Let’s Talk Townhouses

Let's Talk Townhouses

First thing first. What qualifies as a townhouse? Townhouses are multi-level homes that share walls with another house. Like a condo, they are purchased by the resident and can grow your equity as you pay your mortgage. They have private entrances, small outdoor spaces and are located within a community—which means you pay HOA fees and forget shoveling snow was ever a thing you did in the winter.

Here's what to consider if you're considering a townhouse:

Neighbours

Townhomes are naturally social entities. Moving into a townhome is a great way to make friends in the community spaces. But given that townhomes share walls with each other, it also means you can't practice your drumming skills at 2 AM and have to be aware of and ready for general noise levels.

Townhome vs. Condo

They seem similar to a condo at first glance, but condos are usually located in high-rise buildings or stand-alone houses. Condos also typically come with more HOA fees and more restrictions than townhomes. It all depends on the community you choose.

Location

Townhomes are often located in the suburbs and built in a uniform style. There are some urban townhomes, but you'll likely pay a higher price for them. Before purchasing a townhome, consider if the location is convenient to your work and hobbies as well as if the area is safe and the value will increase.

Convenience

Maintenance and upkeep are taken care of for you in a townhome community. The other side of the coin is that you pay HOA fees for the luxury of never picking up the shovel in the freezing winter. Some associations will even take care of the fixes inside of your home. Take a good look at those legal documents before the sale.

Restrictions

Being a part of an HOA means there are restrictions to what you can do in and with your home. They control the architecture, restrict holiday decor, pet size, and set standards of home care. If you don't do well with authority, you might not like your HOA very much. 

What You Need to Know

Townhomes are increasing in popularity as a more affordable alternative to single-family houses. They're social environments with a lot of amenities and little maintenance. Contact a GMT team member to find out what lenders work best for your needs and get started on your townhome search today.

-Kyle Green

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