Townhouse or a Single Family Home: Perspective for First-time Buyers

Buying a home is an exciting venture, especially for first-time buyers. In today's market, a big question is whether to purchase a townhouse (attached) or a single family home (detached). The answer, of course, depends on what you're looking for. Keep these points in mind as you consider your options.

Monthly Payments

In many communities, townhouses sell for less than comparable single family homes. A smaller price tag is appealing, especially if it means borrowing less money. But typically, a townhouse comes with monthly homeowner association (HOA) dues that may reach into the hundreds of dollars. Some detached dwellings may also have HOA dues, but most do not. When calculating your monthly payments, add up your mortgage payment and your HOA dues to get the full picture.

Home Maintenance

With a single family home, you're responsible for all the upkeep. With a townhouse, however, the homeowner association is responsible for some or all of the external maintenance. That means that when it's time for a new roof or a fresh coat of exterior paint, your HOA will likely take care of it. A portion of the dues you and your neighbors have been paying will be used for exterior maintenance expenses. Check with the association to see which external repairs they are responsible for completing.

What About a Yard?

Don't overlook the yard when buying a home in Syracuse. A detached home can come with a sizable yard. An attached home may have a small yard, a patio area only, or no yard at all. If you want a huge yard for the kids or for entertaining, then a single family home is likely right for you. On the other hand, if you want just a small outside area that doesn't require much yard work, then a townhouse may be more your style.

Other Considerations

These are important points to think about before buying a home, but there are other considerations:

• Are you comfortable sharing one or more walls with neighbors?
• How much are property taxes and special assessments for each dwelling?
• Will your family fit comfortably in the house?
• If you have pets, are they allowed in the townhouse community you’re considering?
• What might the resale value be for each property type?
• How important is it to have your home close to schools or retail areas?

Weigh your options carefully. Each type of dwelling offers different benefits. Decide what’s important to you, and ask your realtor plenty of questions before buying a home.