If you’re looking to buy a home, it’s easy to be caught up and confused by the different types on the market. When it comes to townhouses, what are they and should you buy one?
A townhouse is a home that shares one or two walls with the homes next to them. It also shares the land, but each home has its own private entrance. People who live in townhouses are the owners of their portion of interior and exterior walls and roof.
While they can be like condominiums, or condos, townhouses have many distinct differences that a buyer should be aware of. Townhouses can exist in a variety of neighborhoods and often have architectural similarities to rowhouses or suburban developments. They are designed with a layout and functions like traditional, single-family houses.
Generally, a townhouse can be more affordable than a traditional house or a condo. Even with similar square footage, the price of a townhouse only includes the interior of the home while a traditional single-family housing cost can include the acreage of the yard. They offer a close-knit atmosphere because of the layout of the community, something that is often lacking in a condo or apartment structure. They can also include a small amount of outdoor space such as a private garage or a patio, or amenities like a pool or clubhouse if built into a development.
If the townhouse is through an HOA, they may handle the upkeep of the outdoor maintenance of the community, eliminating worries of cutting the grass, raking leaves, or snow removal. The HOA may also take care of the external maintenance of the property, such as the siding and roof. While apartment units and condos have strict HOA restrictions, townhouses tend to offer a little more freedom.
Just like any home, there are downsides to townhouses. With a tight knit community also comes a lack of privacy. Since townhouses share one or two walls with the homes next to them, you may find it noisier than a traditional family home that exists on its own lot.
If you require more accessibility or are an older person looking to buy a home to grow old in, a townhouse may not be for you. While condos or apartments are contained to a single floor, a townhouse can sometimes be designed with more than one floor.
HOA fees can also be a dealbreaker for potential home buyers. Even with smaller fees than an apartment, there are still restrictions and a price to be paid. Townhouses can also have a higher home insurance rate than a condo, since most owners need insurance that covers the exterior and interior.
We understand that there are several factors that can influence your home ownership. Regardless of the home you’re thinking of buying, Homestead Funding is ready to help you through every step of the process. Contact us today to learn more.
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