Whether it’s your first time buying a home or you’re looking to downsize from the house you already have, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search!
Condominiums
Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on.
This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas.
Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community.
There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association.
Townhouses
Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof.
Traditionally, these units are two or three stories tall and may also include common areas like pools and parks.
Townhome owners pay a fee to a homeowner’s association every month and the loan process is the same as buying a full-sized home.
Which is the best choice?
Both townhomes and condos require less maintenance than traditional homes and generally offer the bonus of shared areas.
Your decision ultimately comes down to what you and your family need and want. Things you’ll want to take into consideration include location, lifestyle, family growth, and price.
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.