Single-family attached homes, such as condos and townhouses, are among America’s most well-known housing types. They’re generally great starting homes and usually cheaper than a single-family house.
These two choices offer an easier way to care for the outside or landscaping, as aย homeowners’ associationย (HOA) generally manages that. Then, the homeowner pays the monthly fee of your HOA. Although you’ll probably have less room than in the majority of single-family houses however, a condo or townhouse could be the best option with your budget if you prefer to be in one area but have a house.
Making A Choice Between Condo or Townhome
Deciding whether you want to purchase an apartment or townhome depends on several aspects, such as the cost, how much room you’ll require, and whether you’d like to reside in a home that is like a single-family house.
Two points that townhomes and condos townhomes share in common:
- Your home will be interconnected with one or more or more of the neighbors’ houses.
- There is an HOA that is the administrator of the common areas as well as facilities.
Condominiums
A condominium’s living space is more like an apartment than an individual-family residence. You’ll likely live in an apartment in a neighborhood with neighbors, perhaps on all sides. You may have to walk up steps or get an elevator to get into your house.
Some of the benefits of this arrangement are:
- Additional facilities.ย While townhome communities typically have common areas and may include a pool or clubhouse as an HOA, more amenities are available in the condo communities. It could be a rooftop recreational area, fitness center, or eating choices.
- Proximity.ย If you want to be close to an entertainment or town center or stroll to restaurants and shops in downtown areas and want to be close to the action, then a condominium could be the best option to go about it. A condo purchased in a location with good transport options that allow people to commute to work without cars and also be able to walk to restaurants, shops, theatres, restaurants and others.
Townhome
Townhomes are ideal if you want to reside in an area similar to a single-family house’s dimensions and appearance.
It may seem like a single-family residence in townhomes because no one typically lives over or beneath you. Townhomes can be a ranch with a single floor or spread out on three levels or higher.
There are additional advantages to a townhouse when compared to condominiums:
- Your land is yours.ย While your townhome is among neighbors who live in common areas and homes managed by the HOA, You own the land on which your house is located. The interior responsibility lies with you. The exterior maintenance could be shared between you as well as the HOA. For instance, you and the HOA may be responsible for maintaining the roof, siding and driveway. You’ll be responsible for window maintenance and deck.
- A greater degree of privacy.ย While your home is located near at least one neighbor, you won’t be surrounded by a neighbor below or above you, as it is in a condominium. It can also be simpler for those who live there to find the perfect space to work from an apartment since there could be several floors between the home office and the basement, where children play, for illustration.
- Access to the outdoors.ย You can easily explore popular areas either in front or behind your home, which is helpful if you would like to hold an outdoor barbecue at the entrance of your property and host a celebration at your back patio or take your dog outside your entrance.
Understanding Your HOA Fees
You must know the HOA costs when deciding whether to buy a townhouse or a condominium. It’s possible to be awed by the number of facilities available in condominium construction; for example, the annual HOA fee could be an enormous dent in your financial budget.
The fees for HOAs can vary between $200 and thousands of dollars each month. Although fees for condos and townhomes usually include the house’s exterior, such as lawn maintenance, every HOA has its particular breakdown of what they cover, for instance, who is responsible for the siding, roof and balconies.
Check for HOA rules and the regulations that apply to homes before buying. Condo owners may occasionally pay more due to the fact that they may have greater community amenities and events in the neighborhood than in a townhome.
It is important to remember that HOA fees don’t stay the same. They are subject to change each year. Additionally, additional assessments may be imposed when the HOA has to fund the cost of a large project or repair of storm-related damage.
What Amenities Come With Purchasing A Townhome Or Condo?
Condo and townhome structures offer a variety of amenities to their residents, which can help generate buyers’ attention and make it accessible for residents to participate in many activities and events in their community without leaving.
The most popular ones are:
- The Poolsย Outdoor or indoor pools, a swimming pool could attract people of anyone of any age, but especially when it’s expensive and/or difficult to locate other pools nearby.
- Rooftop entertainmentย Owners of condos could create a rooftop space to host barbecues, social gatherings and games, among other things.
- Meeting rooms/clubhouses:ย Expect many different ways to use the clubhouse, such as games rooms, fitness zone, and children’s games.
- Securityย Certain townhome developments may be gated and require the use of a pass or the presence of a security guard. Certain condos will have a secured entryway, perhaps with security personnel and an entranced person in upscale urban regions.
Be Aware Of The HOA Rules and Regulations
Every HOA must have a written document calledย Covenants Conditions and Restrictionsย (CC&Rs) which gives guidelines to protect and preserve the property or the neighborhood.
It is possible that condo HOAs need to be more thorough with their CC&Rs since all residents are in the same house. They may, for instance, require a greater focus on noise than a townhome complex, regulate the conduct in common areas and provide guidelines for residents to get rid of trash on the property.
In townhome communities, the rules could be focused on the exterior of a property, such as the rules governing what modifications residents are allowed to perform to their homes and parking regulations on the neighborhood streets.
Additional Costs and Fees
You must be aware of other charges and costs when purchasing the townhome or condominium, which the HOA board or the realtor must make clear.
To begin, you’ll have to purchase your ownย homeowners’ insuranceย to cover the belongings inside your house. Condos and townhomes have different policies. They are different since the homeowner of the townhome could also be liable for the exterior of their home, like the deck.
Also, you must ensure that you’ve got the space within your budget if an HOA charges an additional fee or an additional assessment later. For example, suppose there’s a huge expenditure that exceeds the budget of the HOA, such as fixing an issue with the structure of the building or garage repair. In that case, the HOA will likely seek additional funds from its members.
Resale Prices for Condos and Townhomes
The price of resale on condos and townhomes may be restricted by the level of work you put into making the house more modern. In many cases, checking with your local or national MLS company with help provide the answers you may need.
Contrary to single-family homes, making any major improvements in a townhome or condo is impossible because the HOA can limit your abilities to make those changes.
This is why you need to take note of two other aspects in the purchase of the property. These are the location and maintenance of the HOA. Suppose the HOA performs well in taking care of the property. In that case, you’ll likely leave an impression of positivity and quality to potential buyers, which could ultimately improve the value.
It is crucial to consider the location. It is possible to have a gorgeous property that has been renovated with a solid HOA which maintains the house. Still, you might struggle to keep or boost your property’s value when the area around it is unstable or unsafe.
There are numerous advantages of both condominiums and townhomes. Your needs for living and financial budget can help you decide which is best for you.
