First time buyers wonder if it would be cheaper/better/smarter (you plug in the word) to buy a townhome for their first purchase. My answer to that is pretty simple. The choice to buy a townhome or a regular single family home is a matter of lifestyle. It has nothing to do with expense and EVERYTHING to do with how you want to live. Some of the reasons I suggest that a townhome is a lifestyle choice follow.
- Townhomes in our area are similar in price to single family homes, if you figure the price per square footage and factor in the association fee.
- A mortgage company will consider the association fee as part of your qualifying, and therefore, you will qualify for less purchase price because the association fee lowers the amount you qualify for, i.e., if you qualify for a mortgage payment of $1000/month, you would only qualify for $850/month if your association fee is $150. That gives you less buying power.
- Usually lawn services take care of the lawn and shrubs for a townhouse. If you hate gardening, this is an asset. If you love gardening, it's a deficit.
- Having someone else take care of outside maintenance, lawn care and snow removal gives the owner freedom to leave for extended times or for weekends. A townhouse is the perfect solution for someone who spends weekends and summers at the lake.
- Some people enjoy the community feel that occurs in some townhouse developments. Others don't like the close proximity of so many neighbors.
- Many townhouse complexes include other amenities like shared swimming pool, clubhouse, party room, etc. These amenities can be attractive to those who will use them.
Many times first timers end up moving when their family status changes because they need a yard or more space. - People who are not handy with outside maintenance appreciate having the association be in charge of that problem.
Depending on the price range, you can find a myriad of townhouse styles ranging from 1 level with basements to multi-level styles or lofts. The choice of townhouse living must depend on your lifestyle. Before buying, discuss with your REALTOR whether this is a good fit for you.
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