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Millennials are much less likely to own a home than the two generations before them. The average homeowner percentage rate for Millennials between 25 and 34 years of age is 37%. Folks in the GenX and Baby Boomer generations were both at 45% when they were in the same age range.
Of those Millennials lucky enough to have a home to call their own, 65% say they have regrets about their investment. These regrets stem from the stark realization that homeownership is more than just putting a downpayment and paying your mortgage. There are a lot of costs associated with owning a home.
If you’re part of the Millennial crowd who desperately want a place to call your own, you may want to consider a townhome. Townhouses are a great way to get your foot in the door on homeownership without the expensive maintenance costs if something were to go awry.
Read on to learn more about townhomes and what benefits they provide.
What is a townhome?
Before we break down the seven benefits of a townhouse, we figured we should define what this dwelling is in the first place.
A townhouse, or townhome, is a house that’s found in a multi-family complex. They are attached to other similar homes. They’re often located in uniform rows of similar units and are typically at least two stories tall.
Townhouses are the middle ground between apartments and single-family dwellings. They’re perfect for folks who want to get out of their apartment but don’t have the funds yet to secure a standalone home.
Now that we’re clear about what this dwelling type is let’s look at the seven key benefits of choosing to invest in a townhouse.
One of the biggest advantages of a townhouse is that they’re typically cheaper than single-family dwellings found in the same neighborhood. The lower cost is due to the shared foundation and walls between townhome owners.
Pre-construction townhomes are a great way to feel like you’re a part of the building project. You’ll be likely to garner a lower purchase price by opting for the pre-construction route, too.
Certain repairs and improvements may cost you less because you can share the cost with your neighbors. For example, if you need to get a new roof for your townhome, the neighbors next to you sharing the same roof can all chip in.
They provide a sense of community
Most townhouse developments have common areas like green spaces and trails that make great places to meet your neighbors. Because townhomes are in such close proximity to one another, you’ll naturally have the opportunity to get to know those living in your neighborhood.
They offer a low-maintenance lifestyle
If you’re not big into heavy-duty yard work or landscaping, a townhouse is probably right up your alley.
You won’t be responsible for any upkeep in the areas that are owned by the homeowner’s association. The association will take care of any landscaping needs for common areas of your neighborhood.
Depending on the rules of the development you choose to live in, you may not even be responsible for dealing with snow during the winter months. Some developments even take care of any major exterior repairs and garbage removal.
A townhome’s yard is typically much smaller than single-family homes. If you do end up on the hook for your yard maintenance, there won’t be as much area to cover.
They provide modern designs
Because many townhome communities are brand new, you’ll likely find that they are much more modern than their single-family home counterparts.
Some of the newer developments will be chock full of smart technology and helpful features that you wouldn’t be able to find in other resale homes.
Townhomes are designed to be move-in ready, so you won’t need to spend an excessive amount of time and funds renovating. Goodbye weekend trips to Home Depot, hello free time!
The floorplans of townhouses are cleverly designed to make the most out of every single square footage. Most newly constructed townhomes also make use of high ceilings and large windows that’ll make your dwelling seem bigger, brighter, and more inviting.
The associated lifestyle
Many townhomes have bonus amenities included in the development. These can range from green space to fitness centers and swimming pools to playgrounds. Of course, you will pay for the upkeep of these facilities in your association fees so you may as well get some use out of them.
They provide security and privacy
While you may not get the same level of privacy in a townhome as you would a single-family dwelling, they’re more private than apartment living.
Because you’ll have closeby neighbors throughout the townhome development, you may find that there is more security than in neighborhoods with single-family homes. You may even choose to live in a gated community or one that offers hired security as an amenity.
They offer unparalleled convenience
Most townhome developments are built in areas that give them a high Walk Score. Trips to the grocery store, local cafe, or playground are that much easier if you can walk there faster than you can drive.
If you choose a community that offers some of the amenities above, like pools or playgrounds, you’ll be that much closer to the action.
Is a townhouse right for you?
Buying a townhome is a big decision with a lot of different things to take into consideration beforehand.
Are you a handyman who loves a fixer-upper? You probably won’t like the fact that townhouses are modern and move-in ready.
Are you looking for a community where your children can make lifelong friendships? There will never be a shortage of places to meet the neighborhood kids in your complex.
Are you on a tight budget but don’t want to resign yourself to apartment living for the rest of your life? Townhomes can be that affordable bridge between apartment life and homeownership.
Movin’ on up
Now that you know some of the key benefits of townhouse ownership, you may want to consider leveling up your apartment lifestyle. Be sure to check out our Home Improvement section for more home buying tips and decor ideas.