Should You Buy A Townhome As Your Retirement Home? Things To Consider

Real Estate Blog

If you're retiring, your kids are all moved out, and it's only you and your significant other in the home – now is a great time to consider downsizing to a smaller home, like a townhome. What makes townhomes different from other homes on the market? Why consider townhomes for sale as part of your retirement plan? Use this guide to help, so you pick the best property for your needs. Your real estate agent will help you get the right property for your needs, so make the most of your investment.

Townhomes Versus Single Family Homes

What makes townhomes different than traditional single family homes? Single family homes sit on their own land and have no other dwellings attached to them. Townhomes, however, do have shared walls. When you look at townhomes for sale, you'll see that these properties are usually lined up with two or more townhomes sharing walls. Not to be confused with condos, which are dwellings that also have wall-sharing neighbors, townhomes come with their own small parcel of land that the owner is responsible for caring for.

If you want to have a home you can call your own, while still having a small yard, but you don't want to commit to a single family home, then townhomes are right for you. You may have some fees and regulations to consider when buying townhomes for sale, which are things your real estate agent can help you with.

Townhomes as Part of Your Retirement Plan

Townhomes are often located in bustling or more convenient parts of town, similar to how apartments and condos are located. This means you can downsize from your traditional home to a townhome and feel like you are closer to amenities of the town, such as nearby restaurants, stores, and even bus stops.

Townhomes are also traditionally cheaper than single family homes, which means even if you aren't into downsizing your living space, you can still downsize your mortgage payment and put your money to good use. As a retirement plan, living in townhomes is a great idea because you have immediate neighbors for company, a smaller yard to care for, and still more privacy than you'd get in a more traditional retirement community or an apartment.

For more information, speak to your real estate agent about your budget and any concerns you have about buying townhomes. This can help you become more prepared for the transition and make it much easier to choose the right property for your needs.


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