Two Reasons A Townhome May Be Just Right For You

Among the myriad of home types, townhomes don't get nearly as much love as single-family houses. However, here are two reasons why they're just as good—if not better—than their more popular counterparts.

More Affordable to Purchase

Townhomes are a mix of single-family homes and condos. They tend to be large with rooms arranged over multiple floors like detached houses, but they share a wall on one or more sides with other townhomes, similar to condos. Some have small yards, and parking may be assigned.

Unlike stand-alone houses, though, townhomes tend to be cheaper to buy, because the cost of the land is spread amongst the row of homes built on it. Since they're so close together, they may also share other resources—such as plumbing and roofing—the cost of which is distributed to all homes, bringing the price down even more.

The average cost of a townhome and single-family home is $119 and $153 per square foot respectively. For two similarly sized homes (e.g. 1,200 square feet), you'd pay $142,800 for the former, while the latter will set you back $183,600.

It's important to note, though, that almost all townhomes require you to pay a monthly HOA fee that goes towards maintaining shared areas. Though many single-family homes are part of homeowner's associations, you can find properties that aren't, so this fee may or may not apply.

However, a townhome is probably the better option if you're on a tight budget but still want to get a decent-sized house.

Condo-Like Maintenance

Another good thing about townhomes is you don't have to do as much maintenance as you would if you bought a detached home. As noted previously, townhome communities charge monthly HOA fees, and that money is used for taking care of the shared spaces, such as the landscape and parking lot.

This directly translates to less work for you. You don't have to bother with mowing the lawn or shoveling the snow. Depending on the terms of the HOA contract, the monthly fee may even cover roofing issues, which is one less expense you have to worry about.

Thus, if you have always wanted a home but have been put off by how much exterior work is involved with it, then buying a townhome may be the best option for you.

For more information about living in a new townhome or help finding one, contact a local real estate agent.