Should I Buy A Townhome Or Single Family Home?

A common question that homebuyers have (especially if they are looking to downsize their home) is if they should buy a townhome or single family home.

If you’re searching for real estate in Bend or elsewhere in Central Oregon and are struggling with choosing either a townhome or single family home this article will provide you with a breakdown of the positives and negatives of both home types so you can make the best home purchase for your needs.

Why Buy A Single Family Home?

One of the biggest reasons to buy a single family home versus a townhome is that you will own the entire house or living space and will not have to worry about sharing walls or common areas.

Owning a single family home also means that you will have a bigger yard, more parking options no homeowners association fee (depending on area) and more space between you and your neighbors.

You will also benefit from the fact that single family homes come with more freedoms like not having to worry about playing your music or movies late at night and the ability to have parties on weekends without the need to reserve a recreation area in advance.

Single family homes are also ideal because the following key reasons:

  • Appreciation Potential – many single-family homes appreciate quickly because homebuyers often put more money into improving or upgrading their single-family homes than upgrading or improving other properties.
  • Easier To Rent Out – Single family homes are often easier to rent out because many single-family homes don’t come with rental restrictions which can make it more difficult for owners.
  • More Options For Financing – When you buy a single-family home you will see that in many cases it’s easier to get a better interest rate with a better loan-to-value ratio (LTV) compared to the loan that you would be able to get when financing a townhome.

The main downside of owning a single-family home is that you will be 100% responsible for the maintenance of your home and property.

Roominess is more common in detached homes — both inside and outside. Homeowners and tenants will also have more space for furniture, storage space and room for entertaining. Attached homes, although they may have a bit of a yard, lack the large parcels of land beneath some single-family homes. If you like to work in the yard or require garage space for your hobbies or storage, a single-family home has the advantage.

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Why Buy a Townhome?

Townhomes are becoming more common in Bend and across Central Oregon for first time homebuyers and those wanting to downsize alike because of their low maintenance and smaller size.

Amenities –   Most town homes are built in communities which include a variety of amenities like pools, fitness areas, recreation centers and more.

Sense Of Community – Buying a townhome means that you will be part of an area where you have a sense of community, often living near like minded people.

Close To Stores – Townhomes are typically built close to town, often you will have the ability to walk to town or take public transportation to and from the places that you need to go.

Rules – Since townhomes are often in communities, they are also part of homeowners associations and this means that you can expect your townhome to retain its value over the years because owners will be required to follow standards and rules which are necessary for ensuring that the look and quality of each townhome is retained.

Townhome Challenges

A downside that comes from owning a townhome versus a single family home that you will likely share walls with your neighbors and potentially be awakened at night by a noisy neighbor.

When you’re buying a townhome you could also face financing challenges because, many lenders have experienced difficulties in choosing the right classification and appraisal method for townhomes so mortgage financing could be expensive and restrictive for you.

If you’re serious about buying townhome, make sure that you choose the lender who specializes in Bend or the location in Central Oregon where you want to buy a townhome.

Despite the complications and potential costs of financing, townhomes may offer the most attractive home buying option in many urban areas. The multi-level layout, and private entry give the feel of a single family home, without the expense that comes from owning and maintaining acreage yourself. Despite the shared wall, a townhouse can feel more private than a condo, yet the homeowner’s association gives much of the same convenience and protection. If you are in the market to buy a townhouse, talk to your realtor and mortgage professional to make sure you know all the details and obligations of the property in question. Remember, every townhouse is different.

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