You have many options when choosing a real estate property as an investment. You could opt for a single-family home, condo, or townhouse.
A townhouse is an excellent option for a rental investment property. It’s typically cheaper than a house and has fewer maintenance costs. However, it only sometimes appreciates a single-family home.
Low Maintenance
Home buyers consider townhomes Nacogdoches TX because they’re often less maintenance intensive than a house. Depending on the location, homeowners’ associations care for exterior and lawn maintenance.
You’ll also have a shared community space with amenities like pools and tennis courts. These facilities should help you meet and socialize with neighbors. This could be a significant perk if you prefer to be around people.
In addition, you won’t have to deal with a bossy condo or co-op board or spend time getting their approval for renovations. This should make the purchase process much faster and easier for you. But you’ll still want to check HOA rules when buying a townhome.
Better Cash Flow
Unlike single-family homes, townhomes have less external maintenance. Because they lack large yards and are usually attached to other townhomes, homeowners don’t have to pay for lawn care or the cost of a landscaper.
In addition, they typically have community spaces and events that help neighbors build a sense of community. Residents also don’t have to worry about having a neighbor with an overgrown yard or a lawn full of curiosities that may depreciate the value of their home.
For first-time homeowners and those wishing to reduce their lifestyles, purchasing a townhome is a great choice. However, obtaining finance approval before you begin looking consistently would be ideal. The HOA fees may be higher than you can afford, which could disqualify you from purchasing a townhome.
Less Expensive Than a Single-Family Home
A townhouse may be the right option if you’re looking for a low-maintenance investment property. However, it would help if you considered your lifestyle and plans before buying one. For example, townhomes typically share walls with neighbors, so you may have less privacy and hear loud noises. Plus, HOA fees and restrictions can limit your design options.
Although the resale value of townhomes is lower than single-family homes, they can still be affordable. A local real estate agent can help you find the best neighborhood, clarify any HOA jargon, and negotiate on your behalf. A suitable mortgage lender can also help you get pre-approved and determine your price range. You can then find the perfect townhome for your needs. Also, remember to consider the accessibility of the property if you’re planning to grow older in it.
Better Resale Value
While townhomes may not have the same resale value as single-family homes, they tend to appreciate better than condos. This makes them an excellent choice for first-time home buyers.
However, it’s important to remember that townhomes have thin walls, which means that neighbors may be able to hear everything going on next door. This can be a problem for people who prefer privacy or want to avoid noise issues.
Additionally, townhouses have higher property taxes than condos. This can be good or bad, depending on the location and how much the property is worth. If you’re considering buying a townhome, find a local buyer’s agent to help you. They can research popular townhome communities and get you started. The sooner you start your search, the faster you can own your dream home.
More Space
Unlike condos, townhouses usually have driveways and garages that increase tenants’ value. They also tend to be located in more accessible locations like nearby transit stops, schools, and shopping zones, which make them attractive to potential renters.
Since townhomes are attached and share walls with at least one neighbor, they offer less privacy than single-family homes. However, some tenants are comfortable with this and prefer a community that promotes socializing and interaction between neighbors.
Low maintenance is another factor that draws retirees and older couples to townhomes. They no longer want to worry about mowing the lawn or cleaning out the gutters. They would rather spend time on other hobbies or relax in small private outdoor spaces.