Single-Family Home vs Townhome: Which Offers the Best Lifestyle?
Owning a townhome and a single-family home have their advantages and disadvantages.
Here are some things to consider when deciding between the two.
Benefits of Owing a Townhome
Advantages of Owning a Single-Family
Advantages of owning a townhome:
- Lower maintenance: Townhomes typically have lower maintenance needs than single-family homes, as the homeowner association (HOA) fees often cover exterior maintenance and landscaping. That includes mowing the lawn, trimming hedges, painting the home's exterior, repairing the roof, and cleaning gutters. That means that the homeowner is relieved of having to do these tasks themselves and can instead focus on other matters. As a result, townhomes offer a more convenient living experience for those who want to spend less time on home maintenance and more time enjoying other activities. For instance, with professionals taking care of their home maintenance needs, homeowners can spend more time pursuing hobbies or spending quality time with their families.
- Amenities: Townhomes may offer shared amenities such as a pool, clubhouse, or park, which can be more affordable than installing these amenities in a single-family home. Sharing the amenities' cost across multiple homeowners makes it more affordable for each homeowner to enjoy them. Additionally, having these amenities in a community setting encourages social interaction and can create a sense of community. Furthermore, many townhome communities also offer additional amenities such as gyms, sports courts, and playgrounds, which can provide more recreational opportunities for residents. For instance, when living in a townhome community, you can join a yoga class with your neighbors or play tennis on the shared court.
- Affordability: Townhomes are often less expensive than single-family homes, making them a more affordable option for many homebuyers. In addition, townhomes often have shared amenities such as swimming pools, playgrounds, and other recreational facilities that help bring down the cost of homeownership. Furthermore, townhomes are typically located in desirable neighborhoods, making them an attractive option for those looking for an affordable home. For instance, townhomes in popular suburban areas often feature a lower price than single-family homes of the same size, making them an accessible option for young families and first-time buyers. For example, a single-family in Arlington, VA, could cost upward of $300K or more than a townhome in Arlington, VA, with similar finished square footage.
- Community: Townhomes are often built in clusters, creating a sense of community and shared spaces with neighbors. This sense of community gives townhomes a higher perceived value than single-family homes, typically isolated. Furthermore, townhomes often have amenities that single-family homes don't, like shared pools, parks, and other recreational facilities, which adds to the home's value. Additionally, a vibrant community of neighbors creates a feeling of safety, security, and camaraderie that can't be found with single-family homes, making townhomes a desirable option for many prospective home buyers. For instance, many townhome communities have private security patrols that monitor the area, and many feature active homeowners associations that host events and plan activities for the community.
Advantages of owning a single-family home:
- Privacy: Single-family homes offer more privacy, as they typically have a yard and more space between neighbors. Furthermore, single-family homes often have more amenities, such as a larger kitchen or a private deck or patio. They also offer more control over the design of the home and the ability to customize it to one's taste. As a result, single-family homes provide homeowners with a greater sense of privacy, control, and personalization. For instance, single-family homes can have a fence or other barriers around your property for extra privacy and security.
- More control: Single-family homeowners have more control over their property and can make changes and improvements as they see fit without the restrictions of an HOA. They don't have to worry about obtaining approval from a board or paying extra fees to make changes, and they can customize their home to suit their needs and tastes. Additionally, single-family homeowners can choose their methods and materials, from simple landscaping to complex renovations, without needing extra paperwork or red tape. For instance, single-family homeowners can decide to install their solar panels without needing approval from a governing body.
- More space: Single-family homes typically have square footage than townhomes, providing more space for families and entertaining. This autonomy and extra space can give a sense of freedom and privacy that cannot be found in townhomes. It also allows homeowners to customize their homes to their tastes and preferences, which can't be done in a townhome. For example, a single-family home could have an outdoor pool and patio area. In contrast, a townhome would have a shared pool and limited outdoor space.
- Potential for appreciation: Single-family homes may appreciate more than townhomes over time, depending on the market. For example, a single-family home in McLean, VA, could appreciate more than a townhome in McLean, VA. Single-family homes also have the potential for added value through renovations or additions. Adding a pool, patio, or even an extra bedroom can add significantly to a home's value. Townhomes are limited in the changes that can be made due to shared walls and limited space. That can determine the potential for appreciation over time. For example, in areas where home values are increasing, a single-family home may appreciate faster than a townhome due to its potential for added value through renovations or additions.
Ultimately, choosing between owning a townhome or a single-family home comes down to personal preferences, lifestyle, and budget. Consider your needs and priorities, and research the properties you're interested in to make an informed decision. You should also consider the maintenance requirements for each property type, as townhomes usually require more maintenance than single-family homes. Additionally, it would be best to look into the associated fees, such as homeowners' association fees, taxes, and insurance, as these can vary significantly from one property to the next. Before investing in a property, thoroughly evaluate the associated costs and maintenance requirements to ensure the best fit for you and your budget.