I have a couple of clients who are currently shopping for townhomes in the Metroplex, so I thought I’d do a quick blog post about the advantages and disadvantages of this type of property.
First, the down-side:
Townhomes can sometimes be first to dip when the real estate market makes a downturn. You have common walls with neighbors, and sometimes parking space can be a challenge (especially for guests, but most units have a 1 or 2 car garage included), and what about those HOA dues which are in addition to your mortgage payment? You just need to be sure that the amount you’re paying monthly is providing you with sufficient value in return.
The BIG advantage to owning a townhome? It’s typically a very low-maintenance, “lock and leave” lifestyle. Exterior maintenance, landscaping, and etc. are typically handled by the HOA / property management. You have the benefit of home ownership without the usual maintenance issues. Many townhome developments offer amenities such as pools and clubhouses, but they don’t have that “apartment feel”.
One of my favorite townhome communities is Home Town in North Richland Hills, TX. It’s very picturesque there (see photo with this post), and the central location is great for people who need to commute to Fort Worth or even to points East for work. Prices there average about $100 per square foot, so a 1,400 sq ft unit costs about $145K as of this writing.
Thinking of taking the plunge into home ownership, but don’t want the maintenance responsibilities? A townhome might be JUST the ticket for you! Let me know if you have questions – I’m happy to help!