If you’re looking to get on the property ladder, purchasing a condo or a townhouse are both great options.
The average price of a single-family home in the US is now nearly $400,000. In bigger markets, that number is much higher, which is why more and more first-time home buyers are starting to look for townhouses and condos instead. But what is a condo vs townhouse really?
Before you decide to buy one or the other, you should know the main differences between the two. Some are obvious, but it’s actually the more subtle differences that can tip the scale in favor of one or the other.
Keep reading, and you’ll understand the main differences between the two and be able to make an informed decision on your first property investment.
What Is a Condo?
A condominium is essentially an apartment that you purchase. The average price of a condo is somewhere around $280,000, making it the most affordable option for residential housing. You own your unit and everything inside, but you’re part of a condo association, so the building itself is owned by a third-party.
Condos are great options for single people and young couples that want to own property, but they’re often very small. On top of your mortgage, you’ll also have to pay condo fees that go to the building owner so that the facilities are well-maintained and small problems can be dealt with.
What Is a Townhouse?
When you purchase a townhouse, you’re getting something much closer to a traditional single-family home. They’re often more than one floor, and you usually have your own private front and backyard.
The main difference between townhouses and homes for sale is that townhouses aren’t detached properties, so you’ll share a wall on one or both sides.
Unlike with condos, you’ll own your entire townhouse and the property that it’s sitting on. That means you’ll be the one dealing with all of the upkeep and any problems that may arise.
What Is a Condo Vs Townhouse?
To make the right decision for your property owning needs, you need to think about a few different things. In terms of a condo buying guide, you’ll want to look into what your condo fees entail. You’ll also want to think about location, as condos are often located in central areas.
For a townhouse guide, try to think about the amount of space you need and where you want to be located. Townhouses are sometimes located in central areas, but most of the time, they’re located in the suburbs.
If you want your own property and don’t want someone else making decisions about upkeep and renovations, then you’re better suited for a townhouse. If you want to simply pay a fee and live in a smaller apartment space, then a condo is what you want.
Follow Your Gut
What is a condo vs townhouse?
As you can see, the differences are really very simple. To choose the right one, you just need to consider your needs – where you want to live, how much upkeep you’re willing to do, etc. There are perks and pitfalls to both, so follow your gut and get the property that is most conducive to your lifestyle and budget.
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