Purchasing a Chicago Townhouse

A townhome or townhouse is a single-family home built in a series or group of attached units with property lines separating them. They're usually smaller than single family homes in that area.

Townhomes are available at wide range of prices - from entry level for first-time buyers to luxury models for more mature and affluent buyers. Today March 20, 2007 Rubloff.com's website lists townhomes from $19,900 in Dixmoor (wherever that is) to a place at 1757 North Paulina listed for $699,999.

Another Chicago Realtor, Dream Town, has 859 Townhomes listed for sale today...77 of them listing for well over $1,000,000 dollars.

55 West Goethe – listed for $1,579,000

25 East Superior #11D – listed for $3,556,000

1816 S Indiana #H – listed for $1,249,000

Search the Chicago property listings For Townhomes here.

What makes them different is that townhomes are a form of high-density housing, and most of the disadvantages related with it are caused by the high-density factor. But of course, "to each his own," and there may be a lot of advantages associated with high-density living. Buying a townhome in Chicago over the last few years has been a very good investment, because there properties are more rare than condos and have had a great ride during the real estate boom 1994-2006.

Because townhouses are connected to one another in a row, the exterior maintenance expenses are shared among owners. Another consequence is that the security in townhouses is tighter. Another huge advantage of owning a townhome is that often you have fee simple ownership.You actually get title to a real piece of property. You need to check with your lawyer on this aspect...but basically, unlike ownership of a condo, you actually own a real piece of Chicago land.

Here are some tips to follow when purchasing Chicago condos or a Chicago townhouse. When buying a brand new home, review the cost per square foot as well as the list of appliances and upgrades provided by the developer. The more hardwood floors, the better. But not all hardwood floors are equal. You should try to purchase a home with real hardwood floors, but these may need re-sanding and finishing for maintenance. The preferred ceiling height is at least 9 feet because higher ceilings enhance the volume of the townhome and make it feel much larger.

Of course, before you make your move, consider your needs first. Analyze what you want your new home to look like and how it should function for you. Will the townhome suit the needs of all your family members? Is it close enough to your work, or the kids' school and activities? Before you begin searching for a townhouse in Chicago, you're going to need to know in what price range to look. To do this, contact a mortgage company. The type of mortgage you apply for will depend on many factors, but a large part of that decision will be based on your ability to pay a monthly installment. Read about Chicago Mortgages here.

Have in mind that almost everything is negotiable when you are buying a house. Some of the most common negotiation points are price, financing, repairs that need to be done, appliances and fixtures, landscaping, and painting. The key to a successful deal is to strike the balance between you as a buyer and the seller. Although in today’s market, as we move into the Summer of 2007, remember it’s a buyers market.