Townhome residents have a shared community pool that magically stays in tip-top shape thanks to the community HOA. All other communal facilities follow this pattern, as well. When you live in a townhouse, you get all the functionality and zero responsibility for maintaining it.
If you want a place of your own but do not want to play an active part in the upkeep, a townhouse is your best bet. In this way, townhomes are very similar to resorts. Townhouses come with a large array of communal amenities. Head to the pool to cool down. Looking to shape up? Other amenities can include BBQ pits, clubhouses, playgrounds, dog parks, tennis courts, and even car washing stations.
Additionally, the HOA takes care of maintenance and upkeep. Picnic areas and clubhouses can also be reserved to entertain guests for parties. The best part is, you can avail of these amenities throughout the year. However, the benefits of townhome living go beyond recreational amenities. Utilities like pest control, trash services, and HVAC inspections also typically come with the deal.
Though your HOA community-based property has assessment fees, these fees are worth every penny considering the amenities you get in addition to a lovely place for yourself. Contrary to what some may believe, townhouses actually provide great value for money. In the same neighborhood, townhomes have been shown to be more affordable than single-family homes.
In fact, they are a cheaper option almost every time in comparison to standalone homes. Due to the smaller lot size, townhome residents pay lower property taxes than those in conventional homes. Homeowners association fees also tend to be lower when compared to condos. Here's the effect on property markets that we expect the Olympics to have.
The Australian property dream is alive and booming in ! Discover the best suburbs to build a home or investment property in Ok, so you've decided to build. But what's next? Buying a home is part of the great Aussie dream. While most aspire to homeownership, getting there is not for Home Designs home designs. Search for: Search Button. Home Designs. Finance Solutions. About Us. Contact Us.
Book appointment. Call us Get started. House vs Townhouse — Which is Better? Thinking about buying but wondering if you should opt for a house or townhouse?
Check out our pros and cons to help you make the right decision. Houses The age-old Aussie dream, a standalone house is often the first thing buyers picture in their minds when considering their buying options. Outdoor entertaining: Many homes — modern ones especially — come with generous outdoor entertaining areas that allow you to enjoy all the benefits of your increased outdoor space.
The only difference between an apartment and a condo has to do with ownership. Condos are privately owned by individuals. You as a tenant rent from that individual rather than a professionally managed corporation. A condo can be a promising alternative if you find that apartments are too restrictive and townhouses are too much effort. Very few renters rent condos. The advantages of living in a condo are directly related to its management.
Working with a private owner affects how issues are treated and how comforts are offered. Renting a condo is right for you if you favor a personal touch. Condos can be a great choice if you have a talent for compromise and negotiation and can effortlessly haggle with an individual landlord. Once you reach an understanding, you can afford some independence in your own living space, with less responsibility than renting a townhouse might allow for.
The disadvantages of renting a condo stem from the same origin as the advantages of renting a condo — individuals. When working with individuals, there is not a set of foundational guidelines that condo owners are entrusted with to conduct business. Everything is case-by-case. Although the free rein of condos makes them highly desirable among some renters, many of their advantages can easily become disadvantages.
Without adequate research, renting a condo may be like tossing a coin. Condos often cost less than townhouses and, contrary to popular thought, can be similar in price to apartments. The most significant factor after location is size. A condo downtown will cost more than one in the suburbs, and a larger condo will cost more than a smaller unit. Deciding where to spend the next year of your life is not easy. You may be struggling to choose between a townhouse versus an apartment versus a condo.
All three options come with plenty of pros and cons, after all. A townhouse if you need more space but hate the suburbs. A condo for a nice in-between.
Think about what makes a home special to you. When you own a detached house, you can generally come and go as you please without seeing your neighbors all the time. With a townhouse, you and your neighbors are virtually living on top of one another, and so maintaining some degree of privacy could prove challenging.
Remember; townhouses are not exactly soundproof either. When you own a townhouse, you're guaranteed to have another home attached to yours on at least one side. And in many cases, you'll have homes attached on both sides. Sharing those walls with your neighbors means potentially listening to their arguments, hearing their music or TV blasting when you're trying to relax quietly with a book, or being woken up at night to the sound of a screaming child.
In some cases, the monthly maintenance fees you'll pay to live in your townhouse can be quite costly, thereby making your home less affordable.
One reason many people buy townhouses is to save money. But if your HOA fees cancel that out, you'll negate that savings. Another thing: While you will benefit from common area maintenance by paying those fees, they won't cover home maintenance for your interior. You'll still need to put in the time and spend the money to keep your townhome in good shape. Though renting a townhouse, as opposed to a detached house, is a good way to lower your housing costs, there are a few negatives to consider:.
The same space issues associated with townhouses exist whether you buy or rent one. If you're looking for a larger home as opposed to an apartment to rent because you have a family, a townhouse may not suit your needs as well as a detached house could.
And if your goal in not renting an apartment is to snag some private outdoor space, like a backyard, a townhouse may not provide it. If you're renting a townhouse for a limited period of time, you may not care about getting to know your neighbors. In fact, your goal may be to pay a relatively low amount of rent for a year so you can save up and buy a place of your own. But if you're not interested in socializing with the people who live around you, then moving into a townhouse could make for a somewhat frustrating experience.
Many renters choose not to live in an apartment building due to the noise factor. If that sounds like you, then a townhouse may not be a great solution.
Although you won't have to worry about your upstairs neighbor stomping on your head late at night, you'll still be sharing walls with the people who live around you. Clearly there are pros and cons to buying or living in a townhouse.
One thing to keep in mind, though, is that if you have your heart set on a neighborhood that's a bit outside your financial reach, a townhouse could be a way for you to get in the door, so to speak, especially if you're looking to own. Buying a townhouse could also end up being a smart move if you don't care about having tons of private outdoor space and want to keep your maintenance to a minimum.
If you're not sure whether a townhouse is a good investment, talk to a local real estate agent and ask how buyers have fared in recent years. Some townhome communities are quite desirable because of their location or amenities, so you'll need to get the scoop from someone who knows the area well before you make your decision. Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. Find out how you can get started with Real Estate Winners by clicking here.
Maurie Backman has been writing about personal finance for years.
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