Are you one of many individuals or families considering whether or not to move from a townhome or apartment home into a single family residence? Depending on the lifestyle you desire and whether your needs as a household are changing, you’ll want to keep your mind open to the possibility of owning a home. Here are some things you may have not considered about the benefits of moving to a single family home.
Reduction in Homeowners Association Fees
Many townhomes and associated neighborhoods have monthly HOA fees, which help pay for services like landscaping, garbage, pool and clubhouse maintenance. In addition to the HOA fees, townhomes may also have additional temporary assessments to repair or replace infrastructure such as roofs, stairs and other structural elements.
When you transition from a townhome to a single family home, you may be able to find neighborhoods where there is a lesser HOA fee, or sometimes you can find a development with no HOA fees. Some consumers purchase townhomes thinking they will avoid tax liability. Owners of townhomes still must pay real estate taxes, so before you dismiss the idea of owning a single family home, take into account the combined fees and assessments, including HOA and real estate taxes.
Structural Additions and Backyard
Another benefit of owning a single family detached home is the availability of outdoor space to make improvements. Unlike a townhome, a single family home can be renovated to increase square footage, add a second story, or simply add outdoor storage sheds, pools or hot tubs. Having a front and backyard not only adds to your enjoyment as a homeowner, but it also increases the property value. In addition, if you ever do relocate, those home additions for your residential home will help boost your future resale value.
Having your own backyard improves your quality of life. You can invite friends and family over to eat, drink and socialize without worrying about having enough space.
Noise Reduction and Privacy
By design, townhomes share common walls. Becoming a single family homeowner means no more sharing common walls! Not only does a detached single family home help decrease the noise level inside your house, it increases your personal privacy.
Plenty of Parking
Townhomes may or may not offer covered parking, or parking that is convenient to the location of your residence. Moving to a single family home means closer parking, a dedicated garage for storage of all your personal belongings, and dedicated space for guests to park.
A final consideration in purchasing a home is whether you have a pet or plan on having a certain kind of pet. Townhomes have restrictions of the size, type and number of pets, particularly when it comes to dogs. When you own a single family home, you do not have the same restrictions, and your pet can also have the benefit of using the side yard and backyard areas.
There are many factors to consider when deciding between a townhome and a single family home. Carefully consider your existing lifestyle, your future needs and the benefits you could realize by moving into a single family home.