Considering buying a townhome in Nashville, but not sure if it’s right for you? There are many misconceptions about what a townhome is. Townhomes are unique in their ownership and structure—unlike a condo, where you only own the interior, with a townhome, you also own the land it sits on. The home usually comes with multiple floors, making it much more “homelike” than a condo or apartment.
How Is a Townhome Different Than a Single-Family Home?
Both single-family homes and townhomes can be part of a gated community and have an HOA, but the main difference is that single-family homes are free-standing. With a townhome, you share exterior walls and the roof with your neighbor.
Benefits of Buying a Townhome
Known for being cost-friendly for new home buyers, townhomes are also great for seniors and families. Let’s look at what makes them so great:
Affordability
Townhomes can often be more affordable than single-family homes. This makes purchasing a townhome an easier to step up from an apartment—while offering more ownership than a condo and a cheaper price than a single-family home. Beyond the cost of the home, property taxes are less, as they are divided among neighbors.
Lower Maintenance Costs
Thanks to HOAs, townhome buyers often don’t have to worry about lawn care, re-shingling, and other exterior repairs. Your monthly fee, which is less than a single-family home HOA, ensures your property is always properly cared for.
Community
When you purchase a townhome, you’ll become part of a community. With shared amenities like a pool, tennis courts, and walking paths, you’ll have plenty of opportunities to get to know your neighbors. Some communities also have clubhouses that you can rent out to host parties, so there’s always room for family and friends.
Security
Many townhome communities have a neighborhood watch, dedicated security, and/or a gated entrance. This gives homeowners peace of mind without forcing them to install their own security system or constantly worry if the kids are safe to play outdoors.
Along with the security from outside intruders, having neighbors so close by gives extra protection in case of fire or other disasters.
You’ll Own the Land
Unlike a condo—where the resident doesn’t own the land—when you buy a townhome, you’ll also own a piece of land, which often includes a patio or small lawn.
Have All The Space You Need
Apartments and condos can often feel cramped. With a townhome, you get a multi-floor floorplan that accommodates more storage and entertainment. Some homes come with outdoor space and a private garage, adding even more room.
What to Consider When Buying a Townhome
When deciding on a townhome, you will be joining a tight-knit community. As such, it is important you consider a few things when touring:
What is Your Budget?
No matter how amazing the location, amenities, or space, ultimately, you have a budget you need to work within. The good news is that townhomes are generally more affordable than single-family homes and with many different layouts you can find something that meets your style.
How Soundproof are the Walls?
A noisy neighbor can make a cozy home unbearable. Likewise, paper-thin walls can make almost anyone a “noisy neighbor.” As you tour the townhome, make sure to listen to see how much sound bleeds through the walls from nearby units. It’s also not a bad idea to scope out who your neighbors will be and ask members of the community if there are any sound complaints.
Check Out the Common Areas
When you buy a townhome, you are buying into a community—and the fees that go along with it. Make sure you understand what the fees are going toward, and what amenities you will have access to.
Know The HOA Rules
This is especially important to those who are looking to buy a townhome as an investment property, or for the occasional short-term rental, like AirBnb. As you look into a townhome, familiarize yourself with what the HOA rules are and what that will mean for you and your guests. There may be restrictions that not only prevent you from taking actions around your home, but decrease its potential resale value or marketability.
Why is Nashville a Great Place to Buy a Townhome?
Nashville has been a hotspot for music lovers and entertainers alike for many a year. A true mecca of culture and the arts, the “Music City” continues growing in population and offerings. Here are some of the reasons Nashville is the perfect place for a townhome.
Enjoy High-Quality Living
Pound for pound, Nashville has some of the best entertainment and dining in the world, but it comes at a fraction of the cost of other major cities. Along with saving on housing comparative to other large cities, in Nashville, you’ll also enjoy no state income tax, which makes your money go further.
Robust Economy
Looking for a longer-term move? Nashville’s economy has outperformed the US average for the past few years, showcasing higher wage growth and lower unemployment. A great job is just around the corner, no matter where your career takes you.
Investment Potential
With a staggering population growth of around 2% a year, Nashville offers prime real estate investment opportunities. Beyond the growth and a strong job market, tourism is at an all-time high. In fact, according to short-term rental data provider Airdna, Nashville offers a $66k annual revenue potential compared to the national average of $54k.
Get Outdoors
With plenty of green spaces and parks, running, fishing, hiking, and camping are accessible. Enjoy tranquil nature walks during the day then hit the town for live music and fine dining at night.
Best Neighborhoods for a Townhome in Nashville
Nashville has no shortage of amazing townhome communities. That’s why we at Harpeth Valley Homes, are proud to be creating luxury townhome communities close to all the action. Check out Nearwater Place in Hendersonville or Ridgecrest at Riverwalk in West Nashville. Ready to see what else we have to offer? Give us a call at 615-436-5854 or fill out our contact form to see our communities for yourself.
