Pros & Cons of Buying a Condo or a Townhouse

You get abundant living choices, you can get yourself a house, a townhouse, condo, or a flat. Similarly, you can also choose to buy a caravan or something smaller to live in it. The choice is yours and is based on the amount that you have to invest. A house has more space and is bigger. Therefore, it is suitable for big families. But if you are an individual and you live alone, why would you need such a big space?

Therefore, people who are living separately or with their spouse, often get a flat or an apartment. Similarly, often friends share an apartment too. The decision also depends on the amount that you have. Often people look for apartments and flats because they do not have so much amount to spend. Likewise, a couple can get themselves a bigger house just because they have enough money to buy that.

So whatever your reason is, you can buy any living space you like. But it is quite possible that for buying a new home in a new place, you will have to sell the previous one.

A lot of people do not have enough money to simply buy any home they like. So if you are looking for a new place or selling your home, you can go here. This will be a one-stop shop, therefore, you can look for both things at the same time.

Difference between a Condo and a Townhouse

The townhouse is a house with single or multiple stories. What makes it different from other houses is that the walls are shared. So if you have a townhouse, the walls of both sides of your home will be shared. Thus, two houses will be sharing one wall.

On the other hand, a condo is just like an apartment. It is relatively small to a big house. However, the size also varies from community to community and developers. But what makes it different from an apartment is the ownership. A buyer will be the owner of the condo. Therefore, all the owners will be responsible for maintenance, safekeeping and other managerial staff.

In apartments or flats, the developer is the owner and he regulates the other staff. He is responsible for making sure that the building is clean and has no sanitary problems. Moreover, he is also responsible for taking care of the lawn and other issues related to the building. Thus, the residents can only worry about what is happening inside their apartment.

So what will be the best choice to get?

Pros and cons of buying a Townhouse

Pros

1. If you want to enjoy an urban lifestyle, this could be the best choice for you.
2. The locations are great and everyone can easily access them. Thus, you can invite your friends or family and they won’t have any difficulty reaching there.
3. The price of a townhouse is affordable as compared to other houses or residential colonies.
4. You won’t have to spend too much on renovation because such places are usually kept maintained.
5. You won’t have to pay a heavy sum for the insurance cost. If you are living in a townhouse, the insurance cost will reduce.
6. Your utility bills will also reduce if you are a first-time buyer. You are not sharing anything with anyone. Therefore, you will only pay for what you are using.
7. There is no need for extra expenses. The maintenance cost also reduces in townhouses, especially for first-time buyers. This is because you will be doing things only for yourself.
8. Townhouses share walls and therefore, some communities have these houses. Thus, you will have a sense of community living.
9. You will get a safe living environment. In case of any theft or robbery, your neighbors might detect it. Similarly, if you have any problems, you can ask them too.
10. The best thing about a townhouse is that you will have more freedom. You do not have to worry about building rules and regulations. You will have your parking space and can invite anyone.

Cons

1. You are buying a complete house, therefore, the down payment is usually higher.
2. If you are thinking of getting a loan to get the townhouse, you will not get the FHA and VA loans.
3. If there is a shift in the market, the whole community will lose the value of their homes. Thus, there is no guarantee of an all-time high market value.
4. You will be sharing your walls with other homes. Therefore, you have to be careful not to disturb others.
5. You will also have to account for homeowner associations and there might be a fee for it too.

Pros and cons of buying a Condo

Pros

1. Among the two, condos are relatively cheaper to buy. The overall price is low for a condo.
2. You will enjoy shared amenities like the fitness club, swimming pool, or library. You won’t have to go far away to make use of such clubs. Furthermore, you will be able to enjoy these facilities at a lower cost.
3. You can have all the time for yourself. Unlike your separate home, you won’t have to mow the lawn. No need to worry about up-keeping and maintenance.
4. Condos come with great locations and better market prices.
5. The cost of living will be less for condo buyers.
6. The living space is less and therefore, you will need less maintenance.
7. The maintenance cost of the building will be less because it will be divided among all the unit owners.
8. You will have fewer things to worry about because the homeowner’s association will be responsible for taking care of matters.

Cons

1. There is a homeowner association for condos too. Therefore, you have to pay monthly dues for that too.
2. You won’t own any piece of land. Instead, you will only have the unit.
3. You have to follow the instructions and rules implemented by the association.