When someone makes the decision that they want to purchase a house, the first thing they should consider is what type of property they want to buy. There are a couple different options, each tailored to a certain lifestyle and preference. Do you want a condominium? A townhouse? A single-family house?
These are important questions. Each come with their own advantages and disadvantages. Read: Condo vs. Home: Pros and Cons of Each. One great, popular option is a townhouse. Townhouses are a great medium in between a single family house and a condominium. Here are some reasons to buy a townhouse, and also some reasons not to buy a townhouse. What exactly is a townhouse? Well, a townhouse is part of a development.
There almost always is a wall on either side, as you will have neighbors (if you’d like to call it that). Most always, the walls are brick, so you won’t hear anything going on in your neighbors house. But, they still are connected. Usually, a townhouse is part of a community, meaning you’ll have a shared community, that usually features a park, a gym, a swimming pool, or tennis courts, for example.
This is definitely an advantage. Townhouses are also usually near popular areas, so you’ll be in close proximity to nightlife, restaurants, movie theaters, and other venues. Keep in mind that townhouses are also usually less expensive than single family houses, which is in itself, an obvious perk. You also are able to deduct the tax and mortgage on your annual taxes, making for a nice tax return.
There are some disadvantages to owning a townhouse. For example, you do have to get permission for certain things. For example, if you want to paint the exterior a certain color, you’ve got to ask. If you want to park specific transportation vehicles in your driveway (such as an RV or a motorcycle), you’ve got to also ask for permission. Sometimes, you may even have to get permission to plant certain flowers or trees. You also should expect to pay monthly fees for upkeep and maintenance.
Keep in mind that you are going to be required to pay real estate taxes. Also, townhouses are notorious for providing less privacy than other types of housing; and, there usually is not a large yard. If a big yard is important to you, a townhouse is probably not the right fit. You also are going to have to deal with stairs.
Stairs are unavoidable in a townhouse. It also is a lot harder to sell townhouses than single-family homes. There are many reasons for this. All you need to know, is that it will be more difficult to sell when you are ready to. Happy house hunting! Also, for further reading, see: Townhouse vs. Condo? and, Should You Buy a House or a Condo?