Making The Lifestyle Decision To Buy A Townhouse

Looking for an affordable, stylish home in the ideal location — oh, and one that’s also low-maintenance?

Seems impossible, right? Actually, living in a townhouse could be the perfect solution for those who want convenience and a no-stress lifestyle.

Pros of Living in a Townhouse

There are pros and cons to living in a townhouse in 2020, but that’s no different from any other type of home! Here are some great reasons to consider townhouse living.

Price

Generally, the cost of a townhouse will be less than purchasing a single-family home, as they occupy less land.

This can make townhomes a great option for first-time homebuyers, singles, or young families.

Easier to Maintain

A low maintenance lifestyle is one of the best benefits of owning a townhouse. You don’t need to spend all weekend moving a big yard, raking leaves, or gardening.

Townhouses usually have small yards that are easy to look after, perfect for those without much of an interest in yard work.

Great Investments

Townhouse rentals will always be in demand, both for long-term tenants or as vacation rentals, if you live in a resort town. This makes townhouses a great property investment.

Sense of Community

Living in a townhouse means you’re likely to see your neighbor frequently. This can be a great way to meet new people, your kids can easily make friends, and it’s nice to feel a sense of belonging.

To get things started, why not organize a street party or afternoon BBQ, good ways to get to know one another.

Possible Downsides

Nowhere is perfect — what are some of the downsides to townhouse living? Here are a few considerations.

Privacy

Townhouses tend to share walls, meaning you’re more likely to hear noise from your neighbors. If you live around others who are quiet, this is usually not a problem, but it’s something to consider.

Since the homes are so much closer to one another, compared to standalone homes, consider privacy as well. Some people may not be comfortable living so close to others.

Limited Storage

Smaller homes mean less storage. You may not have a garage, a backyard shed, or extra attic space as you’d find in a larger home.

So, if you’re worried about storage, a townhome might not suit your needs.

Homeowner Fees

Townhomes often have many great shared amenities, such as playgrounds, pools, or gated entry. However, with this comes yearly homeowner’s association (HOA) fees, which can be steep.

Make sure you understand the fees and what they are used for when making the purchase.