There’s a lot of chatter about millennials’ desire to live in urban areas for longer periods of time than previous generations. This makes housing affordability a common topic of discussion. It’s no secret that purchasing the standard single-family home in many urban areas is not feasible for a majority of millennials due to budget constraints. Thus we’ve seen an influx of smaller urban dwellings, including townhomes and condos. According to this article, “town homes bring the best of condominium living and single-family home living together.” But what makes town homes so great? Here are a few reasons.
Town homes are typically located in popular urban areas. This means they are often in proximity to restaurants, coffee shops, bars and other entertainment. An added perk for most people is the shorter commute time since they live closer to the city center. This is when compared to nearby suburbs.
In addition to the convenient location is the convenience of a lower-maintenance home. Town homes are usually part of a Homeowners Association (HOA), requiring each resident to pay a recurring assessment that covers the maintenance of common areas, which often includes exterior landscaping and other grounds keeping. You can spend more time enjoying your hobbies and less time mowing the yard!
Another benefit of living in a town home is the community amenities, such as pools, fitness centers, and parks and playgrounds – all of which are typically the responsibility of the HOA to maintain. While amenities differ across town home communities, the HOA bylaws will spell out what is covered and what is not.
Should you find yourself ready to move to a single-family home down the road, town homes can also be great as rental properties since their location and low-maintenance living is appealing to young adults who might not otherwise be ready or able to purchase a home.
Considering a town home for your next home? Check out Exall Townhomes, D.R. Horton’s latest town home community in Dallas. Already own a town home? Tell us what you love about it below.