Have you considered buying a townhouse?
Larger than your typical condo and smaller than the average detached home, townhouses find that happy medium between the two.
If you're looking for a worthwhile investment that's generally low maintenance, maybe a townhouse should be your next move. But first, let's familiarize ourselves with what a townhouse is. Then we'll share the benefits of buying a townhouse.
What is a Townhouse?
A townhouse is a multistory residence that has its own entrance and shares at least one wall with another residence. Design wise, they're practically identical to those its attached to, but the size may vary by hundreds of square feet.
Townhouses tend to feel more private than an apartment or condo because you have more space. There are no disturbances from neighbors below you or above you because of the vertical floor plan.
So, why would you buy one a townhouse when you could buy a condo or single-family home?
Why Buy a Townhouse?
So far, we've really focused on the size of a townhouse being its main differentiator from other style homes. But that's just the tip of the iceberg.
Low Maintenance
One of the primary benefits of owning a townhouse is how easy it is to maintain. For example, your homeowners' association (HOA) fees will go toward keeping your lawn trimmed, ensuring that the complex stays as clean as possible, etc.
This can be particularly beneficial if expensive repairs are ever necessary. A destroyed mailbox, for instance, is something that your HOA is likely to take care of.
Those who own conventional homes are responsible for taking care of their property on their own or paying to outsource this obligation to somebody else. With a townhome, you won't have to worry about property damage.
So, if you're someone who isn't a big fan of yard work, a townhome may be perfect for you.
Affordable Pricing
When looking at properties within a single neighborhood, it's highly likely that a townhouse will be less expensive. This is due to the fact that it's less difficult to construct multiple attached houses than it is to construct a detached home.
This makes townhomes a perfect option for those who don't have a particularly large budget but would like to live in a specific area.
They're also great properties for individuals who wish to rent out the property they currently live in. For instance, moving to a townhome while converting your current home into a rental property can actually help generate a significant amount of monthly income under the right circumstances.
Community Integration
For those who enjoy socializing with their neighbors, a complex full of townhouses is a great place to be. Not only does the close proximity allow you to get to know those who live adjacent to you, but everyone in the complex has a large amount in common when it comes to their property.
So, those who love to meet new people should thrive in this type of community.
More Amenities
Most townhouse complexes have an array of high-quality amenities that residents are able to take advantage of. These typically include things like:
- Tennis/basketball courts
- Pools
- Gym equipment
- Clubhouse access
As with the close proximity to your neighbors, these amenities also offer residents a great way to interact with each other.
If quality amenities are something that you're interested in, be sure that you check with your prospective HOA in order to determine what you'll have access to. They'll also be able to inform you of any rules that you'll need to keep in mind, such as what hours of the day or evening you can use the pool area.
Prime Location
Due to their smaller size, townhomes are often located in areas where are you won't find quite as many conventional homes. This means you'll likely have a shorter commute to work, an easier time getting downtown or to a busier district of the city, etc.
Townhomes are also typically situated near places of commerce and the surrounding area often has plenty of stores and restaurants to choose from. This is a notable attribute for those who have limited means of transportation, as getting around town will be far less of an issue when compared to living in a more rural area.
As previously mentioned, townhomes are also often much cheaper than houses in the same immediate area. So, if you've got your eye on a particular location you'd like to move to, it's worth exploring how to buy a townhouse in that region.
Ease of Sale
If you decide in the future that you'd like to put your townhome on the market, you'll generally have an easier time finding a buyer than you would if you were selling a detached home. The same can be said if you intend to rent your townhome out to a tenant.
Since townhomes are less expensive than conventional homes in surrounding neighborhoods, you'll have a notably easy time attracting first-time homebuyers, those who are looking to downsize from a larger property, or real estate investors who intend to rent the property out themselves.
You'll be able to rest assured that you can transition to another type of property fairly easily if you ever intend to sell your townhome.
Does a townhouse sound like a good fit for you? Check out Gehan Homes' townhouse floor plans to find your next new home. Fill out the form below to get started!
