Buying Your First Home? Townhouse vs Detached
If you are in the market for a new home and haven't found what you are looking for or what you see as your dream home is out of reach because of rising interest rates there are a few things to consider.
Most people move every 5 to 7 years, very rarely is your first home your forever home. So, buying a townhome now may be a great option. It sure beats paying rent and buying someone else a home.
Townhomes generally have 2 or 3 exterior walls instead of 4 that a detached home has. This may be a great way to save on energy costs, radiant heat from your neighbors, and less exposure to the exterior elements.
Newer townhomes are generally in a development and your monthly HOA (Home Owners Association) fee will include some grounds maintenance, snow removal, and trash removal. Older townhomes are solidly built and have lower exterior maintenance costs without 
the HOA. Both are a good option for your first home.
Townhomes and condominiums are often considered similar housing, however, a townhome must have a ground-to-roof wall dividing the units, condominiums can be either apartment style or townhome style. The difference lies in what the homeowner is 
responsible for and the monthly cost of those items.
If you are just starting out a townhome may be an affordable way for you to start building wealth. Clients that purchased a home with me 5-7 years ago have seen an increase in value of almost double and can now use that equity to purchase their next home. Don't be disappointed if you can purchase a townhome now, in 5-7 years you may be ready to move again and be in a position to purchase that forever home.
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