Townhouses are a type of housing that has become increasingly popular as home prices rise and as urban areas draw more and more residents, eager to access walkable neighborhoods with grocery stores, corner stores, fitness centers, and all the creature comforts of home, just minutes from their doors.
While they are often seen in urban areas, townhouses are also popular in suburban areas and can be a somewhat cheaper alternative to your typical single-family home- perfect for getting one’s first step up the property ladder.
What is a townhouse?
Townhouses are attached homes that share one or more walls with neighboring homes. They are typically two to three stories tall and can be a great option for those looking for a low-maintenance lifestyle with the benefits of home ownership.
There are several reasons why some buyers prefer townhomes.
One of the main benefits of owning a townhouse is the reduced maintenance compared to a single-family home. Since townhouses share one or more walls with neighboring homes, there is less exterior maintenance to worry about.
Homeowners are responsible for maintaining the interior of their home and their private outdoor space, but the shared walls and common areas are typically maintained by a homeowners association (HOA) or management company.
Also, a major benefit of owning a townhouse is the sense of community. Since townhouses are often built in clusters or developments, residents can get to know their neighbors and build relationships. HOAs or management companies often organize community events and activities, which can help build a sense of camaraderie among residents.
Townhouses can also offer more amenities than a single-family home. Many townhouse communities have shared amenities such as pools, gyms, and parks. These amenities can be costly to maintain on your own, but when shared among residents, the cost is spread out and can be more affordable.
They also offer a more affordable option for homeownership. They are often less expensive than single-family homes, making them a great option for first-time homebuyers or those looking to downsize.
Townhouses typically have lower utility bills and property taxes than single-family homes. However, townhouses also have some potential drawbacks. Homeowners may be subject to HOA fees and regulations, which can limit their ability to make changes to their homes or property.
Reach out to one of the experts at Coldwell Banker Hearthside, serving buyers, sellers, tenants, and renters in Pennsylvania and Western New Jersey.
Coldwell Banker Hearthside can help you find your next townhome in Philadelphia, Bucks County, Montgomery County, Western New Jersey, or the Jersey Shore.