There are over 140 million single-family homes throughout the U.S. as of 2022. You’re more than welcome to look into moving into one of them if you’re in the market for a house right now.
But you should know that you’ll also have the option to invest in either a townhome or a condominium if you would like. They’re both excellent options for those interested in purchasing a property.
So, what exactly is the difference between townhomes vs condominiums? That’s a question you should attempt to answer before you start shopping around for one.
Far too often, people make the mistake of confusing townhomes and condominiums. It’ll sometime makes the home-buying process more complicated than it should be.
Find out what sets townhomes and condominiums apart below.
What Is a Townhome?
A townhome is a single-family residence that will usually be surrounded by other townhomes. More often than not, you’ll find that there will be rows of townhomes that are all right next to each other.
Townhomes typically have more than one floor, and when you’re on the inside of one, it’ll almost look and feel just like a regular single-family home. The only difference between townhomes and single-family homes is that townhome owners will share at least one wall with their neighbors in most cases.
When you own a townhome, you will be in charge of maintaining both the interior and the exterior of it. This is one of the biggest differences between townhomes vs condominiums. In condos, you won’t be responsible for maintaining the outside of your structure.
What Are the Townhome Benefits?
There are so many benefits that you’ll get to enjoy when you live in a townhome like one of these Park City townhomes. First and foremost, you’ll have plenty of space to spread out in a townhome, which won’t always be the case with condos.
While living in a townhome, you’ll also have more freedom than you will in condos. You’ll be able to make decisions as far as what you would like to do to your townhome. You’ll also be able to get pets and do other things without having to consult a condo association.
For each of these reasons, many people have come to prefer townhomes vs condominiums. They love being able to take total control of their homeownership experience from the time they first move into their townhome.
What Is a Condominium?
Like a townhome, a condominium is also a private residence that will provide you with some space to spread out. But unlike a townhome, a condo is usually only going to be on one floor in a condo building, and it’ll be surrounded by other condos. You might share walls with several neighbors when you live in a condo.
People who decide to live in condos will have a lot less say over what they’re able to do to the inside and outside of their condos. This is because condo owners will need to join homeowners associations, also known as HOAs, that will have long lists of rules that people will need to abide by.
Condo owners will also be subjected to HOA fees that will cover costs associated with everything from lawn care to snow removal to trash pickup. As a condo owner, you’ll be a part of a larger community and will need to act like it at all times.
What Are the Condominium Benefits?
Although there are some drawbacks to living in a condo, there are also many condominium benefits that you’ll get to enjoy when you purchase one. For example, you will usually pay less for a condo than you would for a comparable townhome.
You’ll also be able to get away with not having to pay for things like new siding or a new roof when you live in a condo. It’ll be up to your HOA to foot the bill for these types of things.
Additionally, you should be able to get access to better deals on insurance when you buy a condo vs a townhome. Since you won’t have to worry about insuring the exterior of a condo, you can save quite a bit of money every month in many cases.
Should You Buy a Townhome or a Condominium?
Now that you know more about the differences between townhomes vs condominiums, you should be able to decide which one would suit you best. You should carefully consider the pros and cons of each option before landing on the one that you like the most.
Generally speaking, most people prefer buying townhomes if they can afford to do it. Living in a townhome feels more like living in a single-family home than living in a condo does.
Many first-time homeowners like buying condos, though, since it allows them to soak up everything homeownership has to offer without taking on too many responsibilities at first.
Look at Townhomes and Condominiums to See Which Ones You Like
Before you decide on buying a townhome or a condo, you should look around at both options. It’ll make it easier for you to pick one over the other.
Remember the differences between townhomes vs condominiums while you shop around to get the best results. It won’t be long at all before you’re moving into your new townhome or condo and loving every single second of it.
Do you want to secure some more tips on buying a home? Find them in the other real estate articles posted on our blog.