Much can be said for home ownership, but when you find yourself in the market, you may have more questions than answers.
One of those questions will more than likely be “What type of property should I buy?” Even if you already own a home and are looking to buy something different, here are some reasons to buy a townhome. They should definitely be in the running. You might even want to consider purchasing a townhome to rent out:
1. Cost
Everyone knows it takes money to make money. But for the most part, townhomes require less upfront cash, and that is something that’s attractive in any market. And that makes them a good choice as a rental property. The bottom line is that you may be able to buy a townhome for thousands of dollars less than a single detached.
2. A homeowners’ association can be a plus
If you do buy a townhome to live in yourself or as a rental, there are things you won’t have to worry about because of the fee you’ll pay to the homeowners’ association:
- Water;
- Landscaping;
- Outside maintenance and repair;
- Garbage removal;
- Basic cable;
- Building insurance;
- Roof maintenance and repairs;
- Pool maintenance.
3. More time to yourself
You won’t have to shovel the drive, cut the grass, plant flowers or shrubs, and not having to do all these chores gives you more family and play time — whether you’re living in the unit or renting it.
4. Feeling of a single home
Since a townhome has a private entrance, it has the feeling of a single family dwelling. Even though there is a shared wall, it has the feeling of privacy, and just like single family homes, townhomes come in all shapes and sizes and you will be able to find one to suit your particular tastes.
5. Best of both worlds
A townhome can be a great choice between a single family home and a condo since it has some pluses of both. Consider this:
- You’ll have your own space with more free time since you won’t need to maintain the exterior;
- Your smaller backyard will be more like a retreat with just enough space for a small garden or deck for barbecue season;
- Your neighbours will be close, but not too close that you’ll hear their every word.
