There are misconceptions that many share about townhouses. Some tend to think that they combine the worst elements of apartments and homeowner associations. However, many of these notions are flat-out incorrect. They are very distinct from houses, condos and apartments.
The primary difference between a townhome and a condo is the property ownership. With a condo, you only own the interior of the unit. With a townhome, the land that the structure rests on comes as part of the deal. True, the land that you acquire with the purchase of a townhome isn’t exactly going to be enormous, and a homeowner’s association will require certain dues, but owning a piece of land comes with distinct advantages over renting.
The first of which is the benefits that often come from paying those HOA dues. Many associations care for the landscaping and handle the exterior maintenance, such as roofing projects and taking care of the parking lots when it snows. The list of issues that the HOA will deal with differs based on the community, so be sure to familiarize yourself with the local rules and guidelines.
Next, a townhome is part of a community, and that, more often than not, means community amenities. This might include a clubhouse, fitness center, basketball and tennis courts and pool. If your community is lacking something that everyone desires, there is often a system in place that allows homeowners to invest together and add additional amenities, provided there is space on the property to do so. Since you own a piece of the community, each of the amenities is, in part, owned by you.
Finally, townhomes come at a more manageable price than single-family houses. The HOA tacks on a few additional expenses, but these are often well worth the advantages. The smaller scale can mean that more luxurious features and building materials might be end up being affordable in a townhome when they otherwise would not in a larger home.
Depending on your needs and situation, a townhome can a great alternative to renting an apartment or buying a large home. They come with distinct advantages, and many individuals would gladly state how pleased they are with their decision to purchase one.