Renting has always been a pretty popular option for the younger generation and continues to be a popular route today. With people in their 20s and 30s moving occupations so often — from being a student to entering the workforce, to moving around in different jobs once in the workforce — renting can often be a more affordable and flexible option than buying a home. Then too, with the rising cost of living and increased college debt, many young people can’t even fathom adding more debt to their bills and buying a home isn’t even on the horizon for many people. Renting is a better short term option and can allow them the flexibility to move around geographically, have the amenities they need, but fewer responsibilities in upkeep and maintenance, and keeps them on track with their budgets. But renting doesn’t only have to mean a small apartment. If you’re looking for increased space and a step up the renting ladder, you might want to start looking at townhomes for sale.
What Is a Townhome Exactly?
A townhome is a multi-story (usually six floors or more) living space with a small footprint, usually in a major urban area. Even though it’s usually fairly narrow, the multiple floors and the fact that it can extend in the back grants the renter or owner a fair amount of living space. It’s great for urban families who can afford it — it affords them the space and privacy needed to raise a family, but allows the parents to stay close to their respective jobs and in a usually very nice and safe area. A townhome also usually has one outside door that the residents use to get in and out of their building, instead of in apartment complexes, where residents reach their apartment via interior doors. You can rent townhomes, although it’s more common for people to be looking for townhomes for sale.
What’s the Difference Between Townhomes and Condominiums?
The terms “townhomes” and “condos” can often be heard in conversation rather interchangeably. However, these are actually two different things. If you search for “rent a condo” rather than “rent a townhome,” you’ll wind up with different search results.
With condominiums, you may own the inside of your home, but a larger association has control over the grounds your building sits on. Certain aspects are taken care of by the condo’s association — for example, driveways or groundwork. However, if the interior or exterior of your building needs work, you have to pay for that yourself. You pay association dues and insurance premiums that take care of outside maintenance and any amenities that are included, like a gym or a swimming pool.
A townhome, on the other hand, will require you to be part of a homeowner’s association instead of a condo association and they take care of common spaces, do any snow removal or other yard maintenance, and arrange for trash pick up. In many ways, it’s like having an apartment, just with more space and with lower association fees than a condo.
What are the Perks to Choosing to Rent a Townhome Over Buying?
If you’re wondering about whether you should look at rental townhomes or consider looking at townhomes for sales, the first thing you’ll want to analyze is your budget and long term plans. Do you expect to be in the townhome for awhile? If not and you need the extra space and convenience in a pinch, renting might be a good idea. If you’re interested in sticking around making a longer term investment, purchasing a townhome can prove to be very lucrative, especially if you sell later in life. If you have the money, renting a townhouse can give you the same flexibility renting an apartment affords, but with more space, better amenities, and more luxurious living.
Townhomes for sale are a great option for families who have the money and want a more secure and private home with more space for their families to grow up in. In some cases, if they purchase a townhome, they can even rent out lower floors as a means of income.
