What is a townhouse? | Real estate
Home ownership doesn’t always translate into owning a detached house with a spacious backyard. Alternatives to a traditional home, such as townhomes, often come at affordable prices with access to convenient amenities. You’ll have to share walls with neighbors, but living in a townhouse can foster a stronger sense of community.
Here’s what you need to know about townhomes to help you decide if this type of home is right for you.
“Townhomes, also known as townhomes, are typically multi-story buildings that share one or more walls with neighboring units,” explains Sheila Smith Oliver, a licensed real estate agent with Amazing Realty in Austin, Texas. “They are self-contained units, often arranged in rows, and can provide a sense of privacy like detached homes.” Each townhome will have its own entrance, but they can share features, such as a front area or small backyard, or some amenities.
Townhomes can be rented or individually owned, and are often located in communities governed by a homeowners association. “In the past, townhomes were more common in urban areas, but now they are common in the suburbs, and increasingly popular in rural areas as well,” says Andrew Welker, founder and CEO of Welker Real Estate in Dallas.
He adds that homeowners share one or more common walls with neighboring homes, but will own the entire building and the land it sits on. Apartment owners own the interior space, but there is shared ownership of the exterior of the building and the land.
“Renters transitioning to homeownership may find purchasing a single-family residence too expensive and stressful. A less expensive option may be to purchase a condo or townhouse,” says Smith-Oliver. “One attraction may include shared amenities such as playgrounds, parks, and pools.” Fitness centers and a sense of community.”
An apartment is a rental unit that you do not own. You will sign a lease that outlines your monthly rent and your rights and responsibilities as a tenant. You pay rent every month to the landlord until your lease expires and you decide to move out. You are not responsible for fixing anything that breaks, such as a refrigerator or water heater, or cleaning the common areas of your apartment complex.
“This will depend on several factors, such as the quality of the finish, but townhomes typically cost less than single-family homes because the size of the land purchased is usually smaller,” Welker says. What you pay depends on your location, home size, HOA fees, market demand, amenities included, and your financing method.
If you’re comparing price to condos, Smith Oliver claims a townhouse can be more expensive because of the land ownership. If you want to rent a townhouse, Smith-Oliver says rental rates can vary based on similar factors. “The most expensive penthouse in New York City known as ‘The One Before All Else’ is currently listed for $250 million. But there are of course more affordable options for under $300,000 in cities like Austin, Salt Lake City, Cincinnati, Indianapolis and Portland,” she adds.
Here are some pros and cons of living in a townhouse.
Advantages of living in a townhouse
- it costs: A townhome is usually less expensive than a single-family home, depending on location. This is a great option for first-time buyers to purchase a home at a lower price and start building equity.
- Financing: Financing a townhouse follows the same process as obtaining a mortgage for a single-family home. Homes may also be eligible for government-backed home loans, including loans from the Federal Housing Administration, the Department of Veterans Affairs, and the U.S. Department of Agriculture.
- means of comfort: Townhomes can come with amenities that are shared by the people living within the community. This can include a clubhouse, gym, pool and more.
- maintenance: “Townhome owners have more responsibility for the upkeep and upkeep of their units, including the interior and exterior aspects. This includes tasks such as landscaping, roof repair, and maintenance of private outdoor spaces,” says Smith-Oliver. “However, an HOA may cover certain aspects of Maintenance, such as structural issues.”
Disadvantages of living in a townhouse
- Horn of Africa: An HOA may cover some upkeep and upkeep expenses, but it also comes with fees and restrictions. Fees range anywhere from $100 to thousands of dollars per month, and HOAs have the power to enforce the rules and issue penalties for violating them. “The HOA meets regularly and enforces the association’s rules and may charge citations for breaking the rules,” says Smith-Oliver. “Failing to pay can result in your property being foreclosed on or worse, foreclosure for non-payment.”
- Less privacy: Because townhomes share walls with other residences, they have less privacy than if you were in a single-family home. There is also a greater chance that you will be able to hear your neighbors through the walls.
- Multiple levels: All townhouses have more than one level, which can be a problem for older homeowners or those with mobility issues.
- Smaller space: Although townhomes have several floors and are often larger than apartments, they are often smaller than townhouses.
(Tags for translation) Josephine Nesbitt