A townhouse is a great property investment that offers more than just apartment space. There are many advantages to purchasing a townhouse. Some of these include security, convenience, affordability just to name a few. This article will discuss 6 of the top advantages.
Townhouses are typically located close to bus stops, shopping malls, schools, restaurants, airports, fast food outlets, hospitals, offices, recreational facilities such as playgrounds and public parks. This aspect has made townhouses particularly attractive to people who would like to live near such amenities. This means that anyone who lives in townhouses is capable of having access to where they need to be without having the commute associated with it. This saves on gas and your precious free time.
Unlike detached/standalone properties, townhouses tend to be located close to each other. As such, criminals such as burglars tend to avoid townhouses because of their close proximity and this offers residents a greater sense of security. What’s more, neighbors can easily watch over each other and collectively guard each other’s property.
Common Interest Development
In most cases, homeowners associations (HOA) develop and manage townhouses that suit the common interests of residents. To ensure that townhouse owners respect the wishes of their neighbors, every incoming resident must abide by HOA rules, terms and conditions, building codes, restrictions, and covenants. This means you can live peacefully within a common interest development.
Compared to detached properties, townhouses are generally more affordable because they have shared facilities and their lot sizes are much smaller. In addition, their maintenance costs are lower compared to the cost of maintaining detached properties because residents could pool financial resources and negotiate lower renovation rates. As such, new construction townhouses are great starter homes for individuals buying their first property as well as for people with a limited budget. Finally, the cost of heating and cooling townhouses tends to be lower compared to the cost of heating/cooling detached houses due to their design.
Townhouses allow residents access to common areas and facilities such as the parking bay, swimming pool, gym, and laundry cleaning facilities. Since residents share these facilities, they also share operational/upkeep expenses. In most cases, townhouse HOA’s collect pre-determined fees from residents and assume the obligation of maintaining common facilities on behalf of residents.
Good Investment Opportunity
A townhouse is a good investment opportunity because you can sell it in the future at a profit. In fact, you could use the money realized from a townhouse sale as down payment for a larger detached property. With the real estate market in better shape than any other time since the housing crisis, finding a buyer for your townhouse should be relatively easy. It is also worth noting that people who own a townhouse enjoys the same tax, appreciation, and amortization benefits enjoyed by detached property owners.
Overall, a townhouse is a good real estate investment. The benefits of owning such a property include better security, proximity to amenities such as shopping malls and hospitals, access to common facilities like parking bays, lower purchase and maintenance cost compared to detached properties, living in a common interest development, as well as financially sensible investment opportunity.
Blog Source: Paxos Homes | 6 ADVANTAGES OF BUYING A TOWNHOUSE