Townhouses are residential buildings that share one or two walls with adjacent properties and include multiple levels. Taking up vertical space, they basically represent a middle ground between condos and single family/semi-detached homes.
What are the pros of buying a townhouse?
There are many advantages to buying a townhome for sale. For example, by occupying a smaller footprint and sharing walls, townhouses are less expensive to build and, thus, more affordable than standalone houses. They can also provide a large amount of total living space on the many stacked levels and often include a basement and a garage. Generally, townhomes are part of a homeowner’s association, which usually takes care of outdoor area maintenance and covers services like waste management, pest control, etc. Being part of a townhouse development may also include access to shared amenities (such as a pool, exercise facilities, play areas for kids, etc.), which can give residents an excellent sense of community. While single family homes are generally in more secluded areas, townhomes are either in the city or on the border with the suburbs, usually in desired locations.
What are the cons of buying a townhouse?
There are also some downsides to buying a townhouse. As opposed to a condo, townhomes do include private outdoor spaces, but these are generally not that ample. Also, as part of the homeowner’s association, townhome owners are required to pay monthly fees and must adhere to specific rules and restrictions regarding building aesthetics, pet ownership, renting out the unit and visitors. Plus, even within a tight community, sharing walls with other people implies less privacy. Moreover, townhomes are vertical structures, which means you may have to take the stairs often. This can be troublesome for small children or residents with low mobility.
Is it worth investing in a townhouse?
Less pricey than single family homes and often requiring less maintenance, townhouses for sale are a great real estate investment if you’re on a budget and want to start building equity. Because there’s a lot of interest on the market for these types of homes, townhouses sell fast. However, due to easy replication and similar buildings always popping up, price appreciation — and, accordingly, resale values — can be reduced. Townhomes are popular among renters, too, so you might also consider renting out the property for a positive cash flow. Then, there’s the fix-and-flip strategy, which involves purchasing a townhouse, renovating it and putting it up for sale again. In this case (and assuming that you find a buyer quickly), you’ll own the townhome for a shorter period and avoid market volatility. Whatever route you decide to take as an investor, buying a townhouse for sale near your location will be a good move. It’s much more time- and cost-effective to manage a townhome for sale close by.
How many townhomes for sale are available in Chicago, IL?
On Point2, there are 222 townhouses for sale that you can choose from in Chicago, IL.
How much do townhomes for sale in Chicago, IL cost?
Prices for Chicago, IL townhouses range from $85,000 to $4,995,000.