When it comes to condos vs. townhouses for sale debate, understanding the basics is IMPORTANT!
Buying a home is a no easy feat. From choosing a location to staying within the budget to avoiding horribly outdated kitchens, you’ll have a tough time considering a lot of factors on your way to new homeownership. But what will come first is; what type of home do you want for yourself? If you’re not into a detached single-family home, you’re likely to find yourself indulging in a condo vs townhouse debate. They both are quite similar and also different in many ways. Deciding which one is your calling is a matter of weighing the pros and cons of each — here’ where you must begin – by understanding the basics.
You’ll find townhouses and condos in rural areas, urban areas, and the suburbs. Both can be a single story or multiple stories. The biggest difference between both comes down to the ownership part and the fees—what type you own, and how much it’s going to cost you, are at the heart of the condo vs. townhouse difference. Often these differences end up being key factors when making the best choice for oneself.
When you look for condos for sale near me, know that you are going to own your individual unit only while sharing the joint ownership of the building with other tenants. That joint ownership includes not only the building structure itself, but basically all its common areas, such as the pool, gym, and lawns, as well as the airspace.
However, the townhouse ownership is more like the ownership of a separated single-family home. You personally own both the land and the structure—the difference is just that your building shares some walls with other home structures.
Homeowner’s Association (HOA)
HOA is one of the major things that separates these kinds of properties from single-family homes. When you purchase a townhouse or condo, you have to pay a monthly fee into an HOA. The HOA, which is run by other credible tenants (and which anyone interested can join), handles the general maintenance of such shared spaces.
In a condo, the HOA manages the building, its gardens, and other interior common spaces. And in a townhouse community, HOA maintains common areas, like general parks and, in some cases, roofing, parking and exteriors of the structures.
Even with HOA fees, owning a townhouse or condo is way affordable than owning a single-family home. In terms of condo vs. townhomes for sale near you prices, condos are cheaper to buy, since you don’t have to invest in any land. But condo HOA fees are also higher, because of more number of jointly-owned spaces.
No investment is a sure investment. The resale value of any of your home, townhouse, or condo depends on several market factors – some of which are beyond your control as well. However, when it comes to the resale value of a condo or townhouse, you have some edge of the first impression because of the HOA. While a good HOA makes sure to keep the outside attractions nice and well-maintained, it’s upon you to take care of the interior of your house if you want to win a good resale value.
The truth is, there’s no real winner – both have their own pros and cons, and both are similar in many ways as well. Find the property you think will make for a dream home and then dig deep into the factors of ownership, fees, and cost. From there you’ll be able to make a wise choice.