People ask me all the time whether they should consider a condo or townhome. The decision to purchase one of these kinds of property instead of a single-family home ultimately comes down to personal preference, but there are a few differences buyers should understand before settling either way.
First of all, one of the primary advantages of purchasing a condo or townhouse is that they are lower maintenance than single-family homes. Big-ticket items like the siding or roof are outside of your concern when you live in a townhouse or condo.
Also, if you are someone who previously lived in an apartment, the move to this kind of property makes for an easier transition. Those who plan on eventually purchasing a single-family home may find that a condo or townhouse works well as an intermediary step on the path to that goal.
It’s important to realize, however, that the conveniences of living in a townhome or condo come at a price. The homeowners association (or HOA) fee you will have to pay to cover certain amenities could be hundreds of dollars per month. Therefore, if your decision to purchase a townhome or condo over a single-family property is financially motivated, you should look carefully at how much you’ll truly be spending given the addition of those monthly expenses. You may find that, in some cases, purchasing a single-family home may actually be the more fiscally feasible option.
Also, condos may have construction defects that could potentially lead to a lawsuit. This obviously isn’t a scenario that most will need to worry about, but it is a possibility to keep in mind.
Ultimately, the best thing to do when considering a condo is to become informed. Read all meeting minutes, join a committee, and have a strong professional to guide you through this transaction. Purchasing property is much easier when you work with a trusted real estate expert like myself.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.