Are you wanting to live in a home owned by you? Does this seem like a ridiculous dream for some reason? There are a number of reasons why people might shy away from purchasing a home of their very own. This results in people who continue to rent for a long time past when they could have been buying a home. One option that you might not have considered but that might be right for you is to purchase a condo or townhome. There are a number of advantages to this choice, some of which you might not yet have considered. A few of these include:
Less work: With a townhome, you pay a monthly fee for the maintenance and upkeep of the property and the surrounding grounds. If you are busy or you just don't want to deal with things like mowing lawns or trimming shrubs, this can be a great way to have an attractive home without having to put in as much work. You'll still be responsible for whatever goes on inside of your townhome, so you can redecorate, repaint, and remodel the inside as much as you like. Unlike apartments, you aren't going to have to worry about hanging up a picture because nobody will care if you put holes in the walls.
Good value: Traditionally, townhomes get a bad reputation because they're not worth as much as single-family homes. While this is partially true, you are still building equity in a property while typically paying less than you would if you were simply renting. If you decide that you want a single-family home in the future, you can sell your townhome and use the equity that you've built up as a down payment on your new home. If you like where you're living, you can continue to stay there, paying less and less money relative to your income than you would if you had kept living in an apartment.
Variety: Depending on where you are, townhomes can come in a variety of shapes and sizes. You can find places with just one bedroom or with three or four bedrooms. There are properties that are not unlike individual houses clustered together or ones that are all together in an apartment-like building. No matter which layout or configuration you prefer, you're going to find an option that will work for the needs of you and your family.