on Dec 04, 2019 9:15:25 AM

The Perks of Leasing a Townhome

When thinking of your next move, you may be weighing the prospect of buying a home vs. renting an apartment. A third option, however, can give you many of the benefits of both: leasing a townhome. If you want more space and privacy than an apartment offers without the enormous financial commitment of buying, leasing a townhome may be the perfect choice.

Advantages Over Apartments

Townhouses are often (though not always) larger than apartments and offer a higher level of privacy. Rather than sharing common hallways and having other residents living above and below you, in a townhouse you have your own entrance and neighbors only on one or both sides. Townhouses are also commonly built on 2–3 floors, creating more separation of space and giving your family more privacy within the home. That means that the noise the kids are making on the third floor won’t necessarily disturb you while you’re on the first floor trying to finish that report before work tomorrow, and the mess they’re making will be invisible to your friend who drops by unexpectedly.

Advantages Over Buying

Lower Upfront Costs

Although buying a home comes with many benefits, it’s far from ideal in all situations. Purchasing a home requires substantial upfront costs, including closing costs and a down payment that may be as high as 20% of the purchase price. While you may be able to secure a mortgage with less than 20% down, the trade-off is that you’ll then be obligated to pay monthly private mortgage insurance premiums, which typically amount to between 0.5% and 1% of the purchase price each year, until you build up at least 20% equity.


Freedom from Repair and Maintenance

In addition to the upfront costs, homeowners have to make substantial investments in repair and maintenance in order to protect their valuable investment. When you rent, you never have to worry about the cost when the roof needs replacing or the plumbing springs a leak. Leaving the day-to-day upkeep up to your property manager - including landscaping, lawn maintenance, and snow removal - allows residents to free themselves from financial and time restrictions. 


Access to Highly Desirable Neighborhoods

Often, renting is a much more affordable way to get into neighborhoods that are highly sought after. Downtown and neighborhoods with exceptional public schools can be expensive places to buy property. Renting can get you access to the local amenities and other benefits of the best neighborhoods, even when the purchase prices of homes in the area are out of your reach.



Even if you can afford the short- and long-term costs of buying a new home in the neighborhood of your choice, it still might not be the wisest option. According to SFGATE, it usually takes five years after purchase before selling a home makes good financial sense. If you think you may want to move again or may be transferred to another job location within that time, then buying might not be a sound choice. When you lease, you typically commit to only one year, and even if you have to move before that time, you may be able to sublet. At the most, you’ll be liable for the rent on the remainder of your lease—much less than you could stand to lose by selling a home at the wrong time.

Hubbell Apartment Living has townhomes available in many desirable locations across the Des Moines metro, including Danamere Village in the small town of Carlisle, 7th Street Brownstones in downtown Des Mones, Diamond Brooke townhomes in the Jordan Creek area, and the luxurious 5Fifty5 in lively downtown Des Moines. Visit our website to see a full list of Hubbell townhomes for rent!