Perks of Renting a Townhome
If you're in the market for a rental home, you may be wondering what's the best option for you and housemates. You might be deciding between a townhome, a detached home, or even an apartment. This article explains what town houses are, as well as their pros and cons so that you can make the right decision for yourself.
What is a Townhome?
A townhome is a type of building a home can be. It can also be a condominium if it is a part of the condo community. Town houses can also be single-family property or planned-unit development. You can buy a town house property, or you can rent it out to tenants.
A town house is a multistory house that shares a wall with an adjacent property. This is a type of terraced housing with a small footprint on multiple floors. Townhome have their own entrances, and if they are located in the suburbs, the chances are that all of them look the same and are a part of a distinct community.
If you're looking to buy a property, many homebuyers can benefit from purchasing a town house if they have a limited budget.
Pros of Buying a Townhome
Buying a town house can be a smart investment decision for homebuyers. The purchase price is relatively lower compared to other types of properties. It comes with easy maintenance, you can avail common area amenities, and you achieve a sense of community.
Low Purchase Price
Detached houses and townhomes that are in the same neighborhood have varying prices, with townhomes being the cheaper option. This is because it costs less to construct properties that share at least one wall. If you have a limited homeownership budget, then purchasing a town house can be an affordable choice.
If you purchase a townhome, you won't have to worry about the exterior upkeep of your property since it will mainly be taken care of by the homeowners association of the neighborhood. All you have to focus on is the interiors of the town house, making it easier to maintain.
Common Area Amenities
The townhome community usually comes with area amenities that improve the quality of your life. After becoming a member of the homeowners association, the annual fees you pay included access to perks like playgrounds, swimming pools, community gym, and even a clubhouse where you can bring your guests.
A Sense of Community
By nature, townhome communities are close-knit, and you can easily get to know your neighbors. You can make friends and socialize with people within the community.
Perks of Renting a Town House
If you're in the market for rental homes and are thinking of renting out a townhome, here are a few perks that you may enjoy:
Since town houses are cheaper to buy compared to detached homes, it only makes sense for homeowners to charge lower rent from their tenants. This means that you may end up saving a lot of money from renting out this sort of property. A townhome is ideal for families that require a little more space than what an apartment offers. Townhomes are great to rent out if you want an affordable property with outdoor space.
If you rent out a detached home, you may only get to enjoy the extra space on your front lawn or the backyard. But if you rent a townhome, then you will get access to all the community amenities that will enhance the current quality of your life. Your children can get a playground, you and your partner can go work out in the community gym together, take family picnics to the swimming pool, and even host your family and friends at the community mess.
A Community Feel
Shifting to a new neighborhood can be a little intimidating, especially if you don't know anyone else. The best thing about townhomes is that you can easily meet new people and socialize. You can chat with your neighbors when you take your dog or yourself for a walk, and your kids can make friends their own age at the playground.
Drawbacks of Renting a Townhome
Even though there are numerous benefits and perks of renting out a townhome, there are a few drawbacks too, which may discourage you from renting this type of property.
Although a townhome is usually bigger than a regular apartment, renting a town house may not be for you if you have a big family and require the additional backyard and front lawn space.
Townhomes have at least one wall that is shared with an adjacent property. This means that you may not get total privacy from renting a town house. If you don't like to mingle with new people, a townhome may not be ideal.
You may also encounter extra noise when renting a townhome. In a detached home, you can easily block out the excess noise since your house isn't connected to another. If you seem to get irritated and annoyed with external noise coming into your home, try looking at other options.
The Bottom Line
Deciding the perfect residential property to rent can seem challenging, but all you have to do is consider the budget and the needs of you and your family. Renting a townhome can give you more space at an affordable price, and you get perks of the community amenities. However, town houses have relatively less privacy, and the extra noise from the neighbors may not be your cup of tea.
We have lots of unique advice for renters. Check out our other helpful blog posts here.
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