Did you know that this year, there’s been an increased demand for homes? Are you shopping around for a home? If you have been debating between a townhouse vs condo, we can help.
In this guide, we’ll go over why you should buy a townhouse over a condo.
Want to learn more? Keep reading.
Differences Between a Condo and a Townhouse
When you buy a condo, you’ll own everything within the walls of your unit but nothing outside.
Common areas, land, and the building’s exterior have a separate owner. The community within the building enjoys these different areas.
Some condos are large houses in a massive residential complex. You will own the rights to your unit but nothing around the unit.
Townhouses are like traditional houses. A townhouse is multi-level and has a backyard and front yard. Townhouses aren’t detached properties but part of a row of narrower homes.
Once someone buys a townhouse, they’ll own the exterior and interior of the home.
You’ll Be Part of a Homeowner’s Association
Any kind of new homeowner will end up with new responsibilities and obligations. As a townhouse owner, your responsibilities have to do with your detached home.
The homeowner’s association isn’t responsible for maintaining each townhouse. Yet, the homeowner’s association will help preserve the community as a whole.
The association will charge owners for trash and snow removal. Some associations will have specific guidelines for homeowners. If you buy a townhouse, look over this part.
The association might want you to follow the rules to maintain the look of the neighborhood.
Your association might have a rule about how often you should mow your lawn or paint the exterior of your home. Some associations will also have rules about the color of paint allowed.
Learn about these rules before buying a townhouse.
Enjoy a Lower Cost
Buying a townhouse compared to a detached house is a lot more affordable.
The property taxes and price of a townhouse may be more than a condo. Yet, the homeowner’s association fees tend to be lower.
As a townhouse owner, you will be responsible for maintaining your property. Thus, you won’t have to cover as many communal expenses as you would with a condo.
Also, townhouses tend to be more energy-efficient. You will have a smaller space to cool and heat, so your monthly utility bills will be smaller. A detached home will cost a lot more to heat.
Live In an Urban Area
Townhouses are an excellent option if you want to live in an urban area. You’ll have a private entry and a multi-level home. Townhouses are great options for city dwellers with a family.
For people who want to live in the city, you’ll still have a peaceful home. Some townhouses have a private rooftop.
You will share walls with your neighbors, yet high-quality construction should prevent noise issues.
Work With an Experienced Realtor
If you would prefer to get a townhouse over a condo, look for a realtor or agent who knows townhouses. Find someone who knows about the different neighborhoods and what would suit you and your family.
The realtor can also help you understand the different rules associated with townhouses. This way, you’ll understand the homeowner’s association for a specific townhouse.
Enjoy Different Amenities
Townhouse dwellers enjoy a sense of community. A townhouse is a more communal style of living compared to living in a detached house.
A lot of townhouse communities will have various amenities in their common areas. You might have a gym, tennis court, swimming pool, or playground in your common area.
Your homeowner’s association fee goes toward different amenities. Enjoy the extra perks included. A condo might also have amenities, but you won’t have the same amount of privacy.
If you’re a single-family, consider a townhouse over a condo. You’ll have more space outside and inside your home.
You and your kids will have a yard to play in and relax. You also may get a chance to meet your neighbors and become friends.
What About the Resale Value?
The resale value of your townhouse will depend on different market factors. Yet, there are some things you can control that will help the resale value of your townhouse.
A thorough and reputable homeowner’s association will make sure landscaping and common areas are in top shape.
Don’t worry about all the curb appeal elements when selling your townhouse. Buyers will have an excellent first impression because of the association’s attention to detail.
You will need to focus on the maintenance of your townhouse. Yet, excellent grounds and amenities can entice interested buyers. Some of these extra elements will stand out to families looking to buy a home.
Condos don’t tend to grow in value as much compared to townhouses. When you buy a townhouse, you’ll be making a strong investment for your family and future.
Start your search today by looking up “townhouses for sale near me.”
Buy a Townhouse Instead of a Condo
We hope this guide on buying townhouses was helpful. When you buy a townhouse, you’ll enjoy the privacy and added space over a condo. For a single-family, townhouses are more accommodating.
Townhouses are an excellent option for people who want to live in an urban area. Make sure you read over the homeowner’s association rules, so you understand what’s expected.
Are you looking for more helpful tips? Check out our resources on home and real estate.