Having thoughts about a new single-family home? Do your thoughts jump to a townhome or condo? Many homeowners, especially first time homeowners debate between a townhome and a single family home. There are pros and cons to each, and it will boil down to your criteria in a home. Each has specifics that they offer- a home with your own yard, a townhome or a condo with extra community amenities within the complex, and so on.
Consider the following when you are trying to determine which to buy, a condo/townhome or a single family home:
Let’s take a look at cost, first. Typically, condos and townhomes are less expensive than single family homes. The cost to maintain a condo or townhome is less as you don’t have to be concerned with the upkeep of the yard or the exterior of the home, and the utilities are normally less costly as the homes are not as big. Consider your budget which will help you to determine the best choice for you financially.
Location! As with any property, location is essential and you definitely want a neighborhood that has a low crime rate, and is one that is worth your investment. If you have children, or plan on having children in the near future, you’ll also want to look at a neighborhood with a good school district. If your dreams are to live in the heart of the city, then a condo or townhome may be the ideal choice.
Yard and home maintenance will play a major role in your decision, as well. Do you have children who need a yard to play in? Do you need a yard to garden? Do you need a yard for summer entertaining? Are you ready to keep up a yard? It is not unusual for homeowners to not want the upkeep of a home. Also, don’t forget about the maintenance of a home. When you own a single family home, you are responsible for all the maintenance of the home, so be sure that this is something you are ready for.
Privacy is also a consideration and with a condo or townhome you’ll need to realize that you won’t have the privacy that you would in a single family home. You have to share the unit with others. You’ll share a parking garage, an elevator, an outside area, and so on.
There will also be times when you will hear the neighbors, as well.
Homeowner associations are something that many condos., townhomes and single family homes now have. The associations are designed to help keep the neighborhoods maintained, and to pay for amenities that are offered in the unit or neighborhood. It will be necessary to take into consideration whether you want the control of the homeowners association and whether you will benefit from the amenities.
Lastly, your lifestyle will likely influence your decision. If you don’t have children, or are retired, then you may be more prone to want a carefree lifestyle that a condo or townhome has to offer. Another thing here to consider is pets. If pets are in the picture, you may find that many condos and townhomes do not allow pets.