Housing options abound, particularly in urban areas, leaving numerous first-time homebuyers wondering what kind of residence to purchase.
Whether you wish to buy a condominium or townhouse, each has its pros and drawbacks. Furthermore, you must consider your budget, lifestyle, and degree of desired involvement when it comes to maintenance.
By definition, condominiums are associated with multi-story buildings that resemble an apartment community while townhouses are conjoined units owned by individuals. Here’s what you should know about condominiums and townhouses.
Ownership
When you buy a condominium, you own the right to your residence and a designated proportion of common property including amenities and land.
A condominium’s master deed outlines every unit’s proportion of ownership, which the association uses to establish every owner’s segment of monthly dues.
On the other hand, when you purchase a townhome, you buy both the ground beneath your unit and the townhome itself, including its roof.
Rules
Condominium associations are typically very strict when it comes to property rules, especially when it concerns items that are noticeable to the outside community.
Beware that several households share a common condominium property. Therefore, they all have a role to play in maintaining a strong market value. The board that governs condominiums typically stipulates the rules for every development. The rules frequently include pet and decoration restrictions.
Although townhomes have homeowner associations as well, residents usually have more freedom when it comes to decorating the living space. While some people view the associations as a bother, others value their role in maintaining a clean property.
Structure
A townhome is a part of a row of similar houses constructed at ground level in succession with an adjacent wall to the adjoining home. You’ll find that most townhomes have several floors and they often have a small yard space and patio.
A condominium however is one part of a building and may be different from or similar to its neighbors. You might find a condominium on the ground floor or a higher one. A condominium may also have outdoor space such as a patio or veranda.
Maintenance
Condominium associations usually cover more maintenance problems than townhome associations do.
Although much is dependent on the fee structure and association size, good condominium associations tackle maintenance in several of the same ways that huge rental management companies do; they fix issues within a condominium and maintain exteriors and common areas.
For instance, gardeners maintain the grounds and professionals replace roofing as needed. Conversely, townhomes frequently require more self-maintenance or the hired services of professionals to fix issues that ultimately arise.
A townhome may or may not have an association and those that do rarely cover grounds maintenance or major concerns such as roof replacement. Nevertheless, exceptions exist, so it’s important you establish what a townhome’s association covers.
Privacy and Safety
The privacy and safety of a townhouse or condominium relies on the structure. Some condominiums are extremely secure, providing superior security features, for instance video surveillance and electronic lock systems.
Townhomes however come with several of the same security aspects that a conventional detached home does. Bear in mind however that most safety is dependent on the location.
Final Thoughts
While condominiums and townhomes are types of shared housing, they differ in various aspects ranging from structure to rules. If you’re wondering which of these to invest in, this guide will help you make an informed decision.
For more information on condominium and townhouse, contact us at Apartment Agents or leave a comment.