In the fast-paced housing market that much of North America is experiencing, many people are seeing home prices skyrocket. With rising prices many are forced to evaluate how much house they can afford, and some people are taking a closer look at what the benefits of buying townhomes, vs single family houses. There are some obvious differences like the fact that single family homes are stand alone properties, while townhomes are connected by 2 to 4 units per building. But there are some other important things to consider before you decide between the two types of homes.
Let’s dive in…
What are Townhouses?
Simply put, townhouses are individual homes that are connected by the larger building. There are typically 2 to 4 townhome units within a building. These shouldn’t be confused with condos which are usually much smaller in size, and each condo building can have dozens of units within the building.
Townhomes are generally less expensive than single family homes, but you can find luxury, and waterfront townhomes, that cost millions of dollars. However, the typical townhouse provides first time homebuyers, or those living on budgets the ability to purchase their homes, at more affordable prices.
Some large single family home communities have sections of townhomes within the neighborhood. These are great because it allows people to pay less money to live within the community and still benefit from all the resident only amenities on site.
What are Single family homes?
As mentioned before, single family homes can be the priciest housing option out there. But many people do prefer to purchase their own, standalone property, that they can customize to their lifestyle, without worrying about any close neighbors being disturbed.
You will find that single family homes for sale are more expensive than other housing options. However, if you do not want to share any walls with a neighbor, this is the option for you to feel the most comfortable with your living situation. As everything is relative, single-family homes typically appreciate faster than townhomes, and homeowners can get built in equity quicker this way.
There are single family homes that are built using the wood frame method, and others built using concrete and steel construction.
Pros vs Cons
We have established that the cost for townhouses is typically less than the cost for single family homes. But that the appreciation is much better on standalone properties than those which are connected. This can change depending on outside factors like availability, market conditions and more. Let’s see what the pros and cons look like below:
Pros of Townhouses
- Lower price
- Get to know your neighbors easily
- Long term affordability
Pros of Single-Family Homes:
- Higher ROI overtime
- No neighbors bothering you
- More property to spread out upon
Cons of Townhomes:
- Less room for your family
- Monthly HOA fees
Cons of Single-Family Homes:
- Higher initial price to buy
- More property to take care of
Or any other personal or financial reasons respectively!
Wrapping This Up Properly
Hopefully anyone can see that there is clear benefits of buying townhomes, or single-family homes today. It just depends on what is important to you and your family. Any property you buy is better than paying rents. Remember that homeownership is possible for anyone willing to take a closer look at the pros and cons for types of homes. If you’re looking to buy a house, then you really should contact a professional real estate agent who can help guide you through the process which can get bumpy, so strap in for the ride of your life.