Is Buying A Townhome A Good Investment?

Buying your first home takes careful planning, but it's well worth the effort. Once you have the keys in hand, you can stop worrying about following your landlord's policies or wondering if your lease will be renewed at the end of its term. If you don't want to commit to a large property, consider buying a townhouse. You'll be able to enjoy all the benefits of home ownership with the potential for less upkeep and maintenance that a detached home may require. 

What Is a Townhome?

A townhome or townhouse is a multi-floor home that shares at least one wall with an adjacent property. Many people think a townhome and a condo are the same thing, but they're quite different. When you buy a condo, you get a unit inside a larger complex. You may have units on both sides of you and a unit across the hall, giving you more neighbors than you know what to do with. In other words, owning a condo is similar to living in an apartment, except you own the unit instead of renting it.

When you buy a townhome, you own the structure and the land it sits on. That gives you more control over the appearance of the property. As long as you follow HOA regulations, you can put in a raised garden bed, set up outdoor furniture, or make other adjustments as you see fit. This makes townhouse living much more flexible than condo living.

Pros of a Townhome Community

One of the main benefits of living in a townhouse complex is that you won't have any units above or below you. That means you don't have to worry about an upstairs neighbor's noise when you're trying to fall asleep at night. Additionally, you can go about your business without worrying about disturbing people downstairs.

Buying a townhouse is also a great idea if you have a limited budget. Townhomes usually cost less than detached houses, making it easier to come up with a down payment and keep up with the mortgage. You may even qualify for one of several first-time home buyer programs in North Carolina (or your residing state), minimizing your closing costs and helping you achieve your dream of home ownership.

Many townhouse communities are able to utilize less land for their neighborhood due to more compact lot sizes. This allows for additional opportunities to build townhouse communities closer to stores, shops, and other conveniences compared to single-family neighborhoods that tend to require more land further from the town or city. A great example of this is our Brookdale Village Townhouse community in Charlotte, NC, which is very close proximity to Harris Teeter, Starbucks, restaurants, retail, and more! Check out the townhomes for sale in Brookdale Village and fall in love with your new home.

Shared Amenities

When you buy a townhouse, you gain access to a variety of shared amenities. For example, Harrisburg Village Townhomes has a dog park, paved trails, a brand-new playground, and well-maintained sidewalks. Residents also have access to a pool and cabana, making it even easier to enjoy townhouse life. 

Smaller Floor Plans

Townhouses are usually smaller than detached homes, which is a real advantage for a first-time home buyer who doesn't want to spend most of their free time cleaning. A smaller floor plan is also ideal for conserving energy as there is less square footage inside but also your unit could share 1-2 walls meaning you have fewer exterior walls which could help with your energy usage. 

Sense of Community

Many first-time home buyers enjoy the sense of community that comes from living in a townhouse complex. It's rare to go outside without seeing one of your neighbors, making it easier to make new friends. You may even have opportunities to attend cookouts, join in a game of flag football or hang out with other residents at the local community center.

Reduced Maintenance Costs

When you move into a condo or townhome, you have to pay maintenance fees for community upkeep. The fees for a townhouse tend to be lower than the fees for a condo, making townhouse living a more affordable option. When compared to detached homes, townhouses usually have smaller lots/yards, reducing the expenses associated with lawn care and landscaping.

Do Townhomes Appreciate In Value?

When you're looking at homes for sale in an area such as Harrisburg, NC, it's important to consider the future value of your investment. Townhouses usually retain their value, but they may not appreciate as much as detached homes. That said, a townhouse is still a good investment, especially if you want to buy real estate without committing to high maintenance and utility costs.

Townhome Appreciation versus Detached Home

One reason townhouses don't appreciate much is that you have a limited number of options when it comes to adding value. If you have a detached home, you can increase its value by finishing the basement or having a contractor build an addition. Every townhouse shares a wall with at least one other unit, so you can't make major structural changes.

Discover the Benefits of Owning a Townhouse

If you're on a budget, you don't have to wait several years to save up enough to buy a detached house. Townhouses are more affordable, have a variety of amenities, and retain their value over long periods, making them an excellent investment for first-time home buyers.

Townhomes for Sale by Eastwood Homes

Fall in love with your new townhome from Eastwood Homes. With an ample amount of communities and innovative floorplans to choose from, we’re here to help you find your new home. Eastwood Homes also offers convenient financing options to help you turn your dream of home ownership into reality.