Why Buy a Memphis Townhome

If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, townhomes and condos could be a great alternative for you. Below are reasons: Why Buy a Memphis Townhome.

Downtown Memphis Townhome

Reasons To Buy a Memphis Townhome or Condo.

Options That Fit Your Budget

Lack of Homes are a reality across the board in today’s housing market. Broadening your home search to include townhomes and condos could increase your overall pool of options. Just keep in mind, they differ from single-family homes in average space and floorplans.

In a recent articleBankrate covers some of these differences:

“ Generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”

But if the size meets your needs, they could match your budget as well. Data from the National Association of Realtors (NAR) shows the difference in the median price for both housing types. For single-family homes, the median price is $363,800. And for townhomes and condominiums, the median price is lower at $305,400.

So, if budget is top of mind for you, they could be a great fit within your target price range.

Not to mention, buying a townhomes or a condo is a great way to break into the market and start building equity that can help power a future move up. The home purchase today may not be your forever home, but it can be a great step toward buying your dream home later.

Find Out if Townhome or Condo Living Is Right for You 

In addition, Townhomes and Condos mat be more plentiful Downtown Memphis. And owning and living in a smaller space in Downtown Memphis is also a lifestyle choice. While it’s true they may be smaller than single-family homes, the amenities could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance, and more time for you to spend doing the things you enjoy.

To understand if that life is for you, Bankrate recommends asking yourself a few simple questions:

“Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? . . . 

Ultimately, talking with an expert real estate advisor is the best first step to determining if condo living might work for you. So, contact us MB Realty in Memphis

Bottom Line

Townhomes and condos are a great option for many buyers, especially those looking to buy their first home. If you’re willing to broaden your home search, you could find something that’s in line with your finances and your needs. To learn more, let’s connect so you have an expert in the condo-buying process on your side.

Published by Brian Stitzinger

Memphis Tennessee Real Estate Broker, Owner/Agent for MB Realty. Memphis Realtor.

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