TOWNHOUSE VS. CONDO: WHICH SHOULD YOU BUY?
Whether 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!
Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the land 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; however, the lender will also look at the financial health of the condo association.
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 typically pay a fee to a homeowners association on a predetermined frequency and the loan process is the same as buying a single family 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 amily’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, and price.
Reach out to Delinda Harper, REALTOR, MCNE, SRES and she can further explain the pros and cons of each option to help you make an informed decision.
on Facebook at @centralparealtor
direct call 717-350-0949