If you ask a buyer who’s currently house-hunting what factors are important in a property, you would probably hear about the three Ps – PRICE, PRIVACY, and PARTY SPACE! If you are considering purchasing either a condominium or a townhouse, then these three factors could help you decide which one fits you better.
So you can make an educated decision, here is a simple comparison of the two types of property.
A condo could either be a building or a community of buildings that have a number of units which are owned by the homeowners themselves, not by any landlady or landlord.
You should be aware that if you become a condo owner, you only have rights to the interior of your own unit. Everything starting from the outer side of your door is not yours. So no, the lawn will not be yours. The gym will not be yours either, or the pool, if you have that.
Condos come in a variety of styles, from intimidating high rises to a collection of cottages. Also, condos come with certain perks like a pool, a club house, a golf course, and more.
You would pay for relatively lower insurance rates because, as we mentioned, you only own the interior of your unit. That means, that’s the only thing you have to insure too.
Depending on its architectural style, condominiums could be really private. They could also be similar to apartment units.
These are conjoined spaces that are owned by different tenants. They are quite similar to what is architecturally known as row houses, where unit owners share walls.
Unlike with condos, owners of townhouses have rights to the unit’s interior and exterior. That includes the roofing, driveway, and lawn. What’s not included is the communal area.
There are some townhouse communities that offer similar amenities as those offered by condos, although some are more private.
Townhouse owners mostly pay lower homeowner association fees monthly. This is because they have to pay for their own unit’s upkeep. However, they require higher insurance rates for townhouses because it would cover the interior and exterior of a unit.
Townhouses are often larger than condo units. In fact, they can have multiple storeys. But since they share one or more walls with their neighbours, privacy is not that complete.
Now that you know the differences between the two, which one do you think suits you better?