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According to the range of home types townhouses are distributed between individual houses for the family and apartments. Is your heart set in place, but at the price of its home for the family? A townhouse can draw you to the perfect quarter. Want the convenience of an apartment, but not all the rules and regulations? A townhouse can allow you to share the difference.

These purchases may be one of the reasons why last year townhouses – also called city houses – were the second most popular home among buyers, after detached houses for singles, according to the National Association of Realtors in 2019.

Here’s what you need to know when considering buying a townhouse.

What is a townhouse?

At the simplest level, a townhouse is a multi-storey house that separates at least one wall from the floor to the roof of the adjacent house. But it could describe several applications houses for the family, so we need to disassemble it a little more.

Although they are attached, townhouses are self-contained and individually owned. With a multi-family house or a two-sided house more than one unit has an entrance, basement or other area. While buildings with several groups of townhouses may resemble a complex of condominiums, townhouse owners own the land on which their townhouses sit, and are often responsible for the exterior of their homes – apartment owners own only the interior of their premises.

Row house is one of the types of townhouses, where individual houses – as the name implies – are built in a row. They can share the same building material or architectural style, and almost always have the same roof line. In expensive cities, they are often broken down into rental apartments, but even if they are homes, usually all of their shareholders have walls.

In contrast, townhouses in suburban areas may resemble extensive condominium buildings, with private streets and common areas such as swimming pools and playgrounds. These townhouse developments usually also take place as residential complexes, townhouse owners pay monthly development fees Homeowners Association.

Pros and cons of buying a townhouse

Weighing the benefits of owning a townhouse vis-à-vis those buying a detached house or apartment can help you decide if a townhouse is right for you.

Here are some things to consider:

  • Townhouses that are closer to urban centers or suburban suburbs may be more affordable than individual homes in those areas.

  • Tariffs for housing are usually lower than for apartments, as townhouse owners are more individually responsible for open spaces and buildings.

  • You’ll have a patch of outdoor space, which is especially nice if you’re a gardener or dog owner.

  • It is usually easier to get a mortgage on a townhouse than on an apartment.

  • If you are in a townhouse that has a HOA, you will have to follow its rules.

  • Shared walls give you less privacy than you are likely to have in a separate home.

  • Getting more independence than you are in an apartment also means more responsibility for maintenance.

  • If accessibility is an issue, keep in mind that because townhouses maximize vertical space, living on one floor is usually not an option.

Once you have decided that the townhouse is right for you, specify the numbered development of the townhouse where you hope to buy. Compare accommodations, amenities, fees and HOA rules. A real estate agent who has experience working with buyers of apartments and townhouses can be the main tool to help you find out this information.

Getting a loan for a townhouse

Buying a townhouse is very similar to buying a home. Owning a plot of land belonging to a home, not just the interior of the premises, matters – tenants treat homes just like detached houses. This is a great contrast to buying an apartmentwhich provides a much higher level of verification; For example, the lender usually wants to get acquainted with the finances of the complex, not just with the home buyer.

If you are planning to buy a townhouse that is included in the cost of housing, be sure to include this item in your monthly budget if you understand as many homes as you can afford.

But in general, to buy a townhouse, you will go through the same steps as anyone who buys a separate house: savings on down payment, comparison of tenants, get preliminary confirmation and (finally!) shopping for your new home.

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