So many decisions rest upon your choice while finding the best home for your family: access to resources, privacy and confidentiality, location, physical appeal, and budget. But the most critical question is, what type of home you want and what kind of environment is suitable for you to live in?
Looking for the best-suited residence is one of the most challenging tasks; however, narrowing down your options to two of the simplest is either a condo or a townhouse. Both options are excellent for residents in their own way, but it can take time to learn what's the difference between a condo and a townhouse and which benefits you the most. Let's do a condo vs. townhouse study in this blog.
Get A Free Mortgage QuoteWhat Is a Condo?
"Condos" is a short form widely used for condominiums. Condos are units within a single, large building, typically a high-rise; the distinct part is that each unit is owned separately. These homes or portions are usually on one level, just like all the other apartments, because condos typically have more residents.
There are usually one or two common entrances and other shared areas like hallways, lobbies, garages, and elevators. Amenities like swimming pools or gyms are shared among the residents, and sometimes other lavish services like a concierge, library, dry cleaning, or clubhouses.
Pros of Living In a Condo
● Living in a condo means owning everything inside your portion and nothing from the outside, saving you from different maintenance and renovations.
● If you like living among people and interacting with them daily, shared amenities are a bonus.
● If you are trying to save money, condos are your best go-to, as they are less expensive than other residential options.
● You can relish living in a one-unit home and an apartment-style living.
● The amount needed to make repairs is shared among all the residents, which makes it affordable.
Cons of Living In a Condo
● When residing in a condo, you must pay monthly or weekly maintenance fees.
● Living in a condo also means sharing everything with your neighbors and other residents.
● There is undoubtedly a lack of privacy in Condos.
● Everyone, regarding timings, payments, sharing of amenities, etc, follows strict rules.
● You have no control of the property.
● Condos are usually dim-lit because of shared walls and windows; natural light fails to surpass.
What Is a Townhouse?
Townhouses are standalone properties connected or joined to a neighboring unit in a pattern of rows or clusters. Townhouses have different levels with shared walls between neighboring units, which means you are audible in the adjacent house if you're being too loud.
These homes are more spacious and have more square footage than condos, plus they have joint facilities like parks, gyms, or town centers (shops, service, cafés and restaurants).
Pros of Living In a Townhouse
● Living in a townhouse means you have complete ownership of your residence.
● Spaces like car porches, gardens, backyards, etc., are also a part of townhouse ownership.
● You can renovate, refurnish, decorate, and even change the exterior landscape of the area within your boundaries.
● Corner lot townhouses have all the benefits: they have more windows, are airy, have side yards, and sometimes even seem more spacious.
● Excellent to maintain privacy among families.
● You can enjoy the idea of both living in a condo and living in a single-family home.
Cons of Living In a Townhouse
● Living in a townhouse is comparatively more expensive than condos.
● The sharing of walls is also not a great idea regarding privacy and complete control.
●The maintenance cost is entirely handled by the owner of the house (pipe bursts, leakages, paints, basement problems, general repairs, etc.).
●You cannot change the building infrastructure as it is built in a historic pattern.
Get A Free Mortgage QuoteWhat Is the Difference Between a Condo And a Townhouse?
Let's study: what's the difference between a condo and a townhouse?
1. Ownership
Condos offer ownership of a unit, while townhouses provide ownership of the unit and the land it covers. This mainly involves the ownership of maintenance you're responsible for as an owner.
While owning a condo, some responsibilities become a part of your contract, but the good part is that you are in charge only of the interior of your unit; however, there are a few unavoidable responsibilities, such as HOA (homeowner association) payment. This payment is used to repair and maintain the condo apartment.
When talking about townhouses, the ownership is divided into two categories: condominium and fee simple. If you wish to be in charge only of the interior of your house, the condominium will suit you the best. However, if you want to own your residence and the land in front (garden, garage, etc.), then fee simple ownership is more suitable for you.
2. Basic Amenities
If you take condo vs townhouse quite literally, the key differences between the two are resources, in-built facilities, and the spaciousness of the infrastructure. Most condos have incredible facilities, such as gyms, libraries, swimming pools, and courts, which are equally shared among the tenants.
Comparatively, townhouses have some facilities, but with modern and new architecture, some have great in-built resources such as a gym and tennis/basketball court.
3. Privacy and Autonomy
Regarding differences, privacy is also a major concern while buying a home. Life in a condo is comparatively less private than life in a townhouse. Townhouses offer a good private space as you are divided by fences and walls from your neighbors, unlike condos, where one can hear what's happening in the other unit.
Another plus point for privacy in townhouses is that they have separate yards or spaces where you can relax on a beautiful morning or do some gardening the way you like.
Condo Vs. Townhouse – It All Comes Down To Your Lifestyle and Budget
One thing you can do while doing a thorough condo vs. townhouses study is plan your budget. Aiming for extraordinary things isn't something bad, but keeping your finances and budget in mind before finalizing your choice of living is essential. As buying the residence or place of living isn't the only expense, extra expenses such as maintenance, repairs, renovations, and lifestyle follow.
All you have to do is evaluate your finances carefully while doing a thorough condo vs. townhouse comparison. Thinking of the long term is also a great idea when planning your residence, as it all comes down to affordability and lifestyle preferences.
To Wrap It Up!
By this time, you must have understood: what's the difference between a condo and a townhouse? And upon comprehensive comparison, your choices narrowed a bit further. All you need to do is look for a worry-free environment as a futuristic thought, as investing in homes and residences is a one-time effort. We hope that this blog sheds light on the condo vs. townhouse confusion!