Written by Barkley Rickman
Homeownership is the largest financial investment that many of us will make in our lifetimes, yet the dream may not be as elusive as you think. With the reemergence of activity in Downtown Greenville, South Carolina and the renewed desire to live in and around the vicinity, owning a townhome is certainly worth exploring. Buying Greenville sc townhomes in this current market as opposed to renting an apartment comes with many perks and might be the right fit for you.
Who Should Buy A Townhome?
The perfect candidate for a townhome is someone who desires a property with a smaller footprint than a single-family home, a smaller yard, prefers less maintenance (especially exterior), and enjoys the interaction of a community.
It is important to consider the length of time you plan on remaining in the area. A townhome is best for those who are planning to live in their home for a few years and are not expecting any major lifestyle changes in the near future. If you need to relocate or need a larger living space, an apartment might be more suitable.
Before buying a townhome in the downtown area, you should assess your financial situation and determine if you have enough resources to cover down payment and any closing costs. There are options available to support first-time homebuyers, but do your research and know what to expect.
Having a stable income is a must for both rentals and ownerships. Any trusted lender will know what you can qualify for. With interest rates still at or near historic lows, you might be surprised how far your dollar will go.
Pros Of Owning A Townhome
The biggest benefit of owning a townhome is that it allows you to build wealth over time. Because of the rising rental cost and cost of living, there are now similarities in a mortgage payment and a rent check. However, the rent check goes into the pocket of a landlord and you will never see a return.
By owning a townhome, each monthly payment towards your loan will result in increased equity in your investment especially given the current and steady rise in home values. This allows you to strengthen your credit portfolio and take advantage of tax benefits that renting would not provide.
Owning a townhome provides a cozy and personalized space similar to a single-family residence but leaves you with far fewer obligations. It comes with less maintenance than a house and affords more privacy than a typical apartment. Although most townhome developments require a monthly Homeowners Association (HOA) fee, the amenities are something to consider as well. Many developments now include a pool, common areas, and lawn, and designated parking.
Ultimately, the decision to buy a townhome or rent an apartment resides with you and your lifestyle. As residential experts, The Parker Group can provide insight and guide you to the best possible options regarding Greenville townhomes for sale as well as apartments. We have our pulse on the real estate market in the urban area of the Upstate, especially when it comes to the benefits of urban living. Our team prides itself on providing the exceptional service that our clients have come to expect.
If you are curious about residential options or would you like to speak to one of our residential experts, visit The Parker Group. The current real estate market is full of options and endless opportunities, we can help find the right fit for you.
About the Author:
Barkley Rickman is a REALTOR® and Residential Sales Associate for The Parker Group. He has lived in Greenville SC most of his life and now shares his pride for Greenville with others by helping them find a place to call home. Learn more about Barkley here.