What if you made a huge purchase and it ended up haunting you for the rest of your life?
It may sound like a nightmare that could never come true. But for those who regret the home they bought, this is their daily reality.
If you want to buy a home, it can be difficult to settle on condo vs townhouse. Each one has its own advantages and disadvantages, so how can you figure out which one is best for you?
Keep reading to discover all the answers you need in our comprehensive guide!
What’s the Difference?
Before you can choose between a condo and a townhouse, you need to do your homework. And that starts by understanding the exact differences between these kinds of homes.
“Condo” is a word that is short for “condominium.” This is a kind of structure that’s a lot like an apartment. That means that your particular home would be connected to others as part of a larger structure.
In comparison, a townhouse (sometimes also referred to as a “townhome”) is more independent. It may stand on its own or be connected to other townhouses, but it typically offers more space than a condo because it is not connected to as many structures.
Obviously, these different kinds of homes are suitable for different kinds of needs. And before you buy, you may want to try renting.
To Buy or to Rent?
As you know, buying a house or a condo is a really major purchasing decision. And if you’re really on the fence about townhouse vs condo, then we highly recommend that you try renting both kinds of homes before you buy.
Obviously, there are many advantages to buying your home instead of renting. Overall, you will probably end up with lower monthly payments, and you’re building equity up with each payment.
However, if you buy a home you are not happy with, then you may be “stuck” with it for a long time. And depending on the market, it may be quite difficult to sell a home that you don’t want.
Renting your home is a good compromise that allows you to make the right decision when it comes time to buy. And this may even give you a good opportunity to rent a home in the very neighborhood that you are interested in living, such as finding out if you want to live in some nice downtown condos.
Before you make a major decision about buying or even renting, though, you should understand the advantages and disadvantages of each type of home.
The biggest advantage that townhouses have is space. More often than not, you get much more area inside and outside with a townhouse.
Many townhouses are two floors, allowing for a separation of living areas and bedroom areas. In addition to the extra square footage, this setup simply “feels” larger to most people who live there.
A townhouse is also more likely to have a front and backyard. Condos typically have only a communal yard area, so those with small children or pets may have an easier time living in a townhouse rather than a condo.
A typical condo setup is a lot like an apartment, but that’s not necessarily a bad thing. This kind of setup gives you a chance to get to know your neighbors better, which is especially good for those who are new to an area.
And with a condo, your HOA fees are likely to cover more maintenance issues. That means that when something goes wrong, you can make a call and then sit back while professionals fix things.
Finally, condos are likely to have a variety of community amenities that townhouses do not have. Your condo complex might have things like a gym and pool, which offers both fun and convenience for you and your family.
There are a few disadvantages that come from living in a townhouse. And one big disadvantage would be the stairs.
Since most townhouses have all of the bedrooms upstairs, it means you’ll be taking a long flight of stairs on a regular basis. These stairs may be dangerous to children, pets, or even older friends and relatives who come to visit.
And while townhouses are likelier to have front and backyards, these spaces may be very limited. And if they aren’t limited, they may effectively be communal spaces, forcing you to share a backyard area with other neighbors and their pets.
There are a few disadvantages to buying a condo as well. And the first disadvantage is the HOA fee.
Like we said before, your condo HOA fee is likely to come with many fine amenities. This comes at a literal cost, though, as these HOA fees are typically higher with a condo.
The other big disadvantage is the relative lack of space. Because condos are essentially like apartments, then those who were looking to get a bigger space for themselves may feel like they had to compromise when they bought their condo.
How to Make the Decision
As you can see, townhouses and condos have their own unique sets of advantages and disadvantages. And that means that no one kind of home is perfect for every buyer.
Generally speaking, condos are better for smaller families or couples without children. This makes the lack of space less or an issue, and you’ll be able to take full advantage of any community amenities that are available to you.
Meanwhile, townhouses are better for larger families or simply for people who like to entertain friends and family. The additional space makes this a good choice for both the adults in the family as well as any children or pets.
Condo vs Townhouse: The Bottom Line
Now you know how to decide on condo vs townhouse. However, do you know who to turn to when it’s time to buy?
Here at Bonnie Roberts Realty, we are devoted to putting you in the home of your dreams. To see how we can make your dreams of tomorrow into a reality today, just reach out and contact us!