Should You Buy a Condo or Townhouse?

When it comes to buying a home, price is typically the main factor that buyers consider. And given the sky-high home prices these days, it's no surprise that buyers look for every way to keep costs low. And oftentimes this entails buying a condo or townhouse, which are usually lower in price compared to a traditional detached home.

Both options are very popular, but they also come with their own unique set of perks and drawbacks. These factors are important to consider before deciding which type of dwelling suits you best, particularly when it comes to your pocketbook.

So, which option should you choose when it comes time to buy a home?

Differences Between Condos and Townhouses to Consider

Amenities

One of the biggest perks of a condo are the amenities that are available to residents as part of the complex. Condos tend to offer a variety of conveniences on site, such as swimming pools, party rooms, guest suites, fitness rooms, and even dog parks.

Unless a townhouse is part of a condominium corporation, you will not get these types of amenities at your fingertips. Townhouses are often freehold homes, which means each owner is responsible for each unit, including adding or maintaining any amenities on their individual property.

If amenities are important to you, then a condo may be the way to go.

Condo Rules

Condos have very specific rules that residents must abide by. Some may be easy enough to follow, but others could cramp your style, depending on your lifestyle. However, these rules are meant to maintain the property values of the units and the complex as a whole, while also ensuring that everyone can enjoy their homes without any nuisances.

Even though condo townhouses still have rules, these communities generally allow more freedom. Think about how such rules could affect your enjoyment of your home. If you're not OK with these rules, then perhaps a freehold townhouse may be better suited for you.

Location

Location is always a key component to buying a home. Generally speaking, condos are often more centrally-located, which means you can find everything you need for day-to-day living — and even work — within walking distance or a short bus or car ride. Townhouse neighbourhoods require more land space, so they might not be as convenient compared to condos.

Maintenance

In addition to amenities, condos also attract buyers because of the minimal maintenance required for home upkeep. There's nothing to do outside your unit. Everything is taken care of by the condo corporation.

Townhouses, on the other hand, still require exterior maintenance that the owners must take care of. Even though the yard may be smaller than a traditional detached home, there's still some square footage to take care of.

Cost

For the most part, townhouses are more expensive than condos, even though the cost difference may be negligible in many cases. You'll want to budget accordingly to take advantage of more space that you'll get with a townhouse.

No matter what type of home you wish to buy, we can help you find the perfect abode for you and your family. Reach out to the team at The Lotus Group today!