The benefits of purchasing real estate are numerous. Talk about the security of owning a home and never paying apartment rent again, excellent return on investment, and building wealth. Most homeowners are stuck with monthly rent bills out of the lack of knowledge about affordable and convenient housing options.

Homeownership can be expensive. However, there are varying properties in the market that are functional yet do not cost an arm and a leg, such as township developments. And most of these come with perks such as escaping the chaotic urban lifestyle. New townhouse developments, for instance, are one of the most inexpensive homeownership plans. Still not convinced on why investing in new townhouse developments is a great idea? Let’s discuss some of the reasons why you should never let such an opportunity slide by.

But first, what are townhouse developments?

Townhouses are multi-dwelling properties where the houses are attached to each other. This means that the houses share walls with one or two neighbours. It is also one of the most preferred home ownership options. Townhouses are inexpensive, provide an escape to the chaotic urban lifestyle, and require less maintenance. They also have common amenities and create a community of homeowners.

What are the benefits of new townhouse developments?

1) Lower purchase costs

This is a major consideration for homebuyers. No one wants to spend their entire savings on house ownership that is not worth the cost. While it may not always be cheaper than a detached house, the cost of townhouse developments is cheaper than a detached house in the same neighbourhood and with similar updates and interiors. Why the lower purchase cost, you may ask? It is cheaper to construct properties that share walls compared to building them separately. And the costs saved are passed on to the purchaser. For persons who do not have or do not want to spend huge amounts to buy a house, a new townhouse development is not only an affordable choice but also one that should not be ignored.

2) Less maintenance

While some homebuyers do not mind the regular payment of extravagant maintenance costs, this is not the case for most. It would be pointless to keep remitting maintenance costs every so often. In the long run, these can take a chunk of savings! But with new townhouse developments, the cost of maintenance is specifically low due to:

New appliances- New townhouse developments are built with brand new and up-to-date appliances. These appliances take a long time before they break down or mandate repairs. Also, most come with factory warranties. This is a different case for old townhouses. The probability of buying a home today and replacing major appliances within a short time frame is high, hence why you should opt for new townhouse developments, such as those offered by Paradise developments.

Fewer repairs- Old homes may be cheaper. However, they come with a myriad of repair needs. It is not a surprise to start repairing and replacing hot water tanks, furnaces, washers, dishwashers, and air conditioning units. Most old homes also have poor plumbing and wiring work, which can be risky.

3) No need for regular updates

When you buy an old home, you cannot stop thinking about how much you hate that old countertop or the outdated ceiling. However, new townhouse developments come with modern aesthetic features and luxuries. For instance, you might be lucky to get a townhouse that has vaulted ceilings and big open rooms. And the modern construction designs, elegant modern floors, systems that use modern technology, and new appliances are just a few more factors that should convince you to purchase a new house in townhouse developments.

4) Great warranties

New townhouse developments come with warranties from the developer. As such, anything that goes wrong, so long it is covered under warranty should be sorted by the developer. This is a different case for old homes. However, it is important to check what coverage is provided before purchase.

5) Great neighbourhoods

Most new townhouse developments are located in great neighbourhoods. This is such a vital concern for most people, especially families. Talk about safety, access to essential amenities such as schools and playgrounds. Most of these facilities are hard to come by for people living in non-community centred standalone homes.

6) Designed for optimal living

New townhouse developments are built to provide tenants with a great standard of living. The houses are built in good communities that have access to great amenities, a reliable transport system, ease of accessibility, and security. Most developers factor in the accessibility to facilities such as grocery stores, shopping malls, schools, and restaurants, making them convenient.

7) Fewer restrictions

If you are used to apartment-living restrictions, you will love your stay in townhouse developments. New townhouse developments are enjoyed by young families, couples, and single people. They are also a perfect option for downsizers who are seeking affordable and low-maintenance homes in areas that are accessible.

Pro tips for investing in new townhouse developments

  • Do your research – If there are specific facilities that the preferred townhouse development must have, always do your research. For instance, issues such as the neighbourhood, child-friendly facilities, security, and the availability of transport facilities are some factors that should not be ignored.
  • Always buy townhouses from a reputable developer – When searching for a townhouse, you will come across many options. You have to check the reputation of the developer, lest you start experiencing issues as soon as you settle in your newly owned home. You can check for reviews from people who already live in the property and be sure to opt for reputable new townhouse developers such as Paradise developments.
  • Opt for reasonably priced townhouses – Townhouses are a great investment. However, you want to ensure that you choose one that is reasonably priced or one that is within your budget range. Luckily, there are a variety of options in the market.
  • Check the warranty provided by the developer– Different developers issue varying warranty periods. It is important to check the warranty period and what is provided.
  • Carry out a home inspection– Be sure to address any issues before committing to buy the property