Condos can be an option for anyone who wants to keep home maintenance to a minimum, including first-time homebuyers, singles, older homeowners or people who travel frequently. Some condo buildings also have door guards and offer an extra level of security, particularly in large cities. Additionally, condo association rules can be highly restrictive, meaning you may not be able to customize your unit the way you want.
Those who value exclusivity and privacy might find the community areas less than ideal, as well. If you want to make an income from your property or need a tenant to help pay bills, check the HOA rules before you buy. In addition, condos come with HOA fees. These dues help pay for a property management company and cover maintenance costs.
When most people talk about buying a house, they mean purchasing a single-family home , which is a standalone structure on a foundation. Single-family homes can be single-story ranch homes or have multiple stories, as well as a basement or attic space. Many single-family houses also have yards, so you get more outdoor space to enjoy.
Although you get all the space when you buy a house, that also means a higher sticker price. Think lawn care, keeping the gutters clean, servicing the furnace and other routine maintenance.
Those tasks can add up to significant time and money. Here are more differences between a house vs. Most modern townhouses , which are technically considered condos, have small footprints, multiple floors and shared exterior walls with neighboring homes within the community.
Some townhouses might have small yards or patios, and can be much cheaper to buy than a single-family home. For homebuyers debating between a house or condo, a townhouse might be the best of both worlds. You get multiple levels, often more space like a single-family house with less exterior maintenance a major perk of condos.
Pet owners will also like the fact that their townhouse may have a small yard for their four-legged friends to enjoy. Townhouses usually come with HOA rules and dues.
Townhouses are free-standing and give the impression of being a traditional house. An apartment is a unit in a larger building that encompasses a community all inside the same walls.
There are multiple tenants, all managed by the same entity with the same regulations for everybody. Most renters live in apartments. The biggest advantage of renting an apartment is cost. For several reasons, renting an apartment versus a townhouse or condo might be less expensive in the long run. Renting an apartment for the first time can be scary — more so when you learn that you should make at least 40 times the rent in annual wages. Yet renting an apartment as opposed to a condo or a townhouse can reduce the number of expenses you pay and the cost of those expenses you do have.
Here are some of the other benefits of renting an apartment:. Apartments are more systematic and usually more organized than other rental types, so this can take a lot of stress off your mind if you plan to rent long-term.
They are generally less demanding for renters to manage, and many options are available. If frequent upkeep and budget are some of your primary concerns, then renting an apartment could be right for you.
Apartments are, after all, part of a community, and property managers want everybody on the same page. The cost to rent an apartment will likely be less than the cost to rent a townhouse or a condo, but prices can be higher or lower depending on where you rent.
Cities and urban areas typically have a higher cost of living, while suburban or rural areas are usually cheaper. Fewer renters are interested in townhouses. There are many differences between a condo and a townhouse, but both are two of the least popular rental options. However, townhouses can be the compromise between wanting to live in a single-family home but not wanting to move to the suburbs.
The architecture of a townhouse sets it apart from a condo or an apartment. They often include a small yard, a garage and at least two stories, but share at least one wall with the neighboring house. This shared wall is what distinguishes townhomes from detached single-family homes.
They are sometimes called row homes because of this arrangement. The main advantage of renting a townhouse is the change in lifestyle. Renting a townhouse is similar to renting an apartment, except you may be responsible for HOA fees.
Many renters choose not to live in an apartment building due to the noise factor. If that sounds like you, then a townhouse may not be a great solution.
Although you won't have to worry about your upstairs neighbor stomping on your head late at night, you'll still be sharing walls with the people who live around you. Clearly there are pros and cons to buying or living in a townhouse. One thing to keep in mind, though, is that if you have your heart set on a neighborhood that's a bit outside your financial reach, a townhouse could be a way for you to get in the door, so to speak, especially if you're looking to own.
Buying a townhouse could also end up being a smart move if you don't care about having tons of private outdoor space and want to keep your maintenance to a minimum. If you're not sure whether a townhouse is a good investment, talk to a local real estate agent and ask how buyers have fared in recent years.
Some townhome communities are quite desirable because of their location or amenities, so you'll need to get the scoop from someone who knows the area well before you make your decision. Our team of analysts agrees.
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Search For. What is a townhouse? Benefits of buying a townhouse In some cases, a townhouse can be a smart choice and investment. Here are some of the things you'll benefit from: A lower purchase price Easier maintenance Common area amenities A sense of community. A lower purchase price Buying a townhouse isn't always cheaper than buying a detached home.
Easier maintenance When you buy a detached single-family house, you're responsible for a world of exterior maintenance. Common area amenities Many townhouse communities offer common area amenities that could enhance your quality of life.
A sense of community Townhouses, by nature, are close together, which means you may have an easier time getting to know your neighbors. Benefits of renting a townhouse If you're looking to rent a home rather than buy one to live in, a townhouse is worth considering as well for these reasons: Lower rent Extra amenities A community feel Lower rent Because townhouses tend to be cheaper to buy than detached homes, owners who choose to rent them out will typically charge less rent.
While they have their similarities, they also have their differences. Condos, for instance, are by definition individually-owned apartments that can sometimes be rented. Likewise, you can find townhomes for rent and for purchase - though condos for rent are a little less common. We hope that our infographic has helped you settle your townhouse vs. Overall, the main differences between a townhouse and a condo boil down to the type of community you want, your desire to being a homeowner and if you want HOA fees.
Condos are generally on the more expensive side with more active resident communities while townhouses are a little more low-key, though offer a living experience much more similar to that of a single-family home. Meanwhile, each is a great alternative option for owning in urban areas where traditional, single-family homes are impractically priced. But, if you want to rent, by definition, condos are purchased while townhomes can mean renting or owning. If you are still unsure what a townhouse or townhome is, or what a condo is, leave a comment below.
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