Condos, Townhouses, and Single-Family Homes: Which is Better?
Congratulations, you’re finally getting to move out! It’s taken a lot of effort for you to get here, but now comes another obstacle on your journey to being a homeowner. What kind of home should you get?
You might not be too familiar with condos or townhouses. You might have heard them mentioned on TV, but it’s probably hard for you to spot the difference.
So, we’re going to discuss the differences between townhouses, single-family homes, and condos. That way, you know which home fits you best.
What’s a Condo?
A condo is short for condominiums. Typically, a condo means you will be living in a larger residential building (which is not owned by you) inside an apartment-style home.
Since you will live in a larger residential building, condos usually have more amenities than homes or townhouses. For example, you often get access to a pool and a small gym, and you never have to worry about maintaining the area around your condo. That’s the responsibility of the entity that owns the building and the Homeowners Association.
However, the only part of the building you own is the airspace between the walls that separate your condo from the others.
You must also be part of a Homeowners Association when purchasing a condo. Remember that your condo will not increase in value as fast as a single-family home or a townhouse. Also, condos don’t usually qualify for all mortgage products.
What’s a Townhouse?
A townhouse is another exciting piece of real estate! Townhouses are homes connected to other houses but separated thanks to well-insulated walls. Townhouses are typical in urban areas (near cities), and you own the space between your walls and the front and back yard. However, you usually are in charge of the upkeep of your property.
Townhouses have fewer amenities but increase faster in value than condos. And because you are close to your neighbors, you will find that your townhouse helps you connect with your local community. In addition, since other homes surround yours, your home can be more secure than single-family homes, which are separated.
A townhouse is also ideal for people on the go. You also usually do very little maintenance for your townhouse compared to care for a single-family home.
The Single-Family Home
Last but not least, we have a classic, single-family home. The single-family home is completely detached from other houses and not within a residential building. Instead, it stands on its own, on a plot of land you own. Because they have more exterior space, single-family homes are typically larger than condos and townhouses.
But since you are not part of an HOA, you are responsible for everything and anything that happens on your property. In addition, single-family homes have bigger yard spaces and more interior space than either townhouses or condos. And yes, your mortgage options will be enormous when you buy a single-family home.
Which Home is Best for Me?
The answer to that question depends on the kind of lifestyle you live. If you want your home to be in a hotel-type setting with many amenities and next to a city, perhaps you should consider a condo.
On the other hand, if you want a bit more privacy, a city life, and be part of a tight-knit community, you look into townhouses.
And if you enjoy your privacy and want more land or square footage, you should look into single-family homes.
From a budget perspective, townhouses and condos are usually cheaper than single-family homes. But, despite the obstacles, single-family homes are generally the best real estate investment a person can make in the long run. This is because they increase value the fastest, give you an excellent foundation to build wealth, and help you save money.
Either way, you want to own the place you stay in because, believe it or not, it’s cheaper in the long run. Happy home-hunting!