Before you take a townhome off the table when it comes to searching for your next home, these pros and cons of owning a townhome might make you think twice—or at least work on a list of your own!
The pros
Let’s get right down to the pros and cons of owning a townhome by looking at the bright side first!
An affordable option
Typically, townhomes are a more affordable option than a detached home, especially in communities with higher home prices. However, they could be a little more expensive than a condo in the same area, for example.
A close-knit community
Since townhomes put you in closer proximity to your neighbors, you will most likely see them coming and going more often. This tends to build a strong sense of community.
Sometimes townhome communities plan special events, such as cookouts and seasonal celebrations.
Less maintenance
Townhomes are usually smaller than single-family homes. Therefore, the cost of maintaining a townhome tends to be lower.
What’s more: if you own a townhome, you may be part of a Homeowners Association (HOA). Part of these fees could cover general exterior maintenance and yard work, for instance.
You own the land
Townhome owners usually own the land the property sits on, unlike condo owners, for example. This generally means owners have more freedom to make changes or updates to both the exterior and interior of the townhome.
Shared amenities
There are many amenities that are often shared by the residents of a townhome community, such as walking trails, clubhouses, and swimming pools.
The cons
Some of the very features that some may see as appealing could, in fact, be less appealing or attractive to others. Hence, the possible cons of owning a townhome.
Less privacy
A close-knit community with shared walls, walkways and outdoor spaces may not be ideal for those who prefer a quieter, more isolated home environment.
HOA fees and restrictions
Townhomes may save you money on maintenance, but the HOA fees are an added cost. In addition to the fees, an HOA may have requirements that affect landscaping, exterior décor, property updates, noise levels and more.
Smaller square footage
In general, townhomes tend to be built up rather than out. The end result can be a narrower space with multiple floors, which may be a con for some.
More stairs
The idea of traveling up and down several flights of stairs a day may not be the way you want to get in your daily steps. So, before investing in a townhome, pay attention to the design and note the number of stairs.
Summary
In the end, the pros and cons of owning a townhome come down to your point of view and personal situation. It’s a good idea to talk to your local Realtor about what you want and don’t want when it comes to your next property search. For more industry news and real estate tips, continue reading our blogs!