If you are relocating to Dallas you will be required to make a number of decisions in your home-buying journey - from selecting a Dallas neighborhood to buy your first home to deciding whether you should hire a real estate agent. To make your Dallas home-buying endeavor a bit less stressful, I have written this article that will provide you a brief overview of what kind of home will suit your lifestyle better — a townhouse or a detached home.
Townhouse vs. Detached Home — What’s the Difference?
To make a decision regarding what kind of home you should buy in Dallas real estate market, you should first know the fundamental differences between a townhouse and a detached home. Townhouses are built in a row and each townhouse shares at least one wall with an adjacent townhouse. Detached homes, on the other hand, do not share walls with any other home. Detached homes are also more commonly referred to as Single Family Residences (SFR). As a result, they are more spacious than townhouses and usually have a small yard as well.
Townhouse vs. Detached Home — Budgetary Considerations
If you a small home-buying budget, a townhouse will suit you better as they are significantly lower in price than detached homes. The reason behind this is the larger area of detached homes and also the greater sense of privacy that comes with living in a home that’s detached from neighboring residences. However, since Dallas real estate market has a very diverse housing inventory, you should be able to find a detached home in your housing budget as well. In Dallas, average selling price for a single family home is $410,000 whereas the average selling price for a townhouse is $336,000 in September 2017.
Townhouse vs. Detached Home — Maintenance Needs
If you have a hectic work schedule, you may want to buy a townhouse over a detached home in Dallas real estate market. Since a townhouse has a smaller yard as compared to a detached home, mowing the lawn or maintaining your yard should not take a lot of your time. In addition, a lot of home owner associations (HOAs) for townhouses will take care of yard maintenance.
Townhouse vs. Detached Home — Resale Value
Resale value is an important factor to consider in all kinds of real estate transaction. Whether you plan to move into a new home after a couple of years or you plan to live in your new home for a long time, it is important that you make a real estate decision that offers you a good ROI. Since detached homes experience better price appreciation than townhouses, you may want to choose them. This is particularly important to consider if you are planning to buy a condo townhouse. Owners of condo townhouses