The Future of Townhouses

Townhomes are half-way between condominiums and single-family, detached homes, including a row of houses that share walls on either side. The owner of each home owns the land, including both a front yard and backyard space, which may include a deck or patio and is often enclosed by a fence. While townhome owners may technically be called home owners, they often pay Home Owners Association (HOA) fees to cover maintenance costs and use of common areas, such as pools, gyms, and meeting rooms. Townhomes are usually more than one-story high.

Popularity

Like apartments and condominiums, townhomes have seen a surge in popularity in recent years. Due to the ever-increasing price of single-family, detached homes, townhomes are a nice option for those looking for affordable spaces. Plus, they offer some nice middle ground for first-time homeowners or young families who simply don’t have enough space in condominiums. In addition, townhomes come with private outdoor space, which many see as an asset. This can make them more valuable when it comes time to resell.

Predictions

The popularity of townhomes will continue to grow in the next ten years in the United States. For both Millenials and Generation Y looking to break into the market, a townhouse is a perfect option. In addition, many townhomes are significantly less expensive than detached homes. Today’s generation of young professionals are willing to make do with less space than their parent’s generation, especially if they live in an urban center. Townhomes are a common new construction that, along with apartments and condos, now outnumber single family homes.

Pros

There are numerous benefits to opting to buy a townhouse. It’s a great option to look into if a condominium is too small, but you don’t need an entire house. The price may even be on par with what you can get for a condominium closer to the city center, if you’re looking to buy in a city. Unlike most single family homes, townhouses often come with some great perks, including professional security, a gym, and a community pool. In addition, many townhome complexes will take care of the maintenance for you, a cost that is covered in your monthly HOA fees.

Cons

Unfortunately, the HOA fees get to be pretty expensive. Although they vary from complex to complex, some townhome complexes require owners to pay upwards of $400 per month. Sure, the cost goes directly to building improvements, common areas, and landscaping, but many townhome owners end up wondering if they wouldn’t be paying less for these costs if they had their own homes. Another downside of townhomes is that the security is not as good as in condominium buildings – if that’s an important feature for you, a condo might be a better choice.

Quick Wrap-Up

Townhomes are part of the wave of the future that includes smaller living spaces, especially in areas where space is at a premium. Townhomes are an excellent midway option between condominiums and single-family homes, offering the best of both worlds.