Buying a townhouse or a condominium can be a tough decision. There are pros and cons to both but determining the type of lifestyle you are looking for will help with your decision making process.
While most condominiums are apartments, a townhouse is attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes. Buyers separately own their homes and the land on which the houses sit. With a condominium, the unit owners jointly own the land and this common interest cannot be separated from the others. However, townhouses can be structured in many ways. Some, particularly large communities, have common areas – such as swimming pools – that are similar to condominiums.
The Pros and Cons of Owning a Townhouse
On the plus side of townhouse ownership, exterior maintenance and repairs are minimal, there are no neighbors above or below the home like in an apartment, and because the homes are attached, they may offer a greater sense of security. As for the disadvantages, if there is a homeowner’s association, buyers will be required to pay a homeowner’s fee. Townhouses also offer less privacy than with a detached single-family home. Additionally, there are limits on exterior changes you can make to the home.
Benefits of Condominium Ownership
Purchasing a condominium is an appealing way to enter the housing market if the cost of a single-family home is out of your reach. Condos are especially popular among single homebuyers, empty nesters, and first-time buyers in high-priced housing markets. Unlike a house, a condo can offer a lifestyle that is free of yard work, exterior maintenance, and repairs. Many condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home.
As a successful agent, I am certain that I can help you make an informed decision. Contact me today for more information or to set up a consultation.
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