It seems when something is all the rage, many people have to buy into it. And so it is with townhouses in South Florida.
Even people who are retiring and who usually downsize are climbing on the townhouse bandwagon. Take for instance Susie Gugliotta, who spent almost two decades living in a five-bedroom home. Instead of moving into smaller digs, she has plunked down $481,000 for a waterfront townhouse, says the Sun Sentinel. She’s not alone in that decision. According to the National Association of Home Builders (NAHB), buying a townhouse is a solid move since it should garner future gains.
As millennials grow into their 30s, townhouses will continue in popularity since they are usually the first homes they will purchase.
Robert Dietz, a chief economist for NAHB, says townhomes offer a nice mix of what newer homebuyers and newly-formed households are looking for: A single-family home they can purchase and in which they can establish roots.
Townhouses are also appealing since they often have no or low landscape maintenance, and new construction often means lower utility bills – both enticing to buyers.