Is Buying a Townhouse Right for You? Here's What to Consider

They have their pros and cons.

Depending on where you're hoping to buy a home, you may have options for what type of home you can purchase. After all, home styles vary in popularity by area. One of your options might be a townhouse. I've lived all over the United States, and spent a good chunk of my childhood living in a series of rented townhomes all in one city that is absolutely chock full of them.

A townhouse is defined as sharing at least one wall with another home. Townhomes are individually owned, however. And they have some differences from condos, in that homeowners own the exterior (including the lawn and landscaping) as well as the interior space. Let's take a look at some townhouse pluses and minuses, to help you decide if one might be the perfect home for you.

Townhouse pros

If you're thinking about what type of house to buy, townhomes are worth considering for the following reasons.

Neighborhood perks

If you're hoping to settle into a community where neighbors can easily become friends and your kids will be more likely to have built-in playmates on your street, buying a townhouse could make this easier. Since the homes are, quite literally, stuck together, you'll have a hard time avoiding your neighbors. While this could be construed as a possible con (depending on how much of a loner you are), I'm going to view it as a pro, especially as I have a lot of childhood memories of my parents and I having friends in the neighborhood. Plus, we had access to community amenities, including nice outdoor swimming pools and parks.

Less expensive than a single-family home

You may come out ahead on your mortgage loan if you opt to buy a townhome over a single-family home. After all, a townhome may be smaller in terms of square footage, and it will come with less land (and possibly fewer features, such as a garage).

Fewer maintenance tasks

You can expect to spend less time and money maintaining your townhome, due to that smaller square footage as well as less land. A single-family home might feature a big backyard for your kids to play in, but that also means keeping that larger lawn mowed (or paying someone else to do it).

Townhouse cons

Sold on buying a townhouse? Hang tight, as townhomes also come with these potential cons.

HOA fees and rules

What you save in mortgage costs for a townhouse, you may need to pay in the form of homeowners association (HOA) fees. Many townhome communities are under the purview of an HOA, and these governing bodies are responsible for repair and upkeep, maintaining those nice amenities you might have access to (like the swimming pools of my childhood), and yes, enforcing community rules.

Community restrictions

While HOAs aren't necessarily bad, they do often enforce rules you might not always agree with. Some have dog breed restrictions, for example. You may not be able to paint your home any color you wish. And you may not be able to park certain vehicles in certain places in your community. The one I lived in as a kid had rules against commercial vehicles, like work trucks, parking in front of homes, so my dad had to parallel-park his on the side of the main road we lived off of. All of this can be a hassle for homeowners.

Less privacy and solitude

The double-edged sword of having those neighbors close by is having less privacy to go about your business, and perhaps less peace and quiet. You might not enjoy listening to your neighbor's kids holding band practice as you hear it through the adjoining wall of your home. And if you want to have a party without having the whole neighborhood knowing about it, you might be out of luck with a townhouse.

If you live in an area with townhomes for sale, carefully consider the above pros and cons before making an offer on one. It could be just right for you and your family -- or you may end up wishing you'd bought another type of home instead.