Secret Differences Between Townhomes Single Family Homes Exposed
Financial Considerations: Costs and Affordability
One of the most significant differences between townhomes and single-family homes is the cost. Townhomes are generally more affordable, with lower purchase prices and maintenance costs. This is because townhomes often have shared walls and less land, reducing the overall price of the property. Moreover, townhome owners often pay Homeowners Association (HOA) fees that cover maintenance of common areas, which can be more cost-effective than maintaining a large yard or private amenities in a single-family home.
According to the National Association of Realtors, the median price of a townhome can be significantly less than that of a single-family home, making it an attractive option for first-time buyers or those looking to downsize1.