After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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If you are thinking about buying a home, then a townhome could be a good option for you. Some people focus their home search strategies on single-family homes. Although there is nothing wrong with this type of home search, you might be overlooking the benefits of owning a townhome. The following are a few things to consider about townhome ownership.
Future Plans
Perhaps you have been hesitant or overlooked townhome ownership because you hope to have a family someday. Some townhomes boast three or more bedrooms, which makes them ideal for small families. Even if you and your future spouse elect to buy a single-family home, your townhome can be viewed as an investment property. This means that you could rent it out if you desire. Choosing a townhouse in an area with anticipated growth in the coming years will likely mean that you will be able to easily find tenants or a buyer if you decide to list your townhome.
Affordability
For some people, the cost of owning a single-family home is the main stumbling block. Townhomes are an affordable alternative to owning a traditional home. If you find yourself comparing the cost difference of owning a home and a townhome, ensure you factor in the cost of extra expenses you may have by owning your own home. It also important to factor in membership fees that most townhome communities have. These fees are usually related to costs such as lawn maintenance that you would be responsible for if you decided to own a single-family home.
Tax and Equity
The anticipated lower cost of a townhome will likely mean that you will have more initial equity in your home. If you were planning to pay a significant down payment on a single-family home that cost more, you would have less equity. Your equity in the home you decide to buy represents your amount of ownership versus the lender's. Equity improves over time as mortgage payments are made. You will also be able to get many of the same tax perks that traditional homeowners get such as deductions for property tax and mortgage interest.
Community Perks
There are a number of perks that would likely cost you a fortune if you tried to find them in a single-family home. These things are often the norm in townhome communities. For example, you can likely expect a beautiful landscape. Some communities have swimming pools, tennis courts, and gyms. If your goal is to dwell in a neighborhood where you foster relationships with neighbors, you should aim to determine if the communities you are interested in have a larger percentage of owners or renters living on the premises. Too many renters might be a sign that you will have different neighbors often as people move out and in.
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