Like a condominium, downsizing to a townhome is a great option for homeowners who are looking for less space, less maintenance, and more savings.
Though they do require additional costs, like homeowner’s insurance and association fees, townhomes offer additional advantages, like more privacy and fewer restrictions. To help you decide whether a townhome is the best option for you, we’ve listed four of its major benefits.
What is a Townhouse?
A townhouse is a multilevel residence that is physically attached to a larger group of residences along a given street. Like a condo, a townhouse typically requires ownership. However, they differ in the fact that they are often sold with their plot of land. Which can make them more expensive.
What are the Benefits of Downsizing to a Townhome?
- Ownership. With townhomes, there are two different types of ownership: a (1) fee simple and (2) condominium. Condominium ownership means the buyer only owns the inside of the property and the exterior is maintained by the HOA and paid for through regular fees.
A fee simple ownership, however, gives the buyer ownership of the plot of land the property is sitting on, including the front, side, and backyards. This provides for more freedom with the property, but also requires more maintenance from the owner.
- Lower HOA fees. Because they often require less maintenance and have fewer amenities, townhomes typically have fewer HOA fees, in comparison to condominiums. It is important to keep in mind that paying fewer HOA fees does not mean less maintenance for the owner. If maintenance is necessary on the exterior of the home, it is at the owner’s expense.
- More Privacy. A townhome typically offers more privacy, because unlike condos or apartments, they only have neighbors on either side of the home, rather than above and below. In addition, townhomes generally have their own yard separate from the publicly shared amenities.
- Rules and Regulations. Generally, townhomes have less rules and regulations compared to condominiums. This is beneficial to those who value freedom of expression and less restrictions.
Considering downsizing, but still aren’t sure whether a Townhome is for you? Check out our next blog on the benefits of moving to a Villa.