Is Renting a Townhouse Right for You?
If you have lived in Colorado Springs for a few years, it may come as no surprise that the average cost of rent has risen 27.41% since 2015. But is renting a townhouse the right housing option for you?
Though a booming job and housing market offers certain benefits to the Colorado Springs community, the increase in housing costs makes renting a single-family home less realistic for many, including young professionals and single-income households.
As you examine your budget and weigh housing options, you may find yourself wondering if a townhouse or condo is a better option for your lifestyle and financial situation.
On average, renting a townhouse is 16-17% less expensive than renting a single-family home, while offering some of the same amenities. townhouses do require some sacrifices in terms of autonomy and privacy, however, so make sure it is a good fit for you before signing a lease
Why Consider a Townhouse?
In addition to their affordability, townhouses require less upkeep than a traditional single-family home. If you dread lawn maintenance and repainting your home’s exterior every 5-10 years, buying or renting a townhouse may be a great investment.
The HOA in these communities are responsible for all exterior maintenance, including snow removal in the winter. Shoveling your driveway and walk after a Colorado snowstorm is essential for avoiding slick and hazardous surfaces, but it can also be a chilly and physically taxing chore.
Townhouses also offer advantages over a traditional apartment unit or condo. Though not as private as a single-family home, townhouses typically have private entrances, eliminating the shared hallways of an apartment complex.
Most townhouses are narrow two-story structures, meaning that you would have neighbors on either side of you, but none above or below. This layout decreases the likelihood that you will hear your neighbors through shared walls and vice versa.
In most communities, each townhouse has its own in-unit laundry, rather than the communal laundry areas popular in apartment complexes. This feature, in addition to the small private yards that exist in most townhouse communities, results in a more house-like feel than most multi-family structures. For a more detailed comparison of apartments or condos and townhouses, read “Condos vs. Townhouses—What’s the difference?”
Despite the more private nature of a townhouse, you will still be living in relatively close proximity to your neighbors and utilizing many of the same common areas, so it may be worth thinking about whether you would enjoy the social element of a townhouse community.
If you prefer to keep to yourself and can afford a single-family home, that may be a better option.
Townhouse Rules and Regulations
Living in a townhouse does require adhering to the covenants and by-laws of that community which are enforced by the HOA. These rules vary greatly from community to community, but may include noise restrictions, rules about parking, and regulations regarding the external appearance of the townhouse.
Though these rules are designed to preserve the appearance and desirability of the community, some individuals may find the covenants restrictive.
If you are considering renting in a particular community, ask the landlord, previous tenant, or the HOA for a copy of the community’s governing documents.
Many HOAs enforce quiet hours at night, and some may also have ordinances regarding acceptable noise levels during the day.
Though you may have a one-car garage attached to your townhouse, many communities use carports or street parking. Parking regulations will determine where you can park and what types of vehicles are allowed. The HOA may also enforce a parking lot speed limit.
In addition to leash laws and restrictions on the number of pets per unit, HOAs often enforce breed or weight restrictions. The most common restrictions are placed on dogs over 50 pounds or “potentially dangerous” breeds, such as Pit Bull or Staffordshire Terriers, Dobermans, Rottweilers, and German Shepherds.
Other common rules deal with uniformity within the community. The HOA may have regulations regarding size and type of holiday decorations, as well as deadlines for removing the decorations. They may also prohibit landscaping or gardening in the front yard.
The Townhouse HOA
When you lease in an HOA community, you assume the owner’s responsibility for adhering to the community’s regulations. Most leases will pass the penalties for violations onto the tenant.
The only exception being if the owner (rather than the tenant) was responsible for the violation. These penalties typically include warnings or fines, but multiple violations can result in eviction for violating the terms of the lease, so make sure that you are willing to abide by the rules of the community before buying or renting.
Though an HOA fee may seem like an additional unnecessary expenditure, it covers several of the bills that you would normally be responsible for, such as trash removal, exterior maintenance (discussed earlier), and insurance coverage for the building’s exterior.
Your HOA fees may cover additional amenities, such as a community clubhouse, pool, or gym, potentially saving you money on a gym membership or fitness subscription in addition to offering more opportunities to build community with your neighbors.
How to Begin Your Search
If you are an avid gardener, value seclusion, or like the freedom to leave your Christmas lights up through March, a townhouse may not be right for you. For the right individual or family, however, these inconveniences are made up for by the affordability, community, and lack of exterior maintenance townhouses offer.
If the amenities and lifestyle of townhouse living appeal to you, check out our townhouse listings online. Before signing your lease, remember to talk to prospective neighbors and check out the community’s governing documents to make sure it is a good fit for you. Springs Homes would love to help you find the perfect community, so please contact us if you have any questions or want to schedule a showing.