Townhomes are one of the most popular property types in the US real estate market, and with good reason. They offer the best of single-family homes and condo-style living. In this post, we’ll break down the pros and cons of buying and living in a townhome.
Pros of living in a townhome
- Relatively inexpensive. Compared to single-family homes, townhouses are considerably affordable to purchase. Maintenance and utility expenses can also be significantly lower than when you live in a single-family home, as some utilities are shared.
- You have access to amenities. Living in a townhome also allows you to enjoy certain amenities that are usually not offered in most single-family homes in that price range. This includes pools, fitness and sports facilities, and other common areas. Of course, not all townhomes offer the same set of amenities, so be sure to ask about these features before you commit to a property.
- Great location. If you wish to live in a bustling downtown district or an equally desirable area without buying a condo, living in a townhome is your best option. Since townhomes share walls, they don’t take up a lot of space and are therefore perfect for city living.
- You get to have your own private entrance (and even a yard, in some cases). A private entrance is something you will miss when you live in a condo, unless you reside in a penthouse or an otherwise luxurious accommodation. A yard is also most often out of the question.
Living in a townhome allows you to enjoy these things. You have your own private entrance, and depending on the property, you might even have both a front and back yard, which means more outdoor living space and more room to entertain guests.
Cons of living in a townhome
- Not much room for customization. If you love home renovation projects, living in a townhome might not suit your interests. As most townhomes are under the rules and regulations of a governing HOA, you might not be able to express your creativity if it’s prohibited. That said, you can still do minor customization indoors.
- Fees can be expensive. Although buying a townhome can be relatively inexpensive, HOA fees can be costly and can add to your monthly expenses. After all, this includes the maintenance fees needed to keep the shared amenities in proper working condition.
- Smaller outdoor living space. If you’re looking for a home that offers plenty of room for outdoor living and entertainment, a townhome is not your best bet. Although it’s entirely possible to still have a yard, don’t expect it to be as big as those in single-family homes.
- Other restrictions. Earlier, we talked about limitations to customization. Some HOAs also have other restrictions. For instance, you might not be allowed to have pets. Some HOAs do allow pets, but only if they’re a certain size. Before you purchase a townhouse, don’t forget to check the HOA rules and restrictions to make sure they fit your wants and needs.