Page 15 - Real Estate Now_Jan-Feb 2021

Townhouse vs. Condo:

Which Should You Buy?

hether it’s your first time buying or you just want to purchase something smaller, townhouses and
condos are both great options. Check out the differences between the two to help aid you in your search!
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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.
Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into
consideration include location, lifestyle, family growth, and price. g

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