Should You Consider A
Condominium Or Townhome?
If you are buying a new
home on a tight budget, one of the options that will come to your attention is
purchasing a condominium or townhome instead of a standard single family
home. Because most of them share walls,
condos and townhomes are more affordable.
But before you consider moving into a multi-family complex, consider
both the down and the up sides to such a purchase.
The Difference Between A
Condo And A Townhome
New buyers may be confused
as to the difference between a condo and a townhome. Both are attached homes, where at least one
wall is shared between two units. One
difference between them is that a townhome does not have any units above or
below, only on the sides. Townhomes are
usually at least two stories, sometimes three stories. Condos on the other hand are often single
story-although not always-and may have units both above and below as in an
apartment building.
But the truly important
distinction between the two is in the ownership rights of the buyer. Condo owners have rights that extend only to
the walls of the unit, while townhomes usually have rights to the land as
well. This can become a little
complicated in the legal aspects, but that is the basic difference.
Condo Associations
Condos usually have an
association, run by the owners in the complex, that helps to take care of the
shared areas of the complex and also maintain the standards set out in the
rules. The condo association usually
handles such things as lawn and garden care, painting of the outside of the
building, and roof repair.
Some townhomes may have a
similar association as well, called a homeowner's association. It handles things in much the same
manner. Associations require monthly
fees, and all owners can take part in the decisions made by the board.
Things To Consider
Condos and townhomes have
some potential downsides you should consider.
There are often rules about pets, so you may not be able to take your
dog or cat with you. You will also find
that most such homes lack any sort of real yard, although some townhomes have a
small yard. Shared green space is often
available, but you will not have the same privacy.
There are also some things
about this type of home you might appreciate, such as not having to do the
maintenance on the exterior of the house or the yard.
Condo and townhome living
is very well suited to some people, and less so to others. Consider all of the aspects when you are
thinking of buying this type of home.
