Why townhouse

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Real Estate Five essential tips for first-time Philly homebuyers by. Studio with sunrise city views to the east! There are brand new "wood" like floors throughout, as well as great closet space. Listed by. All rights reserved. Millennial-generation buyers with little homeownership experience and no time for home maintenance may benefit the most from starting out in a condo or townhouse, upgrading to a detached house only after learning what it takes to keep up a home.

Established buyers who want space for their growing families and those who do not want to be subject to an HOA's rules will benefit the most from buying detached homes. And at the other end of the age spectrum, older boomers may benefit from the lower costs and reduced responsibilities of living in a townhouse or condo instead of a detached house. A condo usually requires the least work, leaving owners free to travel and enjoy their leisure time.

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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Your real estate search is likely to include a range of options: condo vs. No matter where you are in life, consider this your primer on what types of housing can fit your needs.

A condominium or condo for short is a salable unit within a larger community, which could be a high-rise building. There is one major point of distinction, however: You own a condo, and you rent an apartment. Condos can be an option for anyone who wants to keep home maintenance to a minimum, including first-time homebuyers, singles, older homeowners or people who travel frequently.

Some condo buildings also have door guards and offer an extra level of security, particularly in large cities. Additionally, condo association rules can be highly restrictive, meaning you may not be able to customize your unit the way you want. Those who value exclusivity and privacy might find the community areas less than ideal, as well.

If you want to make an income from your property or need a tenant to help pay bills, check the HOA rules before you buy. In addition, condos come with HOA fees. These dues help pay for a property management company and cover maintenance costs.

And if you're a first-time homebuyer , a townhouse may be a solid stepping stone if you're unsure how much upkeep you have patience for. Many townhouse communities offer common area amenities that could enhance your quality of life. As part of your HOA fee, you may be entitled to perks like a playground, swimming pool, gym, tennis court, or clubhouse, where you can entertain guests. Townhouses, by nature, are close together, which means you may have an easier time getting to know your neighbors.

That's a good thing if you're the social type who enjoys interacting with others. If you're looking to rent a home rather than buy one to live in, a townhouse is worth considering as well for these reasons:. Because townhouses tend to be cheaper to buy than detached homes, owners who choose to rent them out will typically charge less rent.

That could translate into serious savings for you. Renting a townhouse could be a good solution if you have a family and need more space than an apartment allows for. And if you want an affordable home with outdoor space, a townhouse could provide that. When you rent a detached house, you may get access to a front lawn and backyard , and maybe a pool -- but that's generally about it. With a townhouse, you may get access to a playground for your kids, a gym to work out in, and other such perks.

If you're new to the area or are still feeling it out, a townhouse could help you better get to know some of the people who live in your neighborhood. And if you enjoy being social with neighbors, the fact that you all share the same common areas will help in this regard.

There is lots to be gained by buying a townhome as opposed to opting for a detached home. But here are some of the downsides to consider:. Townhouses tend to be more compact than detached houses. That could, in some cases, translate into less living space. Storage can also be an issue with townhouses. Many don't come with garages or basements, and if you have children, you may find that you're too cramped for comfort. When you own a detached house, you can generally come and go as you please without seeing your neighbors all the time.

With a townhouse, you and your neighbors are virtually living on top of one another, and so maintaining some degree of privacy could prove challenging. Remember; townhouses are not exactly soundproof either. When you own a townhouse, you're guaranteed to have another home attached to yours on at least one side.

And in many cases, you'll have homes attached on both sides. Sharing those walls with your neighbors means potentially listening to their arguments, hearing their music or TV blasting when you're trying to relax quietly with a book, or being woken up at night to the sound of a screaming child.

In some cases, the monthly maintenance fees you'll pay to live in your townhouse can be quite costly, thereby making your home less affordable. One reason many people buy townhouses is to save money.

But if your HOA fees cancel that out, you'll negate that savings. Another thing: While you will benefit from common area maintenance by paying those fees, they won't cover home maintenance for your interior.