In many areas, town homes are becoming more popular than detached, single-family homes. If you've seen a lot of town home listings, you may be wondering exactly what the pros and cons are for purchasing a town home. Everyone knows that town homes are smaller and less expensive, but there are other differences as well.
The Benefits of a Town Home
Town homes are often popular in areas in which single-family homes have become prohibitively expensive. Through own home developments, cities can provide better population density without the "stacked on top of each other" feeling of condominiums.
Unlike single-family homes, town homes are often clustered together, which creates a neighborly atmosphere. Many of these homes have neighborhood amenities such as pools, playgrounds, and dog parks. This is similar to purchasing into a condominium. Those who want these types of amenities without the rigid structure of an apartment complex may find town homes a good compromise.
Town homes are also far more affordable than single-family, detached homes, and they often still come with modern amenities such as granite countertops and hardwood floors. In reality, most of what a homeowner is sacrificing is going to be related to the square footage of the property and the size of their lot.
The Downsides of Town Homes
It's rare to find town homes that have any substantial front or backyard, and most town homes are going to be fairly small (though two-story town homes may be sizable). Bad neighbors can be more of a nuisance in a town home complex, as neighbors are very close. Renters will also be more of a problem in a town home development, as it's more likely for town homes to be rented out.
Since common areas are maintained by the development, those who do purchase town homes may find themselves paying additional association fees and special assessments. For those who were going to have a Homeowner's Association regardless, this may not be a substantial problem.
Finally, town homes do provide a different type of living -- one that's less independent. Those who value their privacy may not enjoy the close proximity of their neighbors and may want to own their own large plot of land.
A town home isn't right for everyone, but for those who want a reasonably sized property at a modest price, they can be a good solution. Before you continue looking at real estate homes, you may want to connect with your local agents.