Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options. Did you know that their names actually describe the ownership type rather than the home style? It's a popular misconception which we'll quickly explain below.
Condominiums
Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not 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 responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for 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.
Townhouses
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 two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home.
Which is the best choice?
Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Some condos are "townhome" in style but still are still condos in terms of ownership and financial responsibility. Your decision ultimately comes down to you and your family’s needs and wants. Take into consideration the location, your lifestyle, family growth, and price. If you're still not sure which best fits your needs, ask your agent!
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