With the price of traditional housing at such a high rate, people are seeking more affordable buying options for their first homes. Such options include condos and townhouses.
However, these two options are often used interchangeably. People don’t realize that there are significant differences between the two housing options.
Are you someone making a home purchase who needs to understand these differences? You have come to the right place. Here is your guide to understanding the differences between a condo vs. townhouse.
What Is a Condo?
A condominium, also known as a condo, is a privately-owned small unit that is built within a building or community of other small units. Those who live in condominium areas often share common areas such as pools, game rooms, garages, or gyms.
Condo Buying Guide
Condos are great for people who like simplicity. With a condo, your responsibility is solely inside the condo. Outside matters such as gardening are the responsibility of the building manager.
They are also great for those on a tight budget, as they usually cost less than single-family homes, and they have lower tax fees.
Before you choose to buy a condo, consider the following buying tips:
- Hire a realtor who knows the condo landscape
- Look into the utilities and amenities that are included
- Study Homeowners Association (HOA) rules
- Review fees and regulations
If you’re a person looking for a sense of community and a simple home without too much maintenance, a condo may be great for you.
What Is a Townhouse?
A townhouse is a narrow, multilevel residence attached to other residences on a street. One key distinguisher between a townhouse and a condo is exterior ownership. A townhouse owner typically owns the front and backyard of the townhouse.
Townhouse Buying Guide
Similar to condos, townhouses usually have an HOA that they pay monthly fees to for the sake of services such as trash disposal. While most townhomes have lawn-mowing as part of the HOA fees, there will still be some outside maintenance necessary.
While condos may work for first-time owners learning the responsibilities of homeownership, townhouses are a great option for those who want to go to the next level in order to learn more responsibilities and support their growing families.
Condo vs. Townhouse
Whichever option you go with, make sure you hire a qualified retailer to help you find the best options for your needs. And if you’re in the Florida area looking for a townhouse, condo, or detached home to buy, check out the listings at Lakewood Ranch Homes.
More Real Estate Tips
Now you know some of the biggest condo vs. townhouse differences. The right home-buying option is going to depend on you and your unique needs. Do your research, evaluate your budget, and really take some time to determine which option is more likely to meet your necessary living arrangements.
Check out the articles in our Real Estate category for more like this.