There are several reasons why you might be looking into renting a townhome. Of course, there are plenty of different properties out there that you could consider - bungalows, detached houses, apartments, and the list goes on. But townhomes come with their own particular perks. They tend to be lower in cost than traditional family homes, and you may benefit from common areas and maintenance tend to be easier (to name just a few benefits).
If you’re considering going ahead with a townhome purchase, it’s essential to have a good idea of precisely what you’re investing in and to have a general idea of exactly what townhomes are and how they work before putting down any deposit.
Related: About Conroe
What Is a Townhome?
Generally, “townhome” is a term used to refer to a particular architectural style of housing. It can differ in aesthetics from one region to another, but generally, they are all terraced houses that share adjoining walls, but not ceilings or floors. In short, they’re not a part of a block of apartments or condos but are not detached or semi-detached properties. You can get the end of the terrace townhomes that have one side of the property detached, or you can get townhomes that fall in the middle or part way through a row, having attached properties either side.
Do You Buy or Rent Townhomes?
While it’s possible to do both, it's better to rent. In fact, many would agree that renting a townhome is better because you don’t have to worry about mortgages, and it’s more affordable than buying a home. Plus renting a townhome gives you the experience of living in one without the maintenance problems.
When you are living in a townhome, you do have to follow specific guidelines (and will often be bound by an agreement) to only carry particular work out on your property. You cannot do anything to the exterior of the property that could be frowned upon by neighbors or pose a threat to the integrity of neighboring houses, potentially impacting their property structure or impacting it in terms of its value. For example, you could purchase a townhome and choose to demolish it and create a detached property in its place. As long as you share a wall with a neighboring property, they do not have ownership over your shared wall or your property as such, but they do have easement rights. In this case, townhomes are quite like condos.
In terms of similarity to single-dwelling properties, townhome owners take responsibility for the maintenance and upkeep of their property. There isn’t likely to be a maintenance or management team who will take care of issues or repairs in seemingly communal spaces - something you may have grown used to if you’ve lived in a condo until this point.
Are you looking for a townhome that feeds your needs? Check out what Woodgate Townhomes have to offer!
Choosing the Right Townhome to Suit Your Needs
There are several things you’ll have to take into consideration if you’re interested in renting a townhome and want to secure the best property possible. There’s no way that anyone can outline a particular townhome for you without knowing your individual needs and preferences. The right one for you could be the completely wrong one for someone else. So, you may want to focus on the following areas to ensure you get a property that ticks all of your boxes!
Budget
The great part about renting a townhome is that you get the opportunity to own one at the same price of renting, and renting tends to be cheaper.
The first step that you need to take is to establish a budget. This is essential, as it will determine which townhomes you can realistically look at. When coming up with your budget, it’s also vital that you incorporate tax rates in areas you may be interested in.
The Neighborhood
Once you know your budget, you can start focusing on what kind of neighborhood you want your townhome to be in. Location is critical when it comes to finding the perfect home and should be the first thing you consider.
Good indicators of whether an area is right for you is to consider whether you prefer inner-city, suburbs, rural, or urban life. Other factors that you might want to consider could include crime statistics. You want to live somewhere safe, and is also within your budget, especially if you’re planning on raising a family.
You should also look at public transportation options regardless of whether you have a car or not. Excellent transport options could be essential during times where your car may be in for repair, or when your kids grow older, and they want to start getting around independently.
Another factor could be the local amenities. Are you bothered whether there are cafes and restaurants nearby? Are you looking for nightlife? Do you prefer specific chains of grocery stores - are there any in the area? Is a local gym or leisure center essential for you? Do your kids like to engage with particular activities or sports, and does the local area cater to this?
The House Itself
Once you have an area in mind, you can start considering specific townhomes that are offered within the area. This is where you can begin to compare and contrast features within different properties to settle on the right one for you. It’s good to have an idea of what features you might be looking for - set numbers of rooms or bathrooms, for example.
Home Owners Associations
It’s important to remember that the majority of townhomes are regulated by Home Owners Associations. These associations (also referred to as the “HOA”) are mostly private associations that are formed to ensure that all residents in a set area are complying with rules and regulations that maintain a presentable neighborhood and maximize the value of the properties within the area.
The Home Owners Association in a given neighborhood will generally undertake responsibility for communal areas (such as parks, recreation centers, and parking lots). They will also ensure that neighboring properties don’t take outlandish moves, such as painting their property’s exterior fluorescent pink. Most HOAs will charge some sort of fee to carry their work out and also to fund community events that you can attend.
However, for others who want more control over their creativity and don’t want a house that is identical to its surrounding, or want to evade neighborly obligation, then strict Home Owners Associations may not be very desirable. It’s essential to have a look into the Home Owners Association that regulates the area of any townhomes you’re interested in purchasing and ensuring that you’re happy to live by their standards. If not, you can quickly grow to feel uncomfortable or as though there’s tension between you and the Home Owners Association representatives.
Does Having Neighbors Either Side Impinge on Privacy?
If you purchase a detached house, you can rest assured that you have privacy in your home. Sometimes, walls can be thin, so when you share a wall with others, you may feel that they can hear what you’re doing while you’re at home. When you have a townhome, you generally experience a level of privacy that falls between a condo and a single dwelling property. You don’t have neighbors attached all around, but you do have neighbors attached on one or two sides. It’s generally a good idea to see how sound travels through the walls when you view potential townhomes. Some have excellent noise insulation, and you usually wouldn’t know another person or family is residing just a wall away.
Do You Get Any Outdoor Space?
One question that many people have when considering townhomes is whether you get any outdoor space. Now, this answer varies on the type of townhome you’re looking at. Some have their own gardens. Some will have a front yard. townhomes that fall at the end row tend to have a little extra outdoor space to the sides. But, generally speaking, the townhome doesn’t tend to have sprawling acres outback. Outdoor space is often limited. However, as we’ve briefly mentioned while talking about Home Owners Associations, some townhomes will have a communal outdoor area or park attached or nearby. This means that even if you live in a middle-terrace townhome, you can still generally benefit from a touch of nature. If your townhome does have a garden, it’s usually a good idea to establish who is responsible for what early on or even before moving in. Who’s responsible for which shared fences? If there are overhanging bushes or trees, who needs to take care of them - trimming and pruning them?
How Does Insurance Work With Townhomes?
Insurance is an absolute essential when it comes to homeownership. So, you must know the insurance situation for any townhome before investing. For some townhomes, the Home Owners Association will take full or partial responsibility for insurance coverage on properties in the area. For some, it’s your sole responsibility to deal with your property’s insurance. Whether the Home Owners Association deals with your insurance, or you do, it’s vital to get the right coverage. Look to protect as much as possible, as this will help you if things do ever go wrong.
Are There Any CC&Rs?
A key question to ask before settling on a townhome, even if you’ve wholly set your heart on it, is whether there are any CC&Rs. Now, you may be unfamiliar with this term, but CC&Rs are surprisingly common. Put simply, CC&R stands for “covenants, conditions, and restrictions.” These will generally be outlined in your contract and will lay down rules in regards to various aspects of your life in your property.
Now, when you buy your own home, you may think it’s your property, so it's your rules. But in a similar way to how the Home Owners Association can have a particular say over your home in some townhomes, some may come with CC&Rs. These can detail certain things, such as whether you can have pets in your property, who can live in your home, what you need to do if you experience any sort of pest infestation or even day to day things such as whether it’s okay to hang your laundry outside.
The CC&Rs in place on a property could be absolutely fine with you, requesting a way of life that you would lead anyway. Some may grind on you and make the living arrangement uncomfortable. Either way, it’s much better to be aware of CC&Rs before getting tied into a property.
Woodgate Townhomes can help you find the townhome of your dreams
Bottom Line
Sure, this may seem like a whole lot of information to take in. But when you’re looking into buying a house, you’re facing what is probably going to be the biggest financial investment you make during your lifetime. So, you must do sufficient research into the area.
If you’re considering a townhome, it’s imperative that you truly understand how everything works. Hopefully, the above information has helped you get to grips with the basics. Chances are, you’re ready to learn more now!
If this is the case, simply reach out to Woodgate Townhomes, specialists in the subject. They’ll be able to provide you with more insights, so you will feel more confident in committing to the townhome of your dreams!
Related: Townhome vs. Apartment
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