How Purchasing a Townhome May be for You!
Did you know that townhouses are the second most common home choice among U.S buyers? The current market trend identified by the National Association of Realtors shows that townhomes are popular among young buyers under the age of 30.
What is a Townhouse?
A townhouse or townhome is a multi-floor home that has its own entrance and shares one or two walls with a neighboring home. Unlike condos, a townhome owner typically owns both the interior and exterior land that the dwelling sits on including the front and back yard or patio area.
Pros of Owning a Townhouse
There are many pros to owning a townhouse.
- More Affordable: Purchasing a townhouse is usually more affordable than a detached single-family home.
- Less Maintenance: Townhomes usually have an HOA that takes care of the exterior of the property (lawn maintenance, landscaping, exterior structural elements).
- Amenities: Most townhouses have shared neighborhood amenities such as a playground, dog park, pool, tennis court or clubhouse.
- Sense of Community: Most townhomes have a community feel.
- Good Investment: A townhouse can be a great long-term investment. When/if you outgrow the space, it can be utilized as a rental property.
Cons of Owning a Townhouse
With the positives, come a few negatives.
- HOA Fees: While an HOA provides convenience amenities, there is a price tag associated with those items.
- HOA Restrictions: An HOA can place restrictions on what the homeowner can do with the property. From paint choices to where you can park a car, the rules need to be followed.
- Lack of Privacy: The close proximity of homes means that you will always see your neighbors.
- Noise Complaints: Remember, a townhome shares one or two walls with a neighboring unit which can lead to noise concerns (T.V, music, arguments, children, etc)
Is a Townhome Right for YOU?
A townhouse can be a great choice for first-time homebuyers or individuals who are looking for a low-maintenance home. To help navigate this choice, partner with an experienced real estate professional to better understand all of the options. At Oak City Properties, we have been helping those in the Raleigh area purchase homes for years! Whether you are a family trying to purchase a home or an investor looking to diversify their rental portfolio, our full-service property management company is here to help.
Want to learn more about our commitment to effective real estate investing and property management? Contact us or give us a call at (919) 232-9222. Feel free to also check out our website at oakcityproperties.com or check out our Facebook Page.
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