It should be obvious by now that Colorado has become one of the largest growing housing markets in the United States. In one year, 2014-15, the Denver area itself gained over 100,000 new residents. To meet this growth demand, most construction companies have set house building aside for more popular Townhomes. These smaller houses have started to become the mainstay of Colorado sub-urban living for many reasons and although there are few downsides, the benefits have made Townhomes the most popular choice for Colorado residents. If you have been thinking about becoming a Townhome owner, here are a few pros and cons to help in your decision.
Townhome Home Owner Associations
Home Owner’s Associations have been the norm for many residential areas for both houses and Townhome developments. For a townhome owner, an HOA usually provides outdoor maintenance for the entire complex rather than individual homes. This means that the owner is spared the expense of a lawn mower, paint brush, and snow shovel since most HOAs focus on keeping the outward look of the complex pleasant. Unfortunately, some HOA fee are rather exorbitant and provide very minimal services and the owner may not feel they are getting the best bang for their buck. Check the condition of the building exteriors before you buy.
Parking
A garage may be an obvious bonus of having a house over a Townhome, however, since most Townhome developments integrate either a dedicated parking structure or individual off-building garages, the point becomes rather moot. Unfortunately, space in these areas usually involves and additional monthly payment to the HOA but uncovered parking is always free.
Noise
Rare is the individual that actually likes hearing noisy neighbors through the wall. Since Townhomes are almost always connected by at least one wall, the next door screaming of small children will most likely disturb you from time to time. Visit the Townhome during the evening hours when neighbor families are home to get an accurate feeling for what king of decibel levels you’ll have to contend with.
Townhome Amenities
As a matter of course, Townhome complexes install community areas for their residents. Swimming pools, small playground areas, tennis courts, exercise rooms, and clubhouses are the norm. These communal amenities provide residents a sense of community and provide outdoor areas for parties or BBQs.
Safety In Numbers
A major benefit to a more populated area is that there is more local foot traffic. This means that there are more eyes on the parking lot and the surrounding area which makes it exponentially more difficult for thieves and other criminals. Although many residents may not know the names of their neighbors, they are at least familiar with local faces and are alert to wandering strangers.
Creating a Secondary Income
If, eventually, you do move on to a larger house, a Townhome can become a great source of secondary income as a rental property especially with the rate at which Colorado rental prices are rising. Homes that used to only pay the monthly mortgage and HOA fees are now going for two or three times the value of a mortgage payment.
Feel free to call True Performance Real Estate today and ask any questions you might have about buying a Townhome in Colorado.
Call: 303-317-6311