When many people start looking for a new home, they wonder what they should choose and how much of an investment it will be. Although many people aren't quite sure about what their new home will look like, the fact of the matter is that there are many aspects to be mindful of when it comes to real estate. From paying attention to how much things cost to looking carefully at your options, it really pays to understand and apply a little wisdom before you break ground on a project. Check out these posts to find out great tips about real estate.
Whether this is your first property or you are looking to buy a rental property, you may look at a variety of different housing options including single-family homes, townhomes, and condos. With more and more people buying townhomes, it may make you wonder if they are a good investment or not.
They Are More Affordable
Unless you are buying a brownstone in New York City or in a really wealthy zip code, townhomes tend to be a more affordable option than something like a single-family home. If you are trying to save a lot of money and you want to get into a property, then a townhome may be the way to go; especially if you can buy it with an FHA loan that requires a smaller down payment and less credit on average.
They Are Easy to Rent
When you have a large house that you are trying to rent out as an income property, it's going to be harder to fill that space. Why? Because a lot of people who can afford to pay that much rent will just buy their own home. However, when you have something like a townhome that is more affordable every month, it can be more appealing. Plus, if your townhome has a lot of rooms in it, you can rent it out to several people who are in college or graduate school that want to have a roommate.
The Utilities Tend to Be Lower
Sharing walls with your neighbors may not sound ideal at first, but think about how much money you can save on utilities every month. By sharing a wall, you can save on both heating and cooling costs which may save you hundreds of dollars each year.
They Feel Like a Home
One of the reasons why people are interested in townhomes over a condo is that they feel like a single-family home and come with some of the same amenities. For instance, many townhomes come with attached garages, a small yard, or even a big deck to BBQ on. If you are unable to afford a single-family home, then having a townhome that feels like one may be the next best step for you.
Now that you can see the appeal of buying a townhome, it's time to schedule some showings with your real estate agent to see what kinds of townhomes are available in your area and in your budget.
Share12 March 2020
