Middle child syndrome is real! With a little creative thinking, the concept applies to the housing market just as much as it does to families. You’ve got the smallest, the condo, which gets all sorts of attention from first-time buyers and retirees seeking an active lifestyle.
At the other end of the spectrum, there’s the spacious detached home, boasting all kinds of outdoor space for leisure and entertainment. The townhouse sits in between, unloved and neglected. This assessment may seem a little off the wall, but it’s not entirely wrong – a townhouse is certainly not for everyone.
However, for the right buyer, a townhouse can represent an excellent option depending on a buyer’s goals and resources. Today, we’ll talk about why buying a townhouse is something to avoid at all costs and when you should reconsider that rule.
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A Townhouse Versus a Regular House
Fun fact: If you start typing “I hate living in a…” into a search browser, Google finishes your thought with “I hate living in a townhouse.” Don’t get us wrong – many people love their townhouses, but this is a popular auto-fill for a reason.
Right or wrong, a common complaint is that a townhouse has all of the negatives of condo living, along with all of the downsides of regular home ownership. All this, without the benefits of either.
Like a condo, you own the interior of the unit, but the exterior and common areas are shared by other residents. Some people love this; others hate it. Perhaps one of the biggest sources of contention for townhouse owners is the dreaded Homeowners Association (HOA), which, for a (non-negotiable) fee, governs what you can and cannot do with your space.
Whatever type of house you decide to buy, you can’t go wrong by putting down roots in Guelph. The posts below will tell you why:
- Is Guelph, Ontario, a Good Place to Live?
- 5 Reasons to Make Guelph Your Next Home
- What Are the Best Guelph Neighbourhoods for Families
It Isn’t All Bad News
On the other hand, a happy townhouse dweller would tell you that they enjoy the best of all worlds, all of the perks of condo and detached ownership without the drawbacks. A well-maintained townhouse complex with a conscientious Property Management company can be a superb financial investment and offer excellent resale value if the time comes to move on. Different strokes for different folks indeed!
Those who hate townhouse life and those who love it are in the exact same situation, but with the opposite perspective. A townhouse has everything a regular house has, just usually less of it. There is less outdoor living space, and often a little less square footage. There are exceptions, of course. Some of the newer, luxury models are actually quite spacious.
Disadvantages of Living in a Townhouse
Let’s explore the pros and cons of townhouses. To get the bad parts out of the way, we’ll begin with the disadvantages.
Like a condo, you have a shared wall with at least one other neighbour. A certain degree of noise is unavoidable. Quiet relaxation time on the patio or in the backyard can be tough to come by, especially if there are lots of young children in your community. You can also expect less privacy, as voices carry, and there’s a good chance your neighbours can hear what you’re saying if your own social gatherings get lively.
Townhouses tend to be more expensive than condos, making them less accessible to younger buyers or downsizers looking to make the most of their retirement funds. If your unit is a freehold, you’re in charge of all maintenance and repairs. If it’s a condo, some maintenance is taken care of, but then you have condo fees.
One last thing to consider before deciding on a townhouse is the resale value. Detached homes generally always rise in value over time, but the demand for townhouses and condos can vary. Your property value will appreciate over the years, but perhaps not quite as much as other housing structures.
Do you want more tips and tricks to finding and buying the right house? The posts below will give you some valuable pointers:
- Should You Look At Listings In A Termite Zone?
- Checklist for Buying a Home
- Home Buying Myths Busted: What Really Saves You Money
When Buying a Townhouse Is a Good Idea
Depending on your goals and lifestyle preferences, a townhouse may not be the best option. However, less is more can be a good thing to the right buyer.
Think of everything that one person calls a disadvantage. A townhouse is smaller, the neighbours are closer, and there could be condo fees. Now look at it from someone else’s point of view. Townhouse life means spending less time on maintenance and being close to neighbours. It could mean more time to enjoy your leisure time and you may feel safer with others nearby.
Unlike an apartment-style condo, townhouses offer outdoor living space. Perhaps it’s just enough to sit and have a coffee on a beautiful afternoon, but no massive lawn to cut every week and no snow to shovel.
With lower prices than a detached home, a townhouse can be a perfect stepping stone for a move-up buyer with a modest budget or for a downsizer not quite ready for condo life. Once again, it’s all a matter of perspective.
To know whether or not you should ever buy a townhouse, think of the lifestyle you want to enjoy for the next five to ten years. For those seeking to get into the market for the first time, a townhouse can be a great investment.
Do you have questions about buying or selling a home in Guelph or the Tri-Cities? Our top Guelph real estate agents can guide you through your entire transition. Reach out today at info@gowylde.ca or call 519-826-7109 to learn about our services.
