Do townhomes have a good resale value?

A townhouse’s relatively lower value makes this property type a popular option among first-time buyers and buyers with otherwise limited budgets or means. Due to the lack of yard or lot space, a new townhouse’s value may even be lower than that of an older, similar-sized single-family house.

What are the responsibilities of owning a townhouse?

The association will take care of the outdoor responsibilities in most situations. When you own a townhouse, then you are responsible for the exterior of the property. If you have a small front or back yard, you must maintain these areas under most agreements.

What happens when you buy a condo or townhome?

Once a person buys a condo or townhome, they have taken ownership of that unit and will be responsible for maintaining their own appliances and water heaters, heating/cooling systems, etc., unless a condo association has a specific provision including coverage of such an item.

Do you own the exterior of a town house?

When you purchase a townhome, then you usually own the exterior as well. There may be rules of a HOA to follow that would not be present otherwise (and the expense of supporting the association itself), but that all works together to ensure that the value of your property can stay high.

Can a townhouse appreciate as fast as a home?

Townhouses do not appreciate as fast as other real estate options. Although there are some exceptions to this rule, you will discover that most townhomes do not appreciate in value as fast as a single-family home.

What are the rights and responsibilities of a townhouse owner?

Aside from knowing how to be a good neighbor, it’s important to be aware of your rights and responsibilities as a townhouse owner, as well as of what you should expect from the homeowners association you belong to. In 2009, the Senate approved Republic Act 9904, also known as the Magna Carta for Homeowners and Homeowners Associations.

Why do people want to buy a townhouse?

One of the main draws of a townhouse is that they’re usually more affordable than traditional homes.

Is there a lack of privacy in a townhouse?

Potential lack of privacy: Because townhomes are typically attached units, there might not be as much privacy as with a single-family detached home. For example, says Simmons, you might be able to hear your neighbors, or a leak from an adjoining property may seep into your home.

Do you pay a HOA fee for a townhouse?

Like a condo, owners may pay an HOA fee for things including care of common areas and trash pickup. The Census Bureau’s definition of a townhouse provides some guidance, at least when it comes to what qualifies as a single-family home.