Are you one of those homeowners who’s taken advantage of the 16% increase in home prices to sell your free-standing home and downsize their living arrangements?
Are you thinking, should I buy a condo or a townhouse? These are both great options if you want an easily manageable lifestyle and a lower mortgage, but each has its pros and cons.
Read on to find out more about buying a condo vs a townhome.
What’s the Difference Between a Townhome and a Condo?
A condominium is like an apartment in that it’s usually located in a high-rise building.
A townhome is an attached home with ground floor access. Townhomes are also sometimes called rowhomes as they’re located alongside one another and share one wall with their neighbor.
Both are a cheaper option than a single home when it comes to the purchase price and maintenance costs.
The Benefits and Drawbacks of Buying a Condo
When compared to single-family homes and townhomes, condos are a cheaper option. They’re ideal for those who want to downsize as well as first-time buyers.
When you own a condo, you needn’t worry about maintaining any of the spaces outside your home. That makes condos the most cost-effective of all real estate options.
You’ll also pay lower insurance rates since you’re only covered for the inside of your home.
Condo communities often offer easy access to city centers and are often within walking distance of necessities like shopping centers.
Condo complexes have a Condo Association (HOA) that takes care of the outside of the building as well as all the common areas. That’s because you only own the inside of your unit.
In return, you pay HOA fees which cover everything from maintenance to trash removal.
On the downside, the HOA also makes all the rules and can dictate what you’re allowed to do regarding interior renovations as well as exterior decorations.
Your HOA fees also cover the on-site amenities. So, you’ll pay more if you choose a condo complex with more amenities on site.
You’ll enjoy less privacy when you own a condo as you’re surrounded by neighbors on every side. Condos are usually one-level structures, and that counts as a pro or a con, depending on your preferences.
Some people find condos too small for their needs, while others enjoy the convenience of single-level living.
How to Buy a Condo That Suits Your Needs
If you love quiet seaside living, buying a condo in NYC is a bad idea. You’ll find a host of different complexes to choose from that suit your needs.
Some of the things to consider include:
- Style of the Unit
- Size of the accommodation
- On-site amenities
Make sure you take your present and future needs into consideration when you’re looking at condos for sale.
If you’re considering renting your condo out to long or short-term tenants, you should bear in mind that condos with more space and better views attract higher prices.
The Pros and Cons of a Townhome
A townhome occupies the middle ground between a single-family home and a community property. You’ll still enjoy some of the perks of both types of homes with a townhome.
Townhomes offer more space and greater privacy than condos do. They also feature multiple floors and often have a small yard attached as well as a garage alongside your home.
If you prefer your bedrooms away from the living areas of your home, a townhome suits you.
At the same time, a townhome offers a fantastic sense of community. There’s always something happening in these complexes.
If you choose a family-friendly option, your children can enjoy playing with their friends safely outdoors within the boundaries of the property.
Townhouse complexes take up more space than high-rise condominiums, so they’re often located outside the city limits. That means they’re further from amenities, shops, and entertainment.
When you own a townhouse, you also own the land on which it stands. That means you need to maintain any garden areas included in your lot. It also means you’ll pay more for a townhome at the outset, but your HOA fees are lower every month.
When you own a townhouse, you’ll also need to abide by the rules of the Homeowner’s Association and pay HOA fees to maintain common areas. However, you’re responsible for maintaining your home’s exterior, apart from the siding and roof.
Choosing the Ideal Townhome for You
If you want to reap all the benefits of owning a townhome, you should consider these tips.
Hiring a real estate agent to help you is the first step in negotiating the best deal on a townhome. They can explain all the related costs to you and help you find a property that suits your budget.
Investigate the HOA fees fully, so you know exactly where your responsibilities lie. You should also go through the rules carefully as some people find certain HOA regulations restrictive.
Make sure you get an inspector to go through your preferred dwelling beforehand. Pay attention to the condition of the homes adjoining yours, this can affect the resale value of your townhome.
Buckle up for a bidding war. Townhomes are in high demand, so don’t try to bargain your way to a lower price. If you’re committed to a particular townhome, don’t haggle, there’s bound to be someone else willing to pay full price.
Now that you’re more in tune with everything to do with buying a condo or townhome, you can make the best decision for your family.
Get out there and start comparing your options quickly – all kinds of property are selling like hot cakes in the USA right now. If you take too long to make up your mind, you may lose.
Are you looking for more objective advice? Get in the zone by exploring some more of our articles.