Buying a home is one of the biggest investments an individual can make in their lifetime. If you are looking for a home to buy, you might be overwhelmed because there are so many types of properties to choose from. In this post, we will focus on townhouses and single family homes. Your final decision will most likely be based on your family’s needs, and it is useful to understand the differences between these two types of properties.
Townhouses are usually a part of a large multiple story building that houses many units. They could also be in a strip of homes with one or two stories. Townhouses are usually close to major town centers and public amenities. You can opt, in this case to live near your work place and walk, bike or use public transport.
Single-family homes are mostly found in suburbs of large cities, out in the country and maybe in a subdivision. The single-family homes are unattached homes and most have yards, garages, private gardens and maybe a swimming pool. This means they are usually a bit further from amenities and you might have to own a car to get to work or just for getting around.
Home Owners Associations (HOA) fees are common in townhouses, although sometimes they are found in single-family homes. The fact that you don’t have to cut the grass or wash the pool yourself is a relief for most people. The HOA fees pay for things ranging from roof repair, property taxes and roof repair.
The fees might not cover for all repairs, but depending on the property policy, the fees might only pay for communal area upkeep, and maybe once in a while, leaks. You may still have to pay for most of your home’s upkeep, but you will still save a lot, both in money and time. A single-family home’s maintenance is solely up to you as the owner if there is no applicable HOA fee.
A townhouse is relatively more affordable in comparison to a single-family home. If you are interested in amenities and newer constructions, you may get better value for your money with a townhouse. This might mean sacrificing a yard, privacy and more space found in single-family homes. Amenities such as shared recreational amenities make the townhouses more valuable in comparison to a single-family home.
If you are the type of person who travels frequently, a townhouse would be ideal. A single-family home might mean getting a caretaker who will carry out regular maintenance such as mowing the lawn or cleaning the pool. Since townhouse owners pay HOA, they don’t worry about issues such as burglary or gas leaks as neighbors are more likely to notice something is amiss, or smell a leak if it occurs, and alert the relevant people.
Townhouses have less space than single-family homes. If you constantly host barbeque parties or regularly have visitors over, then a townhouse is not ideal for you. Single-family units have yards that offer more privacy in comparison to townhouses which have a common yard.
If you intend to start a family, grow an already existing one, or expect parents or relatives to live with you, a townhouse might be very limiting in terms of growth. In this case, a single-family home would be your best option. You can get a large home that has enough room for family growth, including a yard the children can play in, and a garden for a vegetable patch. Look for a real estate agent who has a variety of townhouses and single-family units in their database. You can then visit each unit, do a comparison and choose accordingly.