome, including its interior and outside spaces, depending on certain factors. Exterior space may include a front yard and a backyard.

Despite generally owning the exterior space, townhome maintenance a could be seen in some ways as comparable as a detached single-family, again depending on certain circumstances. HOA’s might shoulder some of the maintenance of your outside space if you live in a townhouse.

Townhomes may only be a good fit for some, and could be a great fit for big families or those with pets. These properties have smaller living spaces and are split up into several floors. Floor plans of traditional detached houses are more open than townhouses.

Living near your neighbor also has disadvantages, including your privacy. The proximity may limit your privacy by having a shared wall with your neighbors. Voices and loud music by your neighbor can reach your house.

Suppose you are a person who prefers your living space to be private and quiet. In that case, there may be better options than being close to your neighbor and bumping into each other more often.

Townhomes are built next to each other so that you will bump into your neighbors more often. This structure can help develop a supportive community, but not all households are conscientious in keeping their environment tidy.

A townhome may not be as expensive as a conventional single-family home. Still, it also has less square footage, including the interior and exterior space.

In general, townhomes appreciate slower in value compared to single-family homes. The value of a townhome is more about intangible things, like amenities and housing associations, and less about monetary value.

Is a Townhome a Good Buy?

Buying a townhome may be a good fit for homebuyers looking for several benefits, such as available amenities, potentially low maintenance, and ownership of the lot.

Townhomes are an option to single-family homes with a lot area. Unlike other homes, many townhouses have amenities such as a clubhouse, swimming pool, park, or playground.

A townhouse might have lower maintenance costs in comparison to detached houses. Contrary to condominium apartments, you could potentially own the land on which your townhome is built. Townhomes are also generally easier to lease out.

Some considerations that discourage people from investing in townhomes are potentially less storage capacity, possible disruptive noise from neighbors, and generally less privacy than single-family houses.

References

17 Pros and Cons of Buying a Townhouse

What is a townhouse?

Should You Buy a Condo, Townhouse, or House?