We’ve all heard of the classic American dream of homeownership. However, this doesn’t always have to mean a free-standing, single-family house. There are several great reasons to consider a townhouse. If you’re looking to make that big, important investment in the near future, read on. Here are four reasons why a townhouse might be a perfect fit for you.
1. Townhouses Are Low-Maintenance
For some of you, this could be reason enough. Not having to maintain a large property is a big attraction for townhouses. This holds true for first-time homebuyers, singles, older couples looking to slow down. A townhouse might also be perfect for younger couples who haven’t yet acquired a knack for home improvement.
A townhouse is going to offer less square footage which means fewer areas in need of repair. As part of a homeowner’s association (HOA), you may have the support for repairs from the HOA. Many repairs are going to be paid for with your monthly fees, depending upon your HOA. A townhouse usually has a small front yard, patio, and/or a backyard that many homeowners find easier to maintain than the full yard provided by a house.
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2. Townhouses Usually Have a Lower Purchase Price
This only makes sense if you are comparing apples to apples. Compared to a free-standing house in the same area or neighborhood. a townhouse will run you a lot less. This affordability factor is another reason they are a great option for first-time homebuyers. The fact that a townhouse is less expensive than a free-standing house makes them a great option for an investment property. A lower purchase price means a lower down payment.
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3. Townhouses Usually Maintain Their Value
Your HOA will require that you and your neighbors maintain a certain standard within your community of townhouses. These requirements ensure that your neighbor adheres to cleanliness and maintenance association rules, which in turn helps your property maintain its value over time.
4. Townhouses Come With Amenities
Sure it would be great to come home to a private tennis court or pool. However, most of us don’t enjoy these amenities in our backyard. As part of an HOA, a townhouse usually provides access to some amenities to may enhance the very quality of life. HOA fees generally provide use of communal amenities like playgrounds, tennis courts, gyms, swimming pools, and community clubhouses for gathering or entertaining.