Profile picture for SaranKhalid

Townhouse vs single family house

Ideally, i am looking to buy a single family house with a nice backyard, front yard and a garage. 
But due to higher prices and other reasons townhouses sound a more appropriate choice. 
I want suggestions from experts as well those who have had the experience of home buying. 

Is it a good idea to buy a townhouse now, pay it off in some years and then buy a nicer house or buy a single family house now since its price will be higher in the future anyway? Which is a smarter decision and why?
Will appreciate your time and effort. 

Thanks
  • July 15 2013 - Herndon
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Answers (5)

Do you mean to tell me, Katie Scarlett O'Hara, that Tara, that land doesn't mean anything to you? Why, land is the only thing in the world worth workin' for, worth fightin' for, worth dyin' for, because it's the only thing that lasts. - Gone with the Wind (1939)

Buy the land.
  • July 20 2013
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Profile picture for sunnyview
Single family is the better choice. They appreciate better, have prices rise first in a strong market and have better resale value overall historically. You are better off buying a small starter house (think basic 3/2) and moving up than trying to sell a townhome in a few years.
  • July 19 2013
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My husband and I bought our single family house just as the bubble was starting in 2001. It was a bit of a stretch for us at the time, but we are so glad we did. Not only do we not have to move again (which is a big expense itself and a pain to pack everything), but even if we had equity from a townhouse, the price of housing has increased significantly (nearly double what we paid). I don't think we would have ended up where we did had we waited. 

Ultimately, you need to weigh your own pros and cons and feel comfortable with your decision. A garage is definitely nice to have because of the weather, and it also can lower your car insurance costs (check with your car insurance company). A yard is wonderful if you have a dog and/or kids.

Good luck!
  • July 19 2013
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As you have said it all boils down to affordability! If you are comfortably qualified to purchase a single family home go for it...there is nothing like having a garage, especially in the cold months...and having a yard gives one a lot of satisfaction and pride. However, yards are fairly expensive to maintain in terms of money, time, labor. Make sure that after purchasing a single family home there is enough money left to furnish it. I sometimes see homes without adequate furniture! Town houses are easier to maintain, and one can have a deck, little back yard, garage, and do some of the outdoor stuff such as gardening and grilling there too.
My advice would be to get preapproved, then check out a town house as well as a single family home, and make sure you have enough money left to enjoy life after you purchase your home. It would not be fun to be cash strapped after purchasing a home!
  • July 17 2013
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My second house purchase was a townhouse, and I now use it as a rental and it does well. I did miss the yard, front and back however.
Everything is a trade off. The lower monthly payment and less upkeep seemed enticing, and it worked well as I lived in the townhouse for years.
Best wishes,
Jim

  • July 16 2013
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