When it comes to downsizing, one of the more important decisions you will make is whether to opt for a single-family home or town home. Both options have their advantages and disadvantages, and the right choice for you will depend on your personal preferences, lifestyle, and budget. Here we will explore the key differences between single-family homes and town homes, and provide tips to help you decide which option is best for you.
What is a single family home?
A single family home is a standalone residence. It typically sits on its own lot, and the homeowner is responsible for maintaining both the house and the yard. Single-family homes are often larger than townhomes, and offer more privacy and outdoor space. They are also can be more expensive than townhomes, and may require more maintenance and upkeep.
Some single family homes are in an association, who may take care of common areas and signage. In this case the association fee may be a small annual fee vs a monthly fee.
Pros of Single Family Homes:
- Privacy: Single-family homes may offer more privacy than townhomes. You don’t have to share walls with your neighbors, and you have more control over your outdoor space. This can be especially important if you have children or pets, if you enjoy entertaining or you have a camper or trailer you want to store in your yard.
- Outdoor Space: Single-family homes typically come with a yard, which is great if you enjoy spending time outside. You can plant a garden, host barbecues, add a shed, or simply relax in your own private space. This is especially important if you live in a city or urban area, where outdoor space is at a premium.
- Customization: With a single-family home, you have more control over the design and layout of your living space. You can choose your own exterior paint colors and fixtures, and you can make changes to your home over time as your needs and preferences evolve such as adding an addition.
Cons of Single-Family Homes:
- Cost: Single-family homes are typically more expensive than townhomes. This is because you’re paying for a larger lot, and you do not share a wall with another home. You’ll also have to pay for maintenance and upkeep, which can add up over time.
- Maintenance: With a single-family home, you’re responsible for maintaining both the house and the yard. This can be time-consuming and expensive, especially if you’re not handy or if you don’t have the right tools and equipment and need to hire professionals for snow removal and lawn care.
- Location: Single-family homes are often located in suburban or rural areas, which can be a disadvantage if you prefer to be close to the action. If you enjoy dining out, going to the theater, or attending sporting events, you may find yourself spending more time driving.
What is a Townhome?
A townhome is a type of housing that is usually attached to one or more neighboring units. They typically offer less outdoor space than single-family homes, and the homeowner is responsible for maintaining only the interior of the unit.
Pros of Townhomes:
- Affordability: Townhomes are often less expensive than single-family homes. This is because you’re sharing walls with your neighbors, which reduces the cost of construction.
- Low Maintenance: With a townhome, you’re usually responsible only for maintaining the interior of the unit. This can be a big advantage if you don’t have a lot of time or if you’re not handy. You’ll also save money on maintenance and upkeep, as you won’t have to hire landscapers or pay for most exterior repairs.
- Amenities: Townhomes associations may have amenities such as a pool or party room, and access to walking paths or trails. You may be closer to restaurants, shopping, and entertainment, and you may be able to walk or bike to many of these destinations.
Cons of Townhomes:
- Shared Walls: Townhomes are attached to neighboring units, which means you’ll be sharing walls with your neighbors. Although modern townhomes are well insulated, it still can result in noise and privacy issues, and you’ll need to be respectful of your neighbors’ schedules and habits.
- Limited Outdoor Space: Townhomes typically offer less outdoor space than single-family homes. You may have a small patio or deck, but you won’t have a yard to enjoy. This can be a disadvantage if you enjoy spending time outside or if you have children or pets.
- Less Customization: With a townhome, you’ll have less control over the design and layout of your living space. You’ll be limited to the finishes and fixtures that were chosen by the builder, and you may not be able to make significant changes to your home without approval from the homeowners association.
Detached Townhomes – The Middle Ground.
Probably the hottest style one level home right now in the Twin Cities is the Detached Townhome. This style of townhome gives you a little more freedom and privacy than an attached townhome – although you will still pay an association fee and need to abide by the association rules. You may have more yard space, while still having the association take care of your lawncare and snow removal. There are also models with basements and 3 car garages!
The association fee for a detached townhome is usually a less expensive monthly fee, less because you will have your own homeowners insurance that covers only your home, vs paying insurance in your association fee because it helps to cover the entire structure holding all of the attached homes.
How to Decide Between a Single-Family Home and Town Home
When deciding between a single-family home and a townhome, there are several factors to consider:
- Lifestyle: Think about your lifestyle and what’s important to you. Do you value privacy and outdoor space, or are you willing to sacrifice those things for a more affordable home in a convenient location? Do you have a camper or trailer you need to store?
- Budget: Consider your budget and what you can realistically afford. Keep in mind that single-family homes are typically more expensive than townhomes, and that you’ll need to factor in maintenance and upkeep costs as well.
- Location: Think about where you want to live and what’s important to you in terms of proximity to work, school, and other amenities. Townhomes are often located in more urban areas, while single-family homes are more common in suburban and rural areas. Read here about choosing the right location.
- Future Plans: Consider your future plans and how your housing needs may change over time. If you’re planning to get a dog, for example, you may want to opt for a single-family home with a yard.
- HOA: If you’re considering a townhome, make sure you understand the rules and regulations of the homeowners association (HOA). The HOA may have restrictions on things like parking, noise, and exterior modifications, so be sure to review the bylaws carefully. When you buy a townhome in MN you will have 10 days to review the association docs to ensure you agree with the rules before committing to the home.
Ultimately, the decision between a single-family home and a townhome comes down to your personal preferences and priorities. Take the time to explore both options and weigh the pros and cons before making a final decision. With the right research and planning, you can find a home that meets your needs and fits your budget, whether it’s a spacious single-family home or a convenient townhome in the heart of the city. Contact us for more information – we can show you both types of homes to help you decide.
