Everything first-time buyers need to know about townhouses
Everyone works hard to have their own home. This is especially true if you are a first-time home buyer. You must have a lot of options and you don’t know where to start. Why don’t we start with a townhouse?
If you are considering buying a townhouse, here are a few things you need to know to help you decide.
What Is a Townhouse?
Townhouses are a combination of detached single-family homes and condominiums. Sometimes, they are multi-story homes attached to one or other properties by a common wall. They vary in size and structure from one place to another, making it difficult to classify them based solely on their appearance.
Like a condo, owners may be required to pay an HOA fee for things like shared area maintenance and garbage pickup.
Townhouses are generally located on the streets of suburban and urban neighbourhoods and utilise vertical space to maximise a property’s square footage by stretching out across several stories.
What Are the Advantages of Townhouse Ownership?
Townhouses have several advantages that appeal to first-time home buyers. In general, these include:
- Low-cost housing
- Excellent location and access to more desirable locations
- Shared amenities include things like swimming pools, tennis courts, and clubhouses
- Strong sense of community, and
- Spending less on renovations
Which Is Better: Buying or Renting a Townhouse?
Similar to deciding whether to buy or rent a home, you must consider both options’ advantages and disadvantages while deciding about a townhouse. Ask yourself the following questions:
- How much can I spend?
- How long am I planning to stay here?
- Are there sufficient funds in my savings account to cover maintenance or repairs?
Renting can be the best option if you know you won’t be able to pay a down payment on a townhouse yet. It is probably cheaper even though you’ll have to pay a deposit, renter’s insurance, and monthly utility costs.
You must also consider how long you intend to stay or whether you have plans to move within the next several years.
If this is a temporary undertaking, renting may be more practical. Meanwhile, if you want to live in your townhome for many years, if not decades, the added expense of buying your forever home might be justified.
To choose the best course of action, you should compare your goals with the benefits of renting vs. owning when making this choice.
Where Should I Check When Searching for a Townhouse?
Your individual needs determine the best location to look for a townhouse. These prerequisites cover things like living space, proximity to amenities, and neighbourhood.
For example, a family travelling to a new city for the first time may decide where they want to remain long-term while building equity in their first home. A small yard, access to a playground, and proximity to schools are important considerations.
Will a Townhouse Offer Adequate Privacy?
The degree of privacy offered by living in a townhome might not be as high as that provided by a single-family home. However, it is recommended to choose a detached family home type if you have deep concerns about your privacy and peace.
Now that you know some basic information about owning a townhouse, we hope you could make a smart and practical decision as a first-time buyer. If you still have some worries, you may also seek the advice of a professional real estate agent.
Roger Rampuri is a Realtor you can trust. He has access to a wide variety of new townhomes for sale and rent. With his exceptional experience, he can help you find the best house that fits your budget and needs. Schedule an appointment today!