Buying property is an exciting stage in anyone’s life and deciding on the proper itself can be a challenging process. Some find what they’re looking for immediately whereas others have more difficulty. But how do you decide between two separate property types? Here are the benefits of buying a condo vs buying a townhouse.
Benefits Of A Condo
When it comes to a condo, there’s a mixture of advantages and disadvantages, but let’s talk about the benefits it does have. A condo requires less maintenance and also doesn’t need to require as much of your attention when it comes to cleaning. As condos are usually pretty compact, you’re saving on the amount of clutter you’d probably build up in a bigger home. You have to be conscious of space with a condo and that can sometimes be a good thing. A condominium is defined as a private residence but within a larger building or community. For maintenance, this is usually covered by any ground rent or service charges you pay as part of your agreement. So you don’t need to worry about communal gardens and certain exterior problems that may crop up because it’s all sorted for you. This can be an added benefit if you’re someone who has poor health or is not able to deal with any works that could usually be done in a property that’s not managed.
As the maintenance is covered, so is the security. Condos are usually in buildings that are privately gated or at least locked at the main door and can only be opened using a fob, key or coded system. Unlike other properties, condos will come with their own amenities and if you’re lucky, you may get a pool or even a gym to take advantage of. This can be quite the luxury but something that’s highly beneficial to have especially if money or time is restricted. Tenants can enjoy the use of a gym or swimming pool without having to pay the cost of a membership. This can be useful when living in the city and the price of these memberships is astronomical.
Affordability is a benefit of buying a condo and because they’re going to be a lot smaller in square footing, they are more affordable. This is great for those who may not have such a huge income or who may have not saved as much money as they could do within the timeframe they were aiming for to buy a property. So although it feels like a compromise to buy a condo, you are still getting the opportunity to buy a property, which is handy for everyone to at least get their foot onto the property ladder.
Benefits Of A Townhouse
A townhouse is relatively similar to that of a condo in that it shares it’s outdoor space with other properties but sits within the same development. The cost of a townhouse is one of the benefits because it’s not nearly as expensive as that of a single-family home. The shared walls and foundation make it so and you can also save money on the heating and utility bills if any of it is shared, water tending to be the most common one. Like a condo, the benefit of owning a townhouse is that the maintenance is handled for you. Again, you’re likely to pay a fee and if you wanted to change or adapt something, you’d have to go through the development’s association. Also, it’s wise to note that some developments may have restrictions on what you can and cannot have in and around your home.
The common areas within a development will be looked after by staff and you’ll also likely to have security and other gated benefits that usual homes wouldn’t have and would need installing out of their own pocket. For families, security might be something that would be very much welcomed, especially with small children. The neighbourhood it’s in, may be known for a higher crime rate, so at least there’s some peace of mind in a gated community.
So which one is better? Both the condo and townhouse share similar benefits whether it’s the luxury of having maintenance and communal problems sorted or the fact that they’re both significantly cheaper than the average homes. However, if you’re looking for a bit more space, a townhouse is likely to be the better option, especially for households with children or have a big household. However, with condos, they do tend to go up in value over time, particularly when land around the area becomes sparse and therefore properties become more premium. Condos are usually found in cities, so that’s likely to be the reason as to why they appreciate so much.
What would you buy, a condo or townhouse? There’s clearly benefits to both!