Securing a property can seem difficult since you’ll need to review options and identify the best one. For example, you may want to go with a condo in Miami, purchase a single-family home for sale in Florida, or even rent an apartment. As you look into them, you should understand what townhouse ownership is.
Doing so means going through the details, understanding the features of a townhouse, and reviewing the drawbacks and benefits. You should also consider tips while buying a townhouse, so you’ll know if you should own one.
What Is a Townhouse?
A town house is a building structure that allows multiple families to live. Some call it a row house, indicating a house with numerous living dwellings in a row. Usually, townhomes make up a community of buildings since you’ll have tons of them close together.
Town homes tend to have multiple stories to offer more space to those living there. They also share walls with adjacent properties since they may want to make a block of various homes. You must share walls since you’ll live in a townhouse with other families in different sections.
A townhouse usually works as a city dwelling since cities need to maximize their space, though you can also find country houses turned into townhomes. Townhomes aren’t the same as apartments since they offer more space and split a home rather than having a large building.
Townhomes retain the standard shape of a single-family house, while apartments have rectangular shapes to maximize space. You also have people living above, below, and to the side of you in an individual unit. A condo allows someone to own the apartment without owning the others.
Because of those points, townhomes work better for long-term housing, while apartments and condos work best for renting.
Features of a Townhouse
As you understand what town house ownership is and its purpose, you’ll want to know the features of a townhouse.
- Shared and divided areas
- Outdoor spaces
- Garages and storage options
You’ll have some areas you share while getting other spaces for yourself. For example, in a townhouse community, you may share driveways and front yards while you get personal entrances and sections of the home. You may also get different amenities like a swimming pool, fitness centers, and laundry machines.
Since townhomes vary in size, some have different features, meaning you’ll have to check them beforehand. For example, some may have separate backyards for outdoor activities while others share one, so you’ll want to look at these points before you purchase a townhouse.
On top of that, you may have separate garages to provide you with storage space and a place for your car. You may also have nearby rental units to store more belongings, so you must consider multiple features.
Pros of Owning a Townhouse
If you decide to own a townhouse, you’ll naturally enjoy some pros that make it a solid option. Review the pros, see if you like them, and determine if you want to purchase one for your living needs.
Lower Costs Compared to Homes
When you compare the prices of a townhouse to a home, you’ll find them significantly cheaper. They make the most out of space, and since you won’t have to cover as much with property tax, you can save money compared to a home.
Even if you pay for a detached house in full, you could face higher charges for utilities, which could cost hundreds of dollars. Instead, based on the situation, the townhouse may have you split some of the costs or even cover them in the homeowners association (HOA) fees.
Since you can split costs and don’t have to cover the utilities for an entire home, you’ll save more money.
Fewer Maintenance Responsibilities
You only need to worry about maintenance when it comes to your home. For example, if someone in another townhouse segment has issues with their washing machines, you won’t have to worry about performing maintenance.
On top of that, the HOA may cover exterior maintenance and the front yard landscaping. Since the HOA wants to make the neighborhood as presentable as possible, they’ll take care of those aspects, lowering your overall responsibilities.
Ultimately, if it’s in your home, you’ll have to take care of it and ensure it gets fixed while minimizing the damage you could face.
Potentially Shared Amenities
Covering amenities can pose challenges, especially if you don’t want to pay for them. However, similar to condominium communities, multiple townhomes offer amenities people can utilize, such as going into the community pool or using a community gym. That way, they can swim or exercise without building anything in their homes.
On top of that, you won’t have to take care of the amenities since the HOA will cover the monthly cost with their fees. That means you can enjoy those amenities without spending thousands of dollars to add them to your home once you pay the fee.
Cons of Owning a Townhouse
Even though a townhouse offers some benefits regarding ownership, you must consider the drawbacks. Doing so will help you decide whether one works for you instead of running into issues that’ll cause problems in the future.
Neighbors on Both Sides
Since townhomes mean sharing parts of the house with others, you may have neighbors on both sides of you. Townhomes don’t always have the thickest walls, so you may hear your potential neighbors if they get loud, meaning they’ll keep you up at night.
You’ll also feel like you must remain mindful of your noise to avoid problems. If you like to play musical instruments, you may feel like you can’t since you don’t want to disturb your neighbors, so you must find a different place to practice.
You may even feel like you can’t throw parties or have guests over, further limiting your fun while living in a town house.
Dealing With HOA Rules and Regulations
HOAs control a neighborhood and can establish rules and regulations to maintain the area’s market value. For example, they may require you to keep your townhouse a specific color to match the other desirable homes or have you pay fees to enjoy different benefits.
While some HOA rules can protect your property, other regulations may seem excessive and limiting. Some may establish a noise rule where you can’t make too much noise past a particular time, which could cause problems for certain people.
They can also set rules about parking, so they could bother some people who want to own a townhouse.
Tips for Buying a Townhouse
If you determine the pros override the cons, you’ll want to find the best townhouse available. Doing so requires you to go through some tips, so you’ll know what to expect, focus on, and consider regarding your future property.
Think About the Location
You must consider the location when you think about a townhome and want to move there. For example, you may find a beautiful townhouse at a reasonable price, but if it’s in a dangerous area, you may not want to live there.
The same applies to school districts if you have kids. You want your children to succeed with their schooling, so check what schools they’ll attend, so you’ll know what to expect. However, you could have them attend a private school if you can’t find a good school district.
The location also matters regarding weather, the city, and various points, so consider every vital aspect.
Remember Your Budget
Even though you may want to purchase a townhouse, you must remember your budget. Contact lenders to find out how much money they’ll offer you through a mortgage, so you’ll know what to look for in your area.
For example, you don’t want to visit a townhouse just to learn you can’t afford it. You can also use your budget as a bargaining chip, meaning you can outbid other potential buyers if you know you can spend more on the home. Double-check loans and your budget regularly since they could change with time.
Check the Sizes and Features
You’ll want to review the sizes and features available at different townhomes to get a feel for what they offer. You’ll naturally come across ones of various sizes, so you’ll want to see how they compare in price and consider your budget.
Even if you find a smaller townhouse, you may prefer it over one lacking feature. For example, if one includes a washing machine and dryer, you may want to choose it over another option without those conveniences.
The process comes down to comparing the options, seeing what causes those price increases, and choosing based on the room and features you want.
Review Townhouse Development and HOAs
Townhouse development can impact your situation and give you more options concerning your living situation. If the area plans to turn more homes into townhomes, you’ll have more opportunities to move into those places.
You should also review the HOAs in the area. Doing so will help you see if you agree with the HOA rules and regulations to avoid a bad situation. You should also know the yearly HOA fees to avoid any surprise costs.
After all, if you know about the fees and any new townhomes in the area, you can go through the options and secure the best choice for your future home.
Hire a Real Estate Agent
Searching for a townhouse on your own can pose challenges. Instead of trying to find them alone, you should hire a real estate agent to assist you with the process. They’ll point you in the right direction while considering your needs as a resident.
Since they worked with multiple townhouse owners, they’ll know what to expect and how to help you. If you express your desire for long-term housing, they can show you common property options to see which townhouse works for your situation.
Even though real estate agents cost money, they can help you find a home faster than usual.
Getting Started With a Townhouse
A townhouse is an excellent opportunity to get your foot into homeownership without seeking a large loan. Of course, you’ll need a loan, but you’ll find it less financially difficult than a house, so a townhouse works excellently for various situations.
If a townhouse sounds appealing, sign up for new listing alerts to receive details about properties and homes. The process will help you understand townhouse ownership, so research what works for your situation.
FAQs: What is a Town House?
If you want to understand townhouse ownership, you’ll naturally come across frequently asked questions (FAQs). Ensure you go through them to understand townhouses, so you’ll know whether you want to own one.
What is the advantage of a townhouse?
Ultimately, you’ll enjoy lower prices and costs if you go with a townhouse. It works as an in-between point for renting apartments and owning a home. You can look at townhouse communities and quickly find great options for first-time homebuyers.
What makes a townhouse and an apartment different?
A townhouse is a house split into multiple segments so multiple families can live there. On the other hand, an apartment refers to a building structure with many living spaces. Because of that, a townhouse usually offers more space than an apartment.
What makes a house and a townhouse different?
A detached single-family home is a building where a single person or family lives. You can find these individual homes in a city, a small town, or various areas. A townhouse is a conjoined unit with multiple families living there, though their living spaces remain separate, making it a type of housing that maximizes space; that’s the primary difference between the two.
Is it better to invest in a condo or townhouse?
Condos are a significant investment if you rent them out, while a townhouse works best as your home. If you plan to make the property your home, you’ll have better odds with a townhouse. Townhouse owners will also find it easier to sell than a condo unit.
What questions should you ask when buying a townhouse?
As you plan to purchase a town house, you should ask some crucial questions.
- What rules does the HOA put into place?
- Do I have amenities I can use?
- What does the townhouse cost?
Such questions will help you understand the limitations while understanding what you should expect from this housing type.
