PROS AND CONS OF BUYING A TOWNHOUSE

In the modern real estate market, townhouses are just as much a part of the equation as detached homes and condos for people looking to purchase. A townhouse is basically a house that is attached to other townhouses in a row.

They are typically two-story units, often with a basement and sometimes with a driveway in front of each one. As with most housing options, there are both pros and cons to buying a townhouse.

Pros

Maintenance

If you dread those days when you have to shovel snow, mow the lawn or rake leaves, then townhouse living just might be for you. All townhouses require you to pay a monthly fee and with that fee, you are exempt from doing standard yard work.

Sometimes, things like painting, roofing and street cleaning are also covered.

Rules and Regulations

Most townhouse developments will have rules and regulations or ‘by-laws’ designed to keep everyone in line and respecting their neighbours. If you like the idea of having a board to report unruly neighbours to, then a townhouse might be a good choice. With definite rules to follow, you’ll never have to get personally involved when there is an issue.

Extra Amenities

One thing that many people find to be a ‘pro’ when buying a townhouse are all the extra amenities that are available. Not every development will have the same, but you may find: Pools Tennis courts Clubhouses Playgrounds Common rooms Cable and Internet

Affordability

When compared to the price of a detached home of similar size, a townhouse often costs quite a lot less. For people who are eager to own their own home, but really don’t have the means to buy a detached home, a townhouse can be a very good alternative.

If you are on a budget and townhouse living seems acceptable, keep your eyes open because you may just end up finding your new home.

Cons

Monthly Fees

Even though the monthly fees get you out of doing a lot of work, they are still monthly fees. In some cases, they can also make the low price of the townhouse a little less attractive.

It’s also important to realize that the maintenance fees never stop. Once you have paid off the townhouse, or even if you pay for it in cash right upfront, they will continue.

Short on Space

If you are a lover of a big yard and lots of storage space, you may find a townhouse a little cramped. Most don’t have too much space that you can call your own, and finding room for all your stuff may be a challenge.

If you have more than one vehicle, you may also have problems, because many townhouses come with only one parking spot. And if you are able to get a second, you might have to pay for it.

Privacy Issues

Privacy issues are one of the main complaints from people new to the townhouse concept. Unless you are in an end unit, you have people on both sides, and sometimes you can hear them through the walls.

This isn’t always true as some are built more solidly than others and not all families are loud, but it is a consideration.

References

http://www.lisaudy.com/buying-condos-and-townhomes.php#Maintenance

Platinum Real Estate Group

http://harveyslakehomes.com/2011/11/16/pros-cons-of-owning-a-townhome/

Harvey’s Lake Homes