Townhouse or Single Family Home?

Buying a home for the first time is riddled with so many issues: planning, searching and talking to real estate agents, banks and lenders. There is another aspect of the utmost importance that you may want to consider - deciding between purchasing a townhouse or a single family home.

Townhouse:

Townhouses today share common dividing walls and are built very stylishly. Condominiums are sometimes called townhouses. In an urban setting, townhouses are very much in demand and now identify with wealth. In rural areas, they are very affordable and so they are the first choice of low-income families. Townhouses provide an opportunity to live in a community with peace and security. Common yard and other amenities are shared, as are maintenance expenses.

Single Family Home:

A single family home is a separate dwelling that is neither attached to nor share any common walls with another home. Built over a large area for a garden and backyard, they are a bit more expensive. A rarity nowadays in city centers, single family homes are commonplace in suburbs. They offer freedom, are stylish and you can decorate them to your liking.

Decision making:

You should base your decision primarily on financial factors. If your credit (FICO) score is not excellent, and you don’t have much money for a down payment, you can opt for a townhouse in a suburban setting. This will help you save on monthly payments. Take care to check for any restrictions and regulations of townhouse associations. Some of them have lots of restrictions such as not allowing pets and small children to live in the townhouse community.
There are maintenance issues you also need to look into. Though the expenses are shared in a townhouse community, common walls and water supplies create maintenance problems at times. Often, what maintenance issue affects one townhouse will also create the same problem in the adjacent one.
Townhouses and condos are selling very well despite their shortcomings. Buyers preferred townhouses over single family home in the last couple of years across the country. Compromising on shortcomings is a small price to pay considering the savings you could make on your mortgage payments.