Thinking of downsizing or relocating? If you’re an empty nester or
retiring you may be thinking of purchasing a smaller house or even a townhome
for less upkeep and house to manage. Or maybe you’re a first-time
homebuyer that doesn’t need a lot of space but wants to invest in their
own place. What about the decision to purchase a single-family home
versus a townhome?
These two types of homes can offer some significant differences, so it’s important to consider all the pros and cons of purchasing either.
Purchase Price
Usually townhomes are slightly less expensive than standalone single-family homes. This will vary from city to city, but first-time homebuyers or retirees can typically get more bang for their buck with a townhome. And every little bit helps when you’re purchasing a new home.
Ease of Resale
The nature of a townhome is that your unit is going to be very similar to that of your neighbor’s. Sometimes this can pose a problem when it comes to resale. What sets your townhome apart from the others in the community?
Single-family homes don’t face this problem as much, especially in older and more established neighborhoods where homes are quite different and often remodeled.
If you do decide to purchase a townhome, think about making some unique improvements to the property. Or pay attention to the type of unit you purchase. For instance, find an end unit with more bedrooms to enhance resale value.
Burden of Maintenance
If you’ve owned a single-family home in the past you know what comes with it. Sundays mowing the lawn, expensive roof repairs, repainting faded siding, etc. Taking care of a single-family home can be a lot of work, which is why so many busy professionals and retirees like to leave it up to someone else by purchasing a townhome.
If you purchase a townhome you won’t be worried about who is going to weed the flower beds, or who is going to clean out the gutters come fall. Townhome living can offer some peace of mind for those of you that lead busy lives, or those of you who want to pick up and go on that one-month cruise you’ve been dreaming about!
Fees and Extra Costs
The only downside to having all your building maintenance taken care of through a townhome is the added association fees. These fees can be anywhere from $100 - $1,000 per month. It’s important to do your homework if you do decide on a townhome. Sometimes these fees reasonably replace the expenses that would come with maintenance of a single-family home, while other times they can seem excessive. A single-family home may also come with some community or amenity fees.
Think about your regular expenses that are included in your community fees. Are they taking care of anything like water, electric, cable or internet? How much would it cost for you to pay for lawn maintenance at a single-family home? Can the community gym replace your monthly gym membership? Does the community pool eliminate your membership at the local YMCA? These items can really add up.
Privacy
For some people, the privacy that comes with a single-family home is worth the extra upkeep. Are you comfortable sharing a wall with another person? Are you sensitive to noises from neighborhoods and would be upset if you heard your neighbor’s kids or television? It’s important to consider privacy issues that come with living in a community close to other residents.
There are pros and cons for every home-buying decision and it’s all about weighing out the options based on your own “deal breakers.” Your real estate agent at Award Realty can help walk you through the options for your home purchase, as well as to show you the best Arizona has to offer!