In real estate, the sky is truly the limit. There are so many choices to make when you’re starting to look for a new home. If you’re in the market to buy a new home, your choice of residence is probably already on your mind. Choosing a place is one of the most important decisions you’ll make. However, it can be challenging to decide between a condo and a townhouse, especially when each has advantages and disadvantages. Let’s look at some of these differences so that you can make an informed decision about which one to choose as your next home!
When you buy a condo, you own your unit and share joint ownership of the building with the other owner-tenants. This joint ownership extends to the structure of the building and its common areas, such as the gym, pool, grounds, and airspace.
Ownership of a townhouse is more comparable to ownership of a detached single-family home. Here you own both the structure and the land on which it sits; the only difference is that it shares some walls with other townhouses.
Condos are the easier of the two types of housing to maintain because the HOA handles all maintenance and repairs outside the unit.
Townhouse owners must perform additional maintenance tasks, such as cleaning roof gutters or repainting the building’s facade, for which the HOA is not responsible.
Condos and townhouses require less maintenance than detached homes, making them ideal for first-time homebuyers (or busy people in general).
Townhouse communities are typically smaller than condo communities, which can be advantageous or disadvantageous depending on how much communication you prefer to have with your neighbors. If you want a strong community feels with places to socialize like swimming pools, gyms, or bbq areas, a condo is more likely to have these amenities. Townhouses may have more private amenities, such as a front lawn, back yard, or garage, that are not shared with other residents.
You can’t discuss the condo vs. townhouse debate without bringing up homeowners’ associations (HOAs). This is one of the most significant differences between these properties and single-family homes.
When you buy a condo or townhouse, you must pay HOA fees every month. The HOA manages the building, grounds, and common interior areas in a condo. The HOA manages common areas in a townhouse community, including general grounds and, in some cases, roofs and exteriors of the structures.
High-rise condos are commonly found in urban centers because they are denser housing, and their amenities can make city living more enjoyable. Because townhouses require more space, they may be located further from the city center, reducing walkability. Townhouses are clearly intended for car owners, and many have private garages or at least personal parking spaces.
When choosing the right home for sale, consider how much money you have saved, how much space you need, how long you plan to stay in your home, and how much you are comfortable spending on repairs, maintenance, and remodeling.
Visit open houses and look through online listings to see what’s available in your price range. It is a brilliant idea to work with a real estate agent to help you narrow down your choices and conduct extensive research to go into the home buying process, knowing exactly what you want.