Thinking about buying a home but don’t know what’s right for you? You’re likely overlooking one of the best options—a townhouse. Townhomes are multi-level, privately-owned homes that share walls with another house. They have private entrances and are located in a community—which means you don’t have to worry about maintenance like mowing the lawn.
They seem similar to a condo at first glance, but condos are usually located in high-rise buildings or stand-alone houses. Condos also typically come with more HOA fees and more restrictions than townhomes. It all depends on the community you choose.
Here’s what to consider from a townhouse:
Neighbors
Townhomes are naturally social entities. Moving into a townhome is a great way to make friends in the community spaces. But given that townhomes share walls with each other, it also means you can’t practice your drumming skills at 2 AM and have to be aware of and ready for general noise levels.
Location
Townhomes are often located in the suburbs and built in a uniform style. There are some urban townhomes, but you’ll likely pay a higher price for them. Before purchasing a townhome, consider if the location is convenient to your work and hobbies as well as if the area is safe and the value will increase.
Convenience
Maintenance and upkeep are taken care of for you in a townhome community. The other side of the coin is that you pay HOA fees for the luxury of never picking up the shovel in the freezing winter. Some associations will even take care of the fixes inside of your home. Take a good look at those legal documents before the sale.
Restrictions
Being a part of an HOA means there are restrictions to what you can do in and with your home. They control the architecture, restrict holiday decor, pet size, and set standards of home care. If you don’t do well with authority, you might not like your HOA very much.
What You Need to Know
Townhomes are more affordable than single-family houses. They’re social environments with a lot of amenities. And you have limited privacy, restrictions, and two to three sets of stairs. If this sounds like your jam, check with your local real estate agent to see what’s available in your desired areas.