If you are looking for a home, the good news is that there are many types of homes to choose from. Two options that might seem similar, but are actually very different, are townhomes. If you are able to afford a house or if you find a house for rent, there are many reasons why you might still want to consider renting a townhome.
A townhome is a multilevel residence that is attached to other residences on a street. If you purchase a townhome, you will own the home itself and the exterior. However, you will not necessarily own the rest of the property. However, if you are looking to rent a townhome or house, ownership will not be as much of a factor.
The Homewner's Association
One of the biggest factors is that a townhome is managed by a Homeowner's Association (HOA). The owner will be required to pay dues and there will be restrictions on what can be done with the townhome. This may even affect a renter because you may be restricted from putting up decorations.
If you rent a house, you may also have your own lawn and be able to control how the lawn is decorated to some extent. However, with a townhouse, you do not have control over the lot. This can make your life much easier since you will not have to worry about lawn care and other forms of maintenance that extend beyond your house.
The Common Area
Decide whether you would like a common area. With a house, you do not share a common area. However, with a townhouse, you may have a common area where you can pickup mail and take out the trash. This may cause you to have less privacy than you might hope.
A townhouse is attached to another house. You will share at least one common wall. If your neighbors are very loud, this may disturb you more than if you had a house rental. However, if you enjoy interacting with neighbors, you may find that you have some neighbors who are like an extension of your family.
The greatest advantage is that a townhouse is typically less expensive than a house. If you are purchasing a townhome, you will save more money than you would a house. However, the rental costs of a house and townhouse can be similar.