Whether it’s your first time buying a home or you just want to purchase something smaller, townhouses and condos are both great options. Farnan Real Estate has rounded up a few differences between the two to help you in your search!
Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association. You should also be aware that many condominiums come with a monthly condo fee on top of your mortgage payment. This fee typically covers many of the monthly fees you would normally pay like – trash removal, water, some utilities, and general property maintenance among other items.
Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home. In this case the monthly fee to the homeowners association is typically lowers than a monthly condo fee, but only covers general maintenance and upkeep for common areas.
Which is the best choice?
Both townhomes and condos offer less maintenance then a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price.
About Farnan Real Estate
Farnan Real Estate offers clients over 25-years of real estate and client services experience, all with the indelible backing of Patterson-Schwartz Real Estate, Delaware's largest independent REALTOR® and leader in the Mid-Atlantic region. The Farnan team is prepared to guide you through the buying/selling process, connect you with trusted partners and aim to reducing the levels of stress that typically come with buying and selling a home. Contact us today to get started with your home buying, selling or real estate investment experience.