The Advantages of Living in a Townhome (Plus, Three Frequently Asked Questions!
For buyers looking for a new townhome in the top locations in Charlotte, NC, specifically those looking at close-in urban areas like Lower South End , Davidson , and Barclay Downs , townhome communities have become an increasingly popular option.
With the benefits and convenience of city living and the friendly, community-driven neighborhoods, many Charlotte, NC townhomes are attractive for buyers, including first-time homeowners, young professionals, families, and retirees looking to downsize. They realize that townhouse real estate offers advantages including minimal or low maintenance living, affordable prices, and the opportunity to leverage a townhome purchase as an investment.
Let’s take a look at a few of the advantages of living in a townhome and the frequently asked questions about how it compares to other options for buying your dream home.
Cost
With rising interest rates, the bottom line is on many buyers’ minds. Townhomes are typically priced lower than single family homes when comparing apples to apples properties, which makes them an excellent option for first time buyers and also a smart investment move for those looking for the lowest price per square foot in a hot area. You’ll still get the multi-level living of a single family home, with bedrooms that are on separate floors from your main living areas, but at a lower price point.
Convenience
Townhomes, which have at least one wall attached to another home, provide higher density living than suburban neighborhood options, particularly when they’re located in convenient areas that have short commutes into the city and walkability to shops and restaurants. If you want the bustle of the city, but with the buffer of a neighborhood, townhomes fit the bill.
Low Maintenance Living
While you may still be responsible for parts of the exterior of your own townhome, there’s a Homeowners Association (HOA) that is in charge of maintaining the exterior of the building, common outdoor spaces and any shared property. Townhome owners can also take part in the “lock and leave” lifestyle that is becoming more and more attractive to homeowners. Lock and leave refers to the freedom of being able to literally lock up and leave the home for days or weeks without having to worry about safety or keeping up the exterior of the home.
How does living in a townhome compare to a single family home?
A single family home is often thought of as the American dream, but the townhome has been a staple in cities across the country for nearly two centuries. But, for buyers who have zero desire to pick up a lawnmower, townhome living can provide a low maintenance option, particularly if you have minimal outdoor space or if that outdoor space is managed by an HOA.
Plus, there’s often an increased sense of community with a townhome since you are in closer proximity to your neighbors. While you have privacy when you want it, block parties and barbecues are easy to organize and let you immerse yourself in the community if that’s a priority to you.
How does living in a townhome compare to a condo?
Often, townhomes and condos are looked at by a similar pool of buyers. They often have comparable and affordable price points, they’re both often in desirable close-to-the-city areas, and they appeal to buyers who are looking for a lower maintenance style of living.
But, when you buy a townhome, you get a sense of privacy that simply isn’t possible with a condo in a building with shared entrances, hallways, and lobbies. A townhome typically has a private entryway, sometimes a garage, and multiple floors. It lives like a single family home, just with another house attached on at least one side. With condos, your neighbors are right upstairs, downstairs, and, often, to either side. No matter how well insulated a building is, there will likely be noise.
Also, with a condo, you almost always have an HOA that controls building decisions and may charge expensive fees to keep up common spaces and outdoor areas. Townhomes may also have HOAs, but they’re often less expensive and cover upkeep including landscaping and common areas.
How do bills compare from a single family home to a townhome?
While it’s all relative to how big of a house and townhome you’re comparing, typically townhomes are smaller than single family homes. And smaller square footage means less space to heat and cool. Additionally, most townhomes that are built well are insulated just as sufficiently as a single family home, plus, with the exception of end units, they don’t lose heat or cool air through the sides. This all translates into lower electricity and utility bills.
Plus, here’s why buying a townhouse could be a great investment in 2023
Real estate is traditionally thought of as a solid investment, and, if you buy in one of the best townhome locations in Charlotte, you’re almost certainly going to watch your equity and property value grow.
Plus, with an increasing number of young professionals moving to the area each and every year, there are investment real estate opportunities in buying a townhome, living in it for a few years, and then renting it when you’re ready to move to a larger (or smaller!) home. There will always be renters at the ready, eager to sign a lease in a convenient location to the city, and, because of the nature of townhomes being lower maintenance, with an HOA to cover many of the larger projects and, sometimes, even yard maintenance, there’s less for you to worry about as a landlord.
And, if you’re toying with the idea of a condo v.s. a townhome for an investment property, know that with a townhome, you’ll own the land that the home sits on, unlike a condo. Plus, with a townhome, there is more privacy than a condo, and that also means fewer neighbors to worry about, whether that’s an upstairs neighbor who doesn’t realize they’re stomping late at night or the neighbor down the hall who would prefer fewer units are rented to tenants.
Want to learn more about whether a townhome is right for you and if it fits into your long term real estate investment goals? Contact us at Hopper Communities today and check out our available homes throughout Charlotte, NC.
