A common question we hear from prospective home buyers is whether a condo or townhome are viable options for them, as well as what the difference is between the two. Condos and townhomes are great options, especially for first time home buyers or downsizers who are looking for a simpler lifestyle, lower budget and less space. Both options offer low-maintenance living, but understanding the nuances can help you make the right choice as you embark on this new chapter in your homeowner journey.

For those looking to downsize from a larger home, moving to a condo or townhouse can create a simpler lifestyle that allows owners to focus less on maintenance as well as a potentially lower monthly payment if they are able to capitalize on the sale of their single family home and put down a larger downpayment, or potentially even pay cash with the proceeds from their current home.

Condo Living

Condo living presents a compelling case for those looking to minimize upkeep responsibilities. With amenities like lawn care, exterior maintenance, and communal facilities typically covered by homeowners’ association (HOA) fees, condos offer convenience and freedom from many traditional homeowner duties. This lifestyle appeals to individuals and couples eager to say goodbye to yard work and time-consuming exterior upkeep.

Let’s take a look at some of the pros and cons:

Pros:

• Low maintenance: HOA typically handles exterior upkeep.
• Amenities: Enjoy access to facilities like pools, gyms, and communal spaces.
• Prime location: Often situated in desirable urban or suburban areas.
• Security: Some condos may offer gated entry and surveillance for added safety.
• Sense of community: Opportunities for great relationships with neighbors.

Cons:

• HOA fees: Monthly fees can add to the cost of ownership.
• Lack of privacy: Shared walls and common areas may result in less privacy.
• Rules and regulations: HOA rules can restrict certain activities or modifications.
• Limited control: Decisions about the building and common areas are made collectively.
• Potential for added expenses: Unexpected costs for major repairs or upgrades.

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Heading to the market soon? Read these other blogs for helpful home buying advice!

• 5 Things to Consider to Get Your Offer Accepted
• Answering the Most Common Home Buying Questions
• How to Maximize the Value of Your Home Purchase

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Townhome Living

On the other hand, townhomes offer a middle ground between detached single-family homes and condos. While townhome residents enjoy the benefits of shared maintenance responsibilities, they also maintain some degree of autonomy over their property. With separate entrances and potentially more space than a condo, townhomes provide a sense of privacy while still offering community amenities and shared maintenance benefits.

Let’s take a look at some of the pros and cons:

Pros:

• More space: Typically larger than condos, providing more living space.
• Ownership: Own both the unit and the land it sits on.
• Privacy: Separate entrances and fewer shared walls compared to condos.
• Community amenities: Some townhome communities offer shared facilities like pools and parks.
• Potential for appreciation: Townhomes often appreciate in value over time.

Cons:

• Maintenance responsibilities: Owners may be responsible for exterior upkeep unless handled by Homeowner’s Association.
• Limited customization: Homeowners may have fewer options for modifications, especially when it comes to the exterior of the property.
• Close proximity: Closer to neighbors than most single-family homes, leading to potential noise.
• HOA fees: Some townhome communities have HOA fees for shared amenities and maintenance.

When choosing between a condo or townhome, it’s important to consider your long-term real estate goals. If you desire a lock-and-leave lifestyle for travel, a condo may be the ideal choice. If you value a bit more space and independence while still enjoying shared amenities, a townhome might be the better choice. If you want complete independence in terms of ownership, changes to the property and are willing to take on the added responsibility of a single family home, then buying a condo or townhome may not be the best fit for what you’re looking for.

There is not a one size fits all answer to this question as not all condominiums and townhomes are the same as they vary greatly in terms of amenities, costs, space, regulations, etc. The decision all comes down to your lifestyle preferences, financial situation, and future plans. Whether you opt for the simplicity of condo living or the balance of townhome ownership, downsizing offers an opportunity to embrace a more manageable way of life. Regardless of which type of home best suits your needs, having a professional real estate agent who is knowledgeable about the local market and the different condo communities in the areas you are looking, is vitally important to ensure you find the right home.

Looking to find the right home for you? Discover Andersen Group Realty’s unparalleled buying and advisory services today. Click here to send us an email or call 781-729-2329 to get started.