J and I agree on all major life issues, but we try not to plan our lives away and simply take each day as it comes (a much easier task for him than me). A few weeks ago, however, we indulged in a little future dreaming. He asked me what my ideal financial time line would look like. We’re pretty open about our finances and discussed emergency funds and saving for retirement and getting his debt paid off and saving for a home and when kids would fit into the picture. (I know—serious talk, right?)
We stayed on the house topic for a while. I confess I’m slightly terrified of buying a house; one because I’m so ignorant of the house-buying process, and two because I’ve heard so many horror stories about young couples who get trapped in a home that they cannot afford. We both agreed that we don’t want to rush into anything and want to be financially prepared for home ownership.
Then he asked me whether I would want to purchase a townhome or a house. Honestly, I had never considered a townhome, but I’ve been thinking more about it. It would be a low-maintenance frugal first home. However, both of us would like to have kids one day and I’m not sure if I’d like to raise kids in a townhouse, so is it wise to buy a place that has an expiration date on it? But then again, perhaps it would be a good transitional home while we save for a real house. Hmm.
- low maintenance
- community amenities
- could rent it out to others
- limited space
- community fees
- could be difficult to sell
- little yard/garden area
What are your thoughts on owning a townhome vs. a single family home? Is owning a townhome a good investment? I’m not seriously considering it, but am interested in hearing others’ opinions on the topic.