Whether you’re a first time buyer or looking for something, townhouses and condos offer options. Let’s explore the differences between the two to assist you in your search!
Condos
Condos are similar to apartments as you buy an unit within a building without owning the property it stands on. This grants access to shared common areas and amenities like clubhouses, pools and gyms. However condo owners aren’t responsible for maintaining these areas. Living in a condo often provides opportunities to meet people and foster a sense of community. The loan approval process is somewhat similar to that of buying a home with lenders also assessing the health of the condo and contingency reserve fund.
Townhouses
When purchasing a townhome you typically acquire both the inside and outside of the unit along with the land it occupies. This may include driveways, yards and roofs. Traditionally two or three stories tall townhomes may also offer shared facilities such as pools and parks. Townhouse owners also have to pay a fee to their strata similar to those who own condos.Â
Which is the best choice?
So when it comes to deciding between townhomes and condos it really depends on what suits you and your family. Both options offer the advantage of maintenance compared to homes and usually come with great shared areas. Factors you should consider include the location, lifestyle preferences, potential family growth. Of course the price. Ultimately it’s about finding the fit for your specific needs and desires.
