A townhouse is more affordable than a detached house. Many small families that want to buy a house can buy a townhouse because it is affordable and more spacious than condos. It also has more privacy than condos and this is because every unit has its entrance, terrace, and patio.
But do you know that apart from buying a townhouse, you can actually build it? Building a townhouse is actually a good investment because you’ll keep making a profit when you sell them (if you build more than one).
The cost of building a townhouse is lesser than building a detached house.
How Much Does the Townhouses Building Cost?
The average cost of building a townhouse of 1,500sq.ft is $166,000. The average cost of building a townhouse is between $111,000 and $222,000. A traditional townhouse of 750sq.ft is $77,250 while the cost of building 2,500sq.ft in an urban area is $312,500.
Also, these prices are for 1 unit townhouses. A four unit townhouse cost between $666,000 and $750,000. A 5 unit townhouse costs between $832,500 and $937,500 while complex costs between $1,000,000 and $1,200,000.
To sum it up, the cost of building a townhouse differs from area to area.
How Much Does a Townhouse Cost per Month for Rent?
In Los Angeles renting a townhouse is between $2700 and $11,500. In Washington DC, renting a townhouse costs between $2,000 and $4,200. In San Francisco, renting a townhouse costs between $3,700 and $6,500.
The cost of renting a townhouse varies greatly depending on the country, state, or city. Some of the most expensive places to rent townhouses in the United States are New York City, San Francisco, Los Angeles, Washington DC, and Boston.
Is it Cheaper to Buy a Townhouse than Build a Townhouse?
Building a townhouse is actually cheaper than buying one because a person that wants to sell a just completed townhouse will add more money to the whole amount he used to build it to make more gain.
Unlike when you build the house from scratch, the person will add more money to have again. You cannot complete building a new townhouse just to sell the same exact amount you spent building it.
However, building a townhouse is more stressful than buying one. This is because building a townhouse is not a DIY thing.
You have to involve lots of people like the contractors, engineers, plumbers, electricians, architect and so on. You’ll have to spend on the building materials.
Apart from this, the interior design is also there. You buying a townhouse is less stressful. You’ll also enjoy the benefits of not having to maintain the amenities personally; it is already covered by the HOA fees. Try and read about what HOA covers for townhouses.
How Much Does a Townhouse Cost to Rent?
As I mentioned earlier, the cost of renting a townhouse is dependent on the area the townhouse is in.
In certain cities like New York City, renting a townhouse can be as high as $52,000 and in some cities like Los Angeles, renting a townhouse can be as low as $2700.
To know the cost of renting a townhouse in your city, you can check the listings. That is the best place to get an accurate figure of what the rent cost is.
How Much Does a Townhouse Cost in New York?
In New York City, the cost of buying a house can be as low as $485,000 and as high as $43,000,000. In Manhattan, the cost of buying can be as low as$1,500,000 and as high as $29,000,000.
Building a townhouse there costs higher because of the construction costs. These prices also put into consideration the amenities the owners would enjoy when they rent the house.
New York is one of the most expensive cities to get or build a house. Renting a townhouse in New York City can be as high as $52,000 and as low as $4,350.
To build a townhouse in New York City, would cost $300-$350 per square foot. It depends on the number of square feet you want.
If you want to build a townhouse of 750 square feet, the cost would be between $225,000 and $262,500.
The cost price is to multiply the price per square foot by the number of square feet you want to build.
How Much Does a Townhouse Cost in Ottawa?
The townhouse in Ottawa varies in price. You can rent a townhouse in Ottawa for as low as $1,895 and as high as $2,500. The amount varies according to the number of rooms in the house, or amenities in the neighborhood.
The cost of building a townhouse in Ottawa is determined by the area or location you plan on building the house. If it’s in a rural or urban area, the average cost to build a townhouse ranges from $235- $375 per square.
The cost for the building is cheaper in rural areas than in urban areas.
How Much Does a Townhouse Cost in Maryland?
Renting townhouses in Maryland differs in prices also and it’s also dependent on the location of the townhouse. You can spend as low as $1,450 and as high as $2,950 to rent a townhouse monthly.
Building a townhouse in Maryland can cost up to $200,000 to $500,000. The price might be higher than these based on the construction costs, permits, finishing touches, and so on.
How Much Does a Townhouse Cost in London?
Renting townhouses in London can range from £2,000 to £6,000 and it is also depending on the area the house is located and the number of rooms in the house and the amenities in the neighborhood
Building a townhouse in London varies depending on how large you want it. The cost is calculated based on the square feet of the house. A square foot costs £1,750
Final Thoughts
If you want to go into real estate, you can decide to build a townhouse. The townhouse you build is also dependent on your budget. You can decide to build one unit or even a complex.
But if you just want to live there with your family and pet, you should consider buying a unit and not renting. If you are single and you like rooms that are more spacious than a condo, then you can rent a townhouse.
But to avoid having a lot of financial burdens on you monthly, it is better to buy the townhouse. The price you will rent or buy is dependent on the area.
The cost of building a townhouse is dependent on not just the area but also the construction costs and many other things. It is better to plan well before picking any of the three options.
