According to ValuePenguin, the average American household spends 21% of their monthly budget on housing.
Because housing is such a large financial investment, choosing real estate that fits your individual needs is of the utmost importance.
Both townhomes and single-family homes offer their own unique set of benefits that could accommodate your preferences.
But what factors should you consider before deciding?
Read this comprehensive guide to learn about details such as:
- Price and affordability
- Maintenance levels
- And more!
What Is a Townhome?
A townhouse is a home that shares at least one exterior wall with another home. Townhomes are typically two to three stories tall and have their own yard, porch, and garage separate from other units.
Townhome communities often share amenities such as a gym, recreational building, pool, office space, outdoor cooking areas, and more.
Advantages of townhomes for rent
- Cost: Townhomes are typically more affordable than single-family homes. Utility bills in townhomes are also normally less expensive.
- Space: Townhomes for rent offer much more space than apartments. For example, floorplans at Timber Trails Townhomes in Antioch, Tennessee offer space as large as 1,255 square feet. The average square footage of an apartment in Nashville is 882 square feet as of February 2023, according to RentCafe.
- Sense of community: Because of their closer quarters and shared amenities, townhome neighborhoods often have a deep sense of community. Neighbors at The Villages at Forest View can often be seen enjoying the community clubhouse and two saltwater swimming pools on the property.
- Amenities: One of the biggest draws of townhome living is all the on-site amenities. Townhome residents can enjoy pools, gyms, outdoor cooking areas, and more — all without being responsible for expensive upkeep and tiresome maintenance.
Disadvantages of townhomes for rent
- Noise: Townhomes are often noisier than single-family home communities because of unit proximity to each other.
- Limited parking: While you will likely have an individual garage for your vehicle, you might run into limited parking when you have guests over. Some townhome communities only have a few guest spots available, which can quickly fill up.
- Limited customization: When you rent a townhome, your opportunity for customization, like redoing your bathroom or painting a room, is pretty limited. But if you choose to purchase a townhome in a community like Robinson Rowhouse Townhomes, you may be able to customize your property more to your liking.
What Is a Single-Family Home?
A single-family home is a freestanding residential building that is typically detached from other buildings and has its own yard and driveway.
Advantages of single-family homes
- More space than townhomes: While townhomes offer more space than apartments, single-family homes often offer much more space than townhomes. The average size of a single-family home in Tennessee is 2,157 square feet.
- Customization: When you purchase a single-family home, you are essentially buying a blank canvas that you can make all your own, within reason, of course. Customize your bathroom, add that awesome backsplash to your kitchen, or build that outdoor entertainment area you always wanted — the possibilities are endless.
- Return on investment: Because of Nashville’s thriving economy, job growth, and increasing population, buying a home in Nashville is a very sound investment. According to recent data from Norada Real Estate Investments, the Nashville real estate market is booming. As of April 2023, the average home value in Nashville stands at $428,541, which is up 1.6% since last year. Experts believe the Nashville real estate market will continue to grow, with a forecasted 5.3% increase in property value over the next year.
- Privacy: Single-family homes usually offer much more privacy than townhomes because there are no shared walls or adjacent buildings. If you purchase a single-family home, you won’t have to worry about playing your music too loud or having friends over for a late-night get-together; your space is your space.
Disadvantages of single-family homes
- Cost: Single-family homes cost substantially more than townhomes for rent, and it’s not just the initial down payment and monthly mortgage installments. When you own your own property, you will also have to cover costly insurance, property taxes, and the price of fixing anything that breaks.
- Maintenance: After purchasing a single-family home in Nashville, some of your weekends will likely be spent doing yard work or fixing a broken sink or stove every once and a while. You should also consider the costs of purchasing a lawn mower and other tools to keep your property in shape.
Townhomes for Rent in Nashville by HND Realty LLC
Deciding whether you’re more comfortable with townhomes or single-family homes is a challenging decision. Fortunately, the experienced team at HND Realty LLC can help you determine what type of property would best fit your unique needs.