Chicago Townhouse vs. Single-Family Home: Pros & Cons

There are several possibilities available to buyers when it comes to searching for and investing in either a Chicago townhouse or a single-family home. Conditional to your individual choices, lifestyle, and needs, each housing option comes with different pros and cons.

This article aims to shed more light on each investment option to help you decide your best fit.

Deciding between Purchasing a Chicago Townhouse Versus a Single-Family Home

One of the major decisions Chicago homebuyers face is deciding between buying a townhouse or a single-family home.

To better help your decision making as a buyer, you might want to ask yourself the following questions:

·       How long do you plan to live in your new home?

·       Would there be some life changes you might need to accommodate in your new home in the near future?

·       Would privacy be a concern?

·       How much is the difference in the monthly rents between a Chicago townhouse and a single-family home?

It is pertinent that homebuyers evaluate the pros and cons of buying a Chicago townhouse vs a Chicago single-family home.

Comparing a Chicago Townhouse vs. a Single-Family Home

Chicago Townhouse

Cheap: Usually, a townhouse costs less. Many buyers find this appealing just because a lesser price implies lesser down and monthly payments. However, this is largely dependent on the market you’re purchasing from, the economic climate, and the location.

Location: The densely packed population of townhouses means that they are usually built around convenient locations. They are often situated closer to amenities, job opportunities, and desired activities. Living in a townhouse is suited for people in search of all the fun and excitement that accompanies living in a city. They usually don’t have to travel too far to enjoy all the benefits that the area has to offer.

Lesser Maintenance: This is one of the reasons why buyers prefer buying a townhouse over a single-family home. Most repairs and maintenance (especially outdoor) are done by the HOA and not the residents. While homeowners are accountable for the interior, everything outdoor is left to the HOA. This means you have more money and free time to enjoy other activities.

Community Association: Single-family homeowners usually stay somewhat distant from one and another, and most often than not, they don’t know their neighbors. However, those living in townhouses tend to establish a sense of community. After all, you share the same grounds and walls with your neighbors. Being situated in a Chicago townhouse community allows for extra opportunities to develop community bonds. Equally, townhouses generally tend to attract people with similar backgrounds, lifestyles, and interests. This makes social networking more possible.

Chicago Single-Family Home

Land and Layout: Owning real estate means owning land. This is not something possible with a townhouse. But, owning a single-family home means you own the property the building sits on. Even though it is your responsibility to maintain the property, it also means that you can exactly do anything you want on your land. For example, you can build a pool in the garden, fence your property, build a fire pit for parties, and so on.

Personalized Appearance: For single-family homeowners who are not bound by strict HOA regulations, you can customize your home to appear however you want. Unlike townhouses that impose strict uniformity. You can choose to paint your single-family house in any color you prefer, install a funky mailbox, fit birdbaths, lay complex flowerbeds, and so on.

Room to Grow: Since you are the owner of the land your building sits on; this means that you have enough room to grow and expand. Your home might need to expand as your family expands. As the homeowner, you can make structural changes and build add-ons as dim fit (within the local regulations and laws, expectedly). You have the freedom to do whatever you so please; whether it is adding a sunroom, or building a deck in the courtyard, or knocking down a wall to open up more space.

Easier to Resell: Single-family homes are easier to sell when compared with townhouses. Regardless of the market situation, single-family homes always have the tendency to be more liquid.

Pros and Cons of Renting a Chicago Townhouse vs. a Single-Family Home

Before deciding, ensure that you understand the pros and cons of renting a townhouse versus a single-family home in Chicago.

Pros

More space: Townhouses are perfect if you want to expand your space without wanting to commit to a single-family home. It is not uncommon to find balconies, small yards, garages, and patios in townhouse communities.

Great Amenities Available: Townhouses usually have great amenities as they are essentially a portion of large development. Similar to apartment complexes, these developments usually feature swimming pools, fitness centers, and other chic amenities.

Cheaper than buying a single-family home: Buying or renting a townhouse is usually less expensive when compared to the cost of buying or renting a single-family home.

Centrally Located: Townhouses are usually situated in locations that are convenient and central to basic amenities and institutions – such as schools, entertainment, dining, and shopping.

Cons

Less Privacy: The owners have less privacy because townhouses are usually built such that at least one wall of each structure shares a boundary with another property. There is a big chance that the noise coming from the home of an adjacent neighbor will permeate the walls of the next-door property. This makes townhouses less private than single-family homes. It is a must to share yards, amenities, and walls with your neighbors.

HOA Fees and Restrictions: The development of a townhouse is reliant on HOA fees. These fees are used to regularly maintain and landscape the common areas. Equally, there may be some HOA rules and regulations that owners might find limiting. Such rules may include noise levels, landscaping, design changes, exterior decorations and storage, and so on.

Resale Value: In terms of expenses, a townhouse is a cheap option for new families. However, as the family begins to grow, a bigger home would be needed. Townhouses usually fail to appreciate in value. Thus, townhouse owners might experience setbacks in their investment potential when reselling.

Which Option is Better for Me, a Chicago Townhouse or a Chicago Single-Family Home?

Both townhouses and single-family homes come with numerous benefits. In the end, choosing the right property comes down to your lifestyle choices and responsibilities. Each option is personalized, and only you can tell which one best matches your present and future needs.

They both represent solid choices for people seeking to rent homes. It is essential to focus on what is important to you. If you consider having more space to spread out in a serene environment with great amenities as important to your comfort, then buying a townhouse would be a great choice.

However, if privacy is a major concern for you and you like to have the freedom to do as you please on your property, then consider buying a single-family home.

In conclusion, whichever option you go with, make sure you are familiar with your neighborhood before committing. Take time to discuss with a few neighbors before signing a lease. The environment and your potential new lifestyle will assist you in deciding whether you have found your new home.