Whether it’s your first time buying, you just want to purchase something smaller, or are looking for an investment property, townhouses and condos are both great options. Let’s take a look at the differences between the two to help you narrow your search!
Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building but you do not purchase the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not directly responsible for the upkeep and repair of these common areas. The cost to maintain and repair these amenities is passed on to the owners through the homeowners association payments, typically on a monthly basis. Often times, condos feature more amenities than townhome communities and thus can have a slightly higher monthly HOA payments. Living in a condo with a number of shared spaces often allows the added benefit of meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association.
Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are connected side by side with anywhere from two to four dwellings and may also include common areas like pools and parks. Just like condo owners, townhome owners pay a fee to a homeowners association every month for amenities and often front yard maintenance is included. The loan process is also the same as buying a full-sized home.
Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price. It is also important to check any rental restrictions, the homeowners association history and upcoming assessments, as well as understand what exterior features the homeowners association is responsible to maintain.
At Arrive Real Estate Group, we have extensive knowledge in purchasing and selling townhomes and condos. Contact us today to help us guide you in finding the property that best meets your needs and goals.
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