Pros and Cons of Buying a Townhouse:
Townhouses are a type of multi-floor residence that have their own doors but shared walls with surrounding houses. These properties are often uniform dwellings constructed in discrete communities in the suburbs, most townhouse communities are monitored by a homeowners association. Townhouses are being constructed very often, townhouses account for around 13% of all new single-family construction as of today and have had a 38% increase in growth in just one year. With that being said, the trend will only continue as the years go on. However, living in a townhouse comes with many pros and cons that you may need to weigh out. If you are in the market to buy a new home then a townhouse might be the home for you.
Some benefits of living in a townhouse is the cost and amenities that come along with the property. Purchasing a townhouse will be cost effective for most as it comes with a low purchase cost. Even though location and size will vary with the price point most townhouses cost less than single detached homes. Another major benefit of living in a townhouse is the less maintenance that needs to be done. If your townhouse community comes with an HOA fee to pay, it may seem like an extra cost to be paying but it comes in handy to help ease costs later when it comes to maintenance. Review what your HOA comes with before purchasing a home but most HOA fees cover snow removal, conducting general repairs and keeping the community clean. Another pro is privacy as well as safety & security. Even though you share a few walls with your neighbor, you won’t have anybody above or below you to deal with so the noise is minimal. Safety & security comes into play because the homes are in close proximity so by chance if anything happens, you will know. As well as being able to create close relationships with your neighbors due to the close proximity. Lastly, you may even be able to rent out your townhome if you are looking to do so. To learn more about renting your home out, read our blog: What You Should Know Before Renting Out Your Home.
Some disadvantages of living in a townhouse are the monthly HOA costs and the different restrictions based on which townhouse you live in. Always review the different restrictions as they do vary but some restrictions can be as simple as limiting you on renovations and updates to your home. Another con depending on your needs can be the privacy, this depends on what you are looking for in a home. Some people may view the privacy as a pro in a townhome but always think and review what your personal needs and wants in a home are. Lastly, you may get a great price when purchasing a townhouse but the resale value can vary. There is a possibility you may lose money when selling. But the biggest con of all is a townhouse is sometimes viewed as a condo more than a house so you may have issues financing. Always consult with a professional to get more information to see if buying a townhouse is the best option for you.
If you are currently looking to buy a townhouse, our office has a few listings that might peak your interest.
- 39 Caswell Lane (1156673) - Listing Member: Team Delese Malfi Sales
- 22 Lyceum Court (1156524) - Listing Member: John J. Lauria & Co-Listing Member: Laura A. Mooney
- 8 Dreyer Avenue A (1155780) - Listing Member: Alyssa Ann Lombardi
- 16 Pommer Avenue (1155947) - Listing Member: James Murphy
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
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