Is it better to buy a townhouse or a condo?(verticus condo)
Townhouses and condos are two options for those who are looking to buy a home but do not want or can afford a traditional home. Although these two types of properties are very similar,
there are some differences that a potential owner should consider. Which of the two types of properties is better is a personal opinion and each buyer will have to decide for himself.
Cost and taxes
Generally, condos cost less than townhouses with comparable living space. This is because a condo owner owns less property than a townhouse owner. While a condo owner generally owns only what is within the apartment walls,
a townhouse owner owns everything from the ceiling to the floor under the house. Although they tend to cost more, the monthly fees are often less than for a condo.
This is because condo fees cover more things, such as maintaining common areas that townhouses do not have, such as common entrances and hallways. Sometimes the condo fees also cover some utilities.
Both townhome and condo owners generally have access to the common areas under development, but townhome owners often have a private outdoor area. For example, they usually have a small garden and a private terrace or balcony.
The patio can even have a privacy fence. Even though these spaces are not large, a private outdoor area is a bonus for those with small children or pets or for homeowners who
simply want a little privacy. They can also offer a private garage and storage space.
Condo associations often have higher standards than townhome associations. This is because the condos have more shared space. For example, condominiums do not allow dogs or restrict the size of the dog.
Condominiums often restrict changes within the condominium, as well as specify what types of floors
can be had. Townhouses do not have these restrictions. Although a townhouse owner must follow some guidelines, they can also make changes to the exterior of the home.
Considerations for reselling
As townhouse owners have more ability to personalize and update a property, it is easier for the property owner to differentiate it from nearby competition and have a better price. For the seller of
a condo, reducing the price is basically the only way to compete with other condos for sale in the development. Because lenders view townhouses as single-family homes, it may be easier for buyers to finance a home. This can be a factor for some buyers.
However, as with all real estate, location is important. A condo in a great location, such as on the beach, often appreciates in value and sells faster than a townhouse that is not as well located.(verticus pricing)