The definitions of a townhouse may vary from state to state. In North Carolina, a townhouse is very similar to a condo except you own the land directly underneath and are attached to another unit on at least one side. It differs from a condo in that you own more than just the airspace inside and you actually own some land.
**Note: Wake County Home Buyers is not licensed to broker the sale of real estate in North Carolina. We are not agents, we are local professional home buyers.
What are the advantages of buying a townhouse? Below are some advantages that will help you with your decisions.
Affordability
Owning a home comes with tax advantages, amortization, and appreciation benefits as well. Townhouses have a tendency to be more affordable than similar-sized detached homes in the area. This is attractive to first-time home buyers or anyone on a tight budget. Keep in mind you will still have to pay real property taxes and will be responsible for HOA dues and assessments.
Lower Maintenance
Does the thought of spending a Saturday cutting the grass or cleaning the gutters make you cringe? A lot of HOAs will cover the expense and hassle of coordinating these activities. Generally, you will have less maintenance than in a single-family home and have more free time to pursue other activities. Overall, you will be paying to maintain the property through the HOA dues and assessments but you won’t have to worry about dealing with contractors. Remember to read the HOA documents thoroughly so you know what your responsibilities are.
No One Above You
Townhouses are generally multistory where units are not stacked upon one another. There are exceptions, but generally, you won’t have to worry about heavy footsteps above you. You will be sharing at least one common wall with another unit. Usually, there is a stone wall called a “firewall” between units that should insulate you from most noises.
Caveats
It is absolutely critical that you read every last word of the HOA guidelines and restrictive covenants. You must thoroughly understand what you can and cannot do as a homeowner. HOAs have a lot of authority and can impose monetary penalties for noncompliance. They also have the right to foreclose in the event of default on dues. Be thorough when getting all the relevant docs from your realtor. Most can be found online or downloaded as a PDF.
Don’t expect your townhouse to appreciate at the same rate as surrounding detached houses. If you think your job may transfer you within the near future, it may be better to wait before committing to a mortgage or asset that does not appreciate as quickly.
Thanks for the information on how buying a townhouse can be beneficial to you, I’ve never thought about some of these advantages. In my opinion, the biggest benefit is that you don’t have to worry about doing yard work, the HOA takes care of things like that. My brother just graduated college and he is looking to buy his first home, I will be sure to share these benefits with him.
Hi Hector,
Thanks for reading. Glad I could be of some assistance. Let me know if you know of anyone that needs to sell a house in North Carolina.
My husband and I are moving to a new area for work and we are thinking of purchasing a townhome. I had no idea that there are so many benefits like lower maintenance because management will take care of the yard and other outdoor cleaning needs. This would be a great benefit for us because it will save us a lot of time and stress.
Hi Rosie,
Thank you for your interest. I’m glad to see you found something useful. Just keep in mind that you need to read through all the HOA covenants and documentation. This is where it will list what maintenance items are covered by your HOA dues.
Thanks for sharing with us the pros of buying a townhouse as it comes with tax advantages and amortization as well. My friend has been really considering buying a townhouse as an additional investment also but not really sure about that idea. Since you mentioned the many plus points here, definitely I will share the article to her to encourage her in that pursuit.
I can definitely understand why one of the benefits of living in a townhome is not having upstairs neighbors. I’ve been living in an apartment for just under a year now, and my upstairs neighbors walk so heavily. I sometimes have troubles falling asleep since I can hear their every move. My fiance and I will definitely have to look into a townhome because of their added noise insulation and “fire wall.”
I like how you said that you will have less maintenance when living in a townhome. My daughter and her husband decided last week that they want to move out of their apartment into a townhome and wanted to know some benefits. I’ll make sure to pass this information along to them as they search for one.
It’s good that you point out that buying a townhome is an affordable option for people who want to have their own house. I’ve been looking for a way to move out of my apartment, and I’m considering buying a townhome for that reason. I’m going to look for a good real estate agent in my area that can help me purchase a townhome.
Hi Alec, thank you for your response. Do you live in North Carolina? If yes, I may be able to recommend a good agent for you.
It’s good that you point out that townhomes are very affordable. I want to buy my first home soon and I’m considering getting a townhome for that reason. I’m going to look for a good real estate agent in my area that can help me buy a townhome.