Whether you’re looking to buy or rent, finding a home to call your own is about more than a simple price tag. Yes, the cost to buy or rent is a major factor. But what about the different features of an apartment vs condo vs townhouse and how they’ll suit your needs?
When you compare these different properties they each have their own set of pros and cons. Knowing what these are can help you manage your expectations as a new homeowner or home renter. In other words, it’s imperative to not only consider cost but your lifestyle and how your home fits in.
Let’s take a closer look at a comparison of these properties in order to help you make an informed decision.
What Is an Apartment?
As one of the most popular and prevalent home renting options, an apartment is basically any type of residence that exists inside a residential block. These units are generally rented and not sold. Apartment size varies on a huge spectrum. The more square footage, the higher the rent.
One of the biggest drawcards of an apartment is the onsite amenities available to residents, such as a swimming pool, gym, laundry, barbeque areas, and private parking. Another perk is that renting an apartment offers most of the same amenities as owning a home, but without the responsibility.
Renting an apartment is a good choice if you do not have plans to live in an area long-term. So, if you were planning on moving in the next five years to pursue a career change, for example, apartment renting is best.
The only downside of renting an apartment is that you cannot make changes to the property without the consent of your landlord. And even then, these changes are minimal. Landlords can also dictate whether you’re allowed pets. If you’re currently apartment hunting abroad, click here.
What Is a Condo?
A condominium is similar to an apartment but these units are usually available for purchase and therefore sellable. They exist within a larger residential block or community. Condos are very common in high-rise buildings and you will most likely share walls with your neighbors.
If you lead a busy life and don’t have the time or energy for home maintenance tasks, then a condo is for you. This is because a Home Owner’s Association (HOA) owns the condominium block, and manages all of your maintenance. Bear in mind that you will pay HOA fees in addition to your rent.
They are the perfect option for seniors, singles, and couples/friends. If you travel often — whether it’s for leisure or work, a condo is the ideal lock-up and go option. Condos range in size — the cost of renting or owning depends on the square footage, onsite amenities, and location.
What Is a Townhouse?
This is the perfect option for couples looking to start a family, or couples with at least one child. They’re also well-suited to seniors who want a little more space or a small garden area.
Most townhouses offer more square footage than apartments and condos, as well as a patio area or small garden. However, you might share exterior walls with your neighbor. Townhouses also exist within a community and you will also have to pay HOA fees, along with your rent.
Most of the time, your landlord might offer you a little more autonomy over the property. If you want the space of a home, but the convenience of a condo, a townhouse combines the best of both.
Apartment vs. Condo vs. Townhouse: Which Would You Choose?
It doesn’t matter whether you own a home or choose to rent it, you’ll spend a large chunk of your life in that space. Whether you’re considering an apartment vs. condo vs townhouse, you want to choose wisely as the home you live in has the capacity to shape some of your best memories.
Hopefully, the information in this blog will help you make the right decision. Want to learn more about home decor, DIY tips, landscaping, and more? Check out the rest of this site!