Buying a home is probably going to be the biggest investment of your life. The decision you make now is the decision you are going to live with for the rest of your life. So make sure it’s done right i.e. choosing the right home.
However, the question is How to know if you are buying a right home?
Well… start from knowing their types. There are two major types of homes – Single family home and townhouse.
Knowing the difference between single family home vs. town home is of a great significance. Choosing the wrong home would come back and haunt you later on.
What Is Single Family Home?
A single family home, also known as detached residential home or single family dwelling is a property dedicated for the living purpose of a single family. It is a free standing building and located at a fair distance from other surrounding buildings.
What Is Townhome?
A two or three-story house, located in a row of similar houses. These houses are residentially attached and their owners have the ownership of more than one home in their respective city or a town.
What Are The Advantages of Single Family Homes?
The main advantages that you get with a single family house are:
The first advantage of single family home vs. town house is that they have bigger yards as Compared to townhomes. In fact, in some cases, townhomes don’t even have a yard at all.
A yard is an open area where you can organize your family gatherings and other events. So having one is always a plus.
There Are No Shared Boundaries:
In residential detached homes, there are no shared walls or other parts of the property. So you don’t have to worry about the noise or loud music coming from your neighbor’s house. While in townhomes, this is not possible as at least one part of the property is always shared. It could be a yard, roof, or a wall.
From the lawn to last brick of the roof, all is yours. Detached homes give you and your family complete privacy.
Whether you want to have party in swimming pool or bonfire in your lawn, you won’t have to worry about your neighbors showing up and spoiling the party.
Enough Room For Your Stuff:
If you have plenty of extra stuff like bikes, beach toys, decoration tools, etc. single family homes are your way to go. These homes provide you enough room such as basement, garage space and special storage rooms, putting you at ease to manage your stuff of less importance.
Perfect Place to Grow:
Townhomes are usually congested and provide you less space. In case you want to grow a family, or your parents often visit you; single family home is a perfect place. There is plenty of room to walk and talk, enough bedrooms for the guests and family reunions are completely free of your neighbor’s influence.
What Are The Advantages Of Townhomes?
There are different varieties of townhomes. They can be in multistory buildings or just a bunch of single or two story – similar looking houses in a row. Here are some of the advantages that come with living in a townhouse.
Low Maintenance Cost:
As townhomes are residential attached homes and their amenities are shared, their maintenance cost is lower than single family detached homes.
Everyone loves taking a stroll in the park, swimming in the local pool. I am sure you do too. But you would be surprised to know that the maintenance cost of the amenities is shared among all the members of the community. Hence the low maintenance cost.
They Are More Affordable:
If you are looking for a home but have a tight budget, buying a residential attached townhouse is the best option to go with.
An updated townhome with a community pool would cost you 20-30% less than a 20-year-old single residential detached house.
Living Closer To The Town:
While a single family home can be located in an area far away from a town, residential attached houses are located within a town. Here you have more entertainment spots, coffee spots, restaurants, etc. Hence a quality lifestyle.
Single Family Home vs Town house – Which One Is Better For Resale?
The major factor that determines the value of single family home vs townhome is the location. Usually a single family home is valued more than a townhouse. It gives you the privacy, more opportunities to grow and a stress-free lifestyle. But it all becomes useless if the location is poor.
When a buyer wants to buy a property, the first thing he looks for is the location. No schools, restaurants and entertainment spots would result in lower price.
On the other hand, townhomes have all these amenities within a short radius. A perfectly located townhome can beat a luxury residential detached house that is located at a poor location.
While deciding between single family homes vs. townhomes, it all comes down to personal choice and your financial condition. If you are running on a tight budget, but still want all these amenities, I would recommend you to buy a townhouse. However, if you want to buy a home with the investment purpose, buying a single family home will be the best decision. The resale value of these homes is high and can provide you an incredible living experience.
However, while buying a single home, do not go against your budget. You might feel like you have enough money and can afford to buy one. But you must also remember that buying a home is not everything. There are many more expenses that come with living in it, such as maintenance costs, monthly bills, mortgage installments, etc.
So, while choosing between single family home vs. townhomes, keep all these factors in mind before making your move.