It’s no secret that buying a home has gotten pretty expensive. Okay, maybe “pretty” doesn’t exactly cover it…
That’s why lots of hopeful buyers just like you are getting creative! One method they’re turning to more and more? Purchasing attached homes instead of the traditional, white-picket-fence-style single-family home.
In fact, in 2022, attached homes like townhouses made up a sizable 13% of new home construction starts. That’s a 38% increase from the previous year!
And that demand hasn’t halted, as more and more Americans are realizing that an attached home could be the answer to their prayers.
Curiosity piqued? Let’s dive into the definition of an attached home, a few of the potential pros and cons, and how one might just fit into your path to homeownership.
So, first things first: what exactly is an attached home?
Attached homes are in contrast to single-family homes, which usually sit alone on a lot. They’re also fundamentally different than multi-family homes, like condos, because they don’t have units above or below them.
Owning an attached home like a duplex or a townhouse certainly may not be for everyone. Like any property type, these homes come with their fair share of unique potential pros and cons.
Let’s explore a few together:
A few of the biggest potential benefits of buying an attached home include:
On the other hand, a few of the biggest potential drawbacks when buying an attached home include:
So, does a duplex or townhouse sound like the perfect fit? Whether it’s the lower price point or the built-in community, for first-time buyers, attached homes may be worth at least a look.
Here are the steps we recommend you take when considering purchasing an attached home:
As more and more Americans struggle with housing affordability, creative options like attached homes are becoming all the more attractive.
If you’re ready to become a homeowner, but a single-family home doesn’t seem quite within reach, don’t give up just yet. An attached home, like a duplex or a townhouse, just might be the perfect fit.
Happy hunting!
Mortgage Loan Originator
Motto Mortgage | NMLS: 1219424
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