It’s no secret that the Los Angeles housing market is one of the hottest real estate climates in California. Right now, some of the most exciting real estate deals can be found in Los Angeles townhomes, which are more affordable and easier to upkeep than single-family homes in the same neighborhoods. If you want to make your home investment wisely, you can trust Teresa Mack to help you find a townhome that meets all of your requirements.
How Much Do Los Angeles Townhomes Cost in 2021?
To be sure, buying any kind of property in Los Angeles is a pricey financial move – but it can also be a smart gamble, particularly because homes in the area continue to increase in value. Depending on the neighborhood you want to live in, the number of rooms and bathrooms you prefer, and your ideal square footage and lot size, the price of Los Angeles townhomes in 2021 has quite a bit of range.
At the lower end, you can expect to pay about $500,000 for a one-bedroom townhome with a square footage of around 1,000 to 1,200. These single-room townhomes tend to have one to two bathrooms and may have additional rooms to use office or recreation spaces. The lot sizes on these homes are generally between 1,200 and 3,000 acres, depending on the neighborhood, so you may even have the benefit of outdoor space.
On the higher end, and certainly, in neighborhoods closer to the beach, you can expect a townhome to cost somewhere between $1 million and $2 million. While some of these townhomes are one-bedroom properties, most of the higher-end townhouses are two-bedroom two-bathroom set-ups, many of them with bonus spaces. For most properties, the square footage is around 1,500 to 2,000 with lot sizes that are smaller than townhomes in other neighborhoods.
Condo vs Townhome vs Single-Family Home
For most people, a home is a home – but in the real estate market, there are differences between these home styles. Even though you will be taking out a mortgage on each of these properties, the purchase of any of these housing types should be made based on your lifestyle needs. For example, you can think of a condo as a step up from an apartment. Condos are generally in complexes like apartments but have more amenities in each individual unit. Instead of renting a unit from a landlord, you purchase the unit directly from the complex owner.
A townhome, on the other hand, is somewhere between a condo and a single-family home. A townhome is something like a rowhouse, where one or more walls on either side of your unit are attached to another townhome. You will have more privacy with a townhome than with a condo and you will have the benefit of yard space. The main difference between a condo and a townhome is that you will own the lot the property is on if you buy a townhouse.
A single-family home is what most people think of as the pinnacle of the American dream, although owning a single-family home is an outdated concept for many younger people. A single-family home typically has more rooms, square footage, and lot space. However, while you will have the benefit of more privacy with a single-family home, the price of these properties in the Los Angeles housing market is typically incredibly high – and you may not even want to be responsible for that much space, inside or outside the home.
Why Should You Buy a Townhome?
Los Angeles townhomes are becoming more popular each day, and for good reason. There are several advantages to owning one of these properties, such as the fact that a townhome is a good starter home for young people or can be an ideal property for people who are retired. In general, townhomes offer better affordability than traditional single-family homes. You can buy a similar amount of rooms and square footage with a townhome but at the fraction of the price of a single-family home.
Townhomes also offer more ownership, which means you have some control over what the interior and exterior of the home will look like. Although you may need to comply with some HOA regulations, you will also be able to change the exterior to match your personal style. And speaking of the HOA, many townhome communities also include ground maintenance for shared elements like front yard spaces, sidewalks, and pool areas – and ultimately, that means you will have less maintenance to do every month.
Many people also view the community of a townhome as another advantage for these properties. Because townhouses are close together and share walls, you will be able to know your neighbors and grow a sense of community. This can be an essential benefit if you are a social person or you’re new to the area, as a sense of community can help you get to know your neighborhood and feel at home much more quickly.
What Can You Expect When You Buy a Townhome?
Buying a townhome is similar to buying a home, except townhomes are simply more affordable than single-family homes. Overall, the process for purchasing a townhome is the same, which means you will need to be preapproved for financing and you will need to shop around for the best mortgage rates. You will also want to have a chunk of the downpayment saved so your monthly rates are more affordable.
One thing you will need to be aware of is the possibility of a bidding war, or other buyers trying to purchase the property. During a bidding war, it can be tempting to up your max price to buy the home, but the best thing you can do in this situation is to stay at your max price and follow the advice of real estate experts like Teresa Mack.
And just like buying a home, you will want to be sure your townhouse is inspected before you settle the purchase. This is a common-sense step that helps identify any repairs that need to be made, particularly in the areas adjoining properties.
Is a Townhome Right for You?
Los Angeles townhomes are increasingly popular properties, but is this property right for you? Townhomes are generally a good investment for densely populated metro areas since these properties are more affordable. But you may be a good fit for a townhome if you make other considerations, such as desiring a low-maintenance lifestyle or being a first-time homebuyer. A townhome can be a good way to build equity in competitive housing markets while also giving you all the freedoms of owning your home rather than renting.
The Los Angels housing market is incredibly competitive so it’s a smart move to seek expert help to assist you in your home-buying journey. From finding a property with the right space and square footage for your lifestyle to helping you settle into a neighborhood that fits your social needs and future goals, a real estate expert like Teresa Mack can help you find the home of your dreams. For more information about the Los Angeles housing market, get in touch with Teresa Mack today.