Townhouses are a staple in Chicago’s urban residential neighborhoods. Also known as row homes or attached homes, they are commonly regarded as the middle ground between a condo and a single-family home.
Why should you consider a townhouse for your next Chicago home buy? Consider these points:
A townhouse is a practical upgrade from a condo or rental apartment
Save for penthouse units and luxury lofts, a townhouse gives real estate buyers more square footage than the average condo. Townhomes typically have two to three levels, all of which are exclusively owned by the unit owner. This gives you more living space to enjoy and more room for storage – including parking for your car.
Townhouse owners get larger outdoor spaces than what a condo complex typically offers. In Chicago, most townhomes have roof deck areas that provide an excellent complement to the indoor living spaces. These outdoor spaces are enough to accommodate a personal garden or a relaxing patio.
Townhome neighbors look out for each other
The structural design of townhouses also creates a strong social environment. It’s easier to form close ties with your neighbor because of frequent and close-quarters interaction. With you and your fellow owners living near each other, you share a mutual interest in watching over the property.
Townhouse unit owners can use shared amenities
Some townhouse complexes include common areas and facilities. Some have gyms, pools, and event halls that are available for use by unit owners.
A townhouse can offer more real estate ownership interest
Like a condo, a townhouse is a cost-effective way to buy into a coveted and competitive real estate market, which is the case for Chicago land neighborhoods. But there is one key difference you should consider: land ownership.
Two forms of property ownership apply to Chicago townhouses: condominium ownership and fee simple ownership.
Under typical condo ownership terms, townhouse owners only own their portion of the townhouse building or complex.
Building exteriors and common areas like lobbies and courtyards are owned by the homeowners’ association (HOA). The HOA has the primary responsibility of maintaining these portions, although individual owners contribute through regular HOA fees.
Fee simple ownership means owning your townhouse property to the fullest extent, subject only to local zoning laws and other similar restrictions.
As a fee simple property owner, you are fully responsible for the maintenance of your entire home, both inside and out. Then again, yyou gain two key benefits from this degree of ownership:
- Fewer usage restrictions
Owning the property in its entirety allows you to maximize it more freely. For instance, you can enjoy grilling or doing garden work in your townhouse yard, whereas condo building restrictions typically restrict such activities.
- Better resale value
Because you own land, you can gain additional value from its gradual appreciation over time. This means you can recoup more for what you invested in the property, as long as you time your sale right.
In addition, townhomes are a rare commodity in the Chicago housing market, so owning one may create lucrative resale opportunities over time. Learn more about townhomes for sale in Chicago from Cain Chicago Residential. Call 773.818.9005 or send an email to GeorgeCain(at)CainChicago(dotted)com to find the best real estate opportunities in Chicago’s North Side communities today.