Exploring Real Estate Market Trends

Are Townhomes the Right Type of Home for You?

If townhomes are for sale in your area, you may notice that they have similar square footage as other types of properties on the market, but are cheaper or have other benefits single-family homes don't.

Townhomes are similar to condos, which means they are homes that are connected to other homes, often sharing a single wall or more with other properties. You can have a garage with a townhome, and may even be able to have your own yard, even if it's divided with a neighboring home. While townhomes don't offer as many amenities as condos do, many modern townhomes for sale have community playgrounds, pools, or other amenities you won't get when you buy single-family homes.

Townhomes can be a great real estate investment for you, but they aren't for everyone. If you are unsure if townhomes for sale will work for you, it's wise to learn the type of owner they appeal to. Is a townhome the right home for you? Use this guide to assist you.

1. You're an avid apartment renter 

If you are one who always rents apartments and smaller dwellings attached to other properties, investing in townhomes will not be a big stretch for you. You can go from being a renter to a homeowner by choosing townhomes over other types of non-attached homes and still maintain that close proximity to neighbors and building amenities you're used to. Plus, townhomes are often more private than apartments and being the owner of one means that you are building equity into your property rather than just renting, which is money you don't get back.  

2. You want to own real estate but not ready to own a single-family home

Townhomes are great investments for individuals and families who want their own place to call home but aren't ready to buy single-family homes just yet. If this is how you feel, and you want to have some say in the way your home's exterior looks—townhome owners also own the land around their properties as well as the outside of the homes and have to care for the same on their own—then consider looking at townhomes for sale in your area over condos. You'll have the feeling of homeownership without committing to a larger yard and a private property to claim all to yourself.

Townhomes are a unique type of property worth looking into when you want to own property but aren't sure you want to buy a single-family home. Your real estate agent will help you decide if this type of investment is best for your real estate needs.