What are the Pros and Cons of Buying a Townhouse in NYC?
In a crowded city like New York, privacy is always a luxury. But if that’s a high priority on your home wish list, then there’s no reason you can’t have it assuming you have the means. Owning a townhouse not only gives you greater privacy. You also get greater flexibility to make renovations without having to go through a pesky co-op board for approval. Nor will you have to deal with a downstairs neighbor making noise complaints. But it’s not all smooth sailing. Townhouse living also comes with maintenance responsibilities, which can be both a pro and a con depending on how you look at it. Here are the pros and cons to consider when buying a townhouse in NYC.
First off, what is a townhouse?
If you’ve recently moved to the city, or have only lived in apartment buildings until now, you may be a little uncertain as to what constitutes a townhouse. A townhouse is a multilevel residential structure which usually shares a wall with an adjacent property. They’re narrower than a detached house but typically provide some outdoor space in the rear. They can be found throughout NYC and are differentiated depending on the architecture and building material used.
Probably the best-known type is brownstones, named for the reddish-brown sandstone from which they are made. Other categories include clapboard, limestone, vinyl-sided and brick. Only about 2% of New York’s available residential properties are townhouses which makes for a competitive market and safer investment. You can gain the most advantage over other interested buyers by working with an experienced real estate agent.
Pros
Lots of living space – Townhouses mean lots of living space. The average width of an NYC townhouse is 18-20 feet. Anything less is considered narrow while anything above 25 feet would be called a trophy property. This makes them perfect for a growing family as you won’t need to rent out storage over time.
It could have excess FAR – If the building has any extra, FAR this can be used to add extensions or additions onto the back of the building. When done right you can reap profits if you choose to sell in the future.
Privacy – Compared to an apartment building you have total privacy within a townhouse as you own the entire unit. You won’t need to worry about neighbors above or below you causing a nuisance with renovations or late night cocktail parties. Or if that’s what you plan on doing, then you won’t need to worry about much noise complaints.
Convenient location – Unlike detached houses, which are found in the suburbs, most townhouses are located in the city. This means you get the benefits of your own private space along with all the amenities and conveniences of living in the city.
You own the land – Owning a townhouse doesn’t just mean you own the structure, you also own the land it’s on. This is great as an investment because if there’s one thing that only goes up in value over the years, it’s land. This is perfectly captured in a quote by John Jacob Astor, America’s first multimillionaire. On his deathbed in 1848 Mr. Astor is said to have exclaimed:
“Could I begin life again, knowing what I now know, and had money to invest, I would buy every foot of land on the island of Manhattan.”
Cons
Limited freedoms – Depending on the NYC Department of Buildings and when applicable the Landmarks Preservation Commission, there may be strict restrictions on what improvements you can make both inside and outside the home. If you envision yourself making major renovations, this could severely limit your options and stifle your creativity. Before you buy, check first to see which laws and rules you’ll be bound by.
Small yards – While a townhouse can be very spacious the same can’t often be said for the backyard. Don’t expect to have a lot of space for landscaping. However, this does depend on the design of the townhouse.
If you’re considering buying a townhouse, then your budget will be the main factor. Prices can vary widely depending on the neighborhood. On the Upper West Side, the highest prices are in the 70s on the block between Central Park West and Columbus. For the Upper East Side, it’s between Fifth Avenue and Madison. In Chelsea, it’s on 21st and 22nd Street between 10th and 11th Avenue. The West Village also has some of the most prestigious properties.
Buyers should do their research on expected prices and consult a real estate agent for advice and guidance on finding the right one for them.
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