When it comes to finding the right home, bigger doesn’t always mean better. And millennials and baby boomers — two large demographic cohorts with a lot of purchasing power — are leading the charge. They are requesting smaller, affordable, family-friendly homes in walkable, centrally located neighborhoods. In real estate terms, that means townhomes and condos.
Townhomes and condos each have their benefits, but let’s take a closer look at townhomes and the particular benefits they offer to new home buyers. Here are 10 reasons why a townhome might be the perfect fit for you.
1. You Like Your Free Time
Everyone likes free time, and yet how many of us actually protect that time? Time sucks like cleaning, commuting and so on keep us from doing what we really want to do with our time. With a smaller home, you’ll do less cleaning and you won’t need to hire someone to clean for you (well, unless you want to).
2. You Want a Shorter Commute
Brett Graff of The Home Economist points out that, “Commuters have higher levels of cortisol, which is the stress hormone.” No doubt about it, driving is a hassle. If commuting to and from work or being a chauffeur for your kids to school and everywhere else are not your preferred activities, then a townhome is perfect for you. Townhomes are generally closer to where you need to go or often near public transportation, saving you valuable driving time.
3. You Want Less Debt
A townhome is almost always less expensive than a single-family home, and we’re not just talking about the cost of the home itself. Upkeep and taxes on a larger home are more, too.
4. You Want to Invest
Townhomes are a great investment. They are often preferred by renters if you should decide to rent your townhome out. If you decide to sell, there are plenty of potential buyers for townhomes, especially ones that are well located. According to Bill Rice, a mortgage loan officer in Detroit, Michigan: “Median market-priced homes tend to provide the most consistent and stable occupancies and rental revenues.”
5. You Want Minimal Yard Work
Townhomes generally have mini yards, if any yard at all. This means you can actually enjoy the bit of gardening involved, rather than view it as yet another task you don’t have time for. Or, considering many townhome communities have landscape maintenance included in the homeowners’ association fees, you can feel free to put your feet up and just enjoy the view.
6. You Want to Downsize
Granted, townhomes may have less space for stuff than a single-family home, but do you want a glorified storage unit or do you want a home? If you don’t want or need a lot of stuff, then why exactly do you need more space? Life is so much more than your stuff, and holding on to too much can even result in stress and anxiety.
7. You Want More Time With Loved Ones
If you’re not cleaning or driving or gardening or tidying your stuff all the time, what might you do with your time? Perhaps you’d spend more of that quality time you’re always talking about and deepen your relationships with your friends and loved ones. Play table tennis, go ice skating, play board games, ride bikes, cook together, enjoy a movie … Perhaps you already do all of these things, but with more time at your disposal, you can do more of what you want.
8. You Like Being Part of a Community
A big house in the burbs has its perks, but neighbors and community aren’t really among them. Many of those houses sit on big lots, with nary a neighbor in sight. Not only can neighbors help out when you need it, but people living in close proximity to their neighbors feel a sense of security due to their social connection.
9. You Want an Active Lifestyle
Adriana Zuniga-Teran, a postdoctoral research associate at the University of Arizona, recently published a paper on how neighborhoods affect health and wellness. She found that people who live in neighborhoods that have a combination of residential and accessible commercial areas do the most walking.
10. You Like Urban Environments
Living in a townhome community often means that you are closer to the heart of the city. You live fairly close — perhaps even within walking distance — to work, school, the grocery and other stores. This also means you live close to all of the fun —event venues, night clubs, bars, restaurants, museums, theaters and much more! You would no longer have to factor in a long drive to and from your night on the town, because home would be just around the corner.
This list is really just the tip of the iceberg. There are so many benefits to living in a townhome that living small is actually living large.
For the last 16 years, Rachel Kinbar has been a writer of articles, blog posts, white papers, essays, infographics, web copy, sales copy, scripts, poetry, lyrics, and more. She has keen research skills that she applies to a wide variety of topics, and she especially loves topics related to design, history, and sustainable living.