If you’re in the market for a new home, there are a lot of considerations that must be weighed before pulling the trigger. One of them is the type of housing you’re interested in. Condo? Townhouse? You’ve undoubtedly heard these terms before, but most people don’t have a clear understanding of what a condominium is or what it’s like to live in a townhouse.
In order to determine which housing option is right for you, consider how much you’re prepared to spend, what type of lifestyle you’re interested in leading and how much responsibility you’re willing to take on. There’s no clear advantage of one option over the other, which is why you should get to know the ins and outs of condominiums and townhouses before you settle on your perfect home.
What Is The Difference Between A Condo And A Townhouse?
Townhouses and condos both refer to a type of ownership, meaning you won’t have to pay rent to a landlord. However, owning a condo and owning a townhouse offer completely different homeowner experiences, including what you’ll own, how much you’ll pay and which parts of the property you’ll have to maintain. Generally speaking, condominium owners have an individual unit within a larger complex. Townhouse owners, alternatively, may share a wall with their neighbors, but they also own the structure of the home itself and the property’s surrounding land.
What Is A Condo?
When you hear the word “condo,” you should think of apartment-style living. You own the space within the walls of your apartment, but nothing outside of them. Everything outside of your unit, including the building’s exterior, common areas and land, is owned by a separate entity but enjoyed by the community.
While condos tend to be smaller and lack private outdoor space, they offer homeowners unparalleled convenience that is especially suited for urban areas. Many choose condos because of the wealth of amenities they offer residents, including doormen/security, fitness centers, swimming pools, event spaces, playrooms and high-rise rooftop decks. These features, as well as the condominium boards that regulate HOAs, create great opportunities for residents to get to know and bond with their neighbors.
Condos may be the perfect option for first-time home buyers who are looking for convenience but are not yet ready for the responsibilities of homeownership. But townhouses have a lot to offer growing families, for whom outdoor space and the safe environment that’s fostered by a close-knit community may take precedence.
What Is A Townhouse?
Townhouses, on the other hand, are much more similar to traditional houses in that they are multileveled and usually have front yards and backyards. However, townhouses are not detached properties. They are typically part of a row of narrower homes that are attached to one another through one or two walls. After purchasing a townhouse, an individual owns the interior and exterior of the home as well as the property it sits on. As a result, the homeowner is responsible for all the upkeep required for the property, both inside and outside. Townhouses provide owners with a more single-family-home lifestyle that includes increased space inside and outside the home. There are yards to play in and neighbors to socialize with. While having neighbors close by is rewarding, townhouses present owners with far more privacy than condos.
Condo and townhouse dwellers benefit from the community that this style of living provides. Although these housing options are more communal than detached houses, condominium and townhome owners experience different lifestyles. When deciding whether a condo or townhouse is appropriate for your circumstances, the decision often comes down to your priorities. – Expert Condo and Townhouse Services for the Tampa real estate market by Buyers Broker of Florida.