Buying a home is one of the goals many people have, and it is a significant investment. However, there are several home choices in the real estate market. In many cases, the clients are faced with a decision to either buy a townhouse or a condominium. In this article, we will be discussing the differences between the townhouse and the condo. This knowledge will help people who are considering these choices for purchase. Both options are great; however, they function differently, so there is a choice to be made based on individual preferences.
Townhouses are modern house designs that feature terraces and multiple floors. The one-floor townhouse is the most commonly found in many areas, while townhouses with more levels can be located in more affluent neighborhoods. Condos refer to units of individually owned apartments (which can be of different sizes) in high-rise residential structures. Condos are usually less expensive than townhouses. In condos, the residents share public amenities provided by the homeowners association such as the swimming pool escalators, etc. In townhouses, these amenities are privately owned.
The value of a condo is determined by the prevailing real estate market prices for the similar residences regardless of whether the owner remodels the interior parts of the home while townhouses tend to appreciate faster in the markets making them have more value if they are resold.
While you may need an elevator to reach your condo depending on the floor, the one-floor townhouses have outdoor areas such as lawns, driveways, and garages where you park your cars and walk into the home.
The HOA maintains condos hence owners have low insurance rates, but monthly maintenance fees can be high depending on the number of community areas needing care, but owners of townhomes are responsible for maintenance of their homes which tends to increase the insurance rates.
Regarding size, the one-floor townhouse which is the smallest type is on average larger than the average condo. Clients with larger families may want to choose one-floor townhouses which offer more space over the condos.
For more information on The Tapestry, and age-targeted community in Garner, NC call 919-772-4663.