People frequently ask me which has a lower cost of ownership: townhouse or single family. The question is a good one and not an easy one to answer since it depends on the specific properties involved and your lifestyle. To show you how I would compare such properties, I choose two properties in one community; one a single family and one a townhouse. Here is a summary of the two properties:
| Type of Home | Single Family | Townhouse |
|---|---|---|
| Asking Price | $193,500 |
$183,000 |
| $/SqFt | $163 |
$180 |
| SqFt | 1,188 |
1,021 |
| Total HOA Fees/Mo | $35 |
$205 |
| Insurance/Mo | $41 |
$16 |
| Paid Yard Service | $70 |
Provided by HOA |
| Exterior maintenance cost/Mo | $25 |
Provided by HOA |
| Water cost for lawn & plants | $50 |
Provided by HOA |
| Total monthly fees | $221 |
$231 |
The costs for several monthly items listed above are complete guesses and might not apply to you. For example, if you chose to do your own yard work, the entire picture would change since you would spend $20 or $30 a month for a lawnmower, gas, fertilizer, etc. However, when you need a new roof or other expensive external repair, then a townhouse is a clear winner since such repairs are paid for by the association.
The factors that would drive my decision whether to purchase a single family home or a townhouse are the following:
In summary, I believe that lifestyle more that cost of ownership should drive your decision whether to choose a single family or a townhouse.
Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.
...Eric
Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
Email: EricFernwood@gmail.com
Website: www.EricFernwood.com
Investment Blog: Blog
YouTube Channel: YouTube Channel
Cell: 702-358-8884
Fax: 702-202-2020
© 2010, 2011 Eric Fernwood. All rights reserved.