When looking to buy a property you will have the option of buying a condo, an attached townhome, or a single family detached home. Each option has it benefits and can appeal to different buyers.
Condos – the low maintenance option
The ownership structure of a condominium is such that you own your individual unit and have a shared ownership of any common areas such as a lounge or pool. Condos typically have higher Association fees than attached or detached homes but in return lower maintenance costs. In a traditional condo you will not have any yard, roof, or exterior building maintenance for which you are specifically responsible.
Additionally the Association fees will typically cover a few of the utilities such as trash removal and water. This makes condos very appealing to several different categories of buyers. First time homebuyers can find the often lower price point and fewer cost variables appealing. Investors love condos for their easy rentability and lower maintenance.
Those valuing walkability may opt for a condo near downtown or the university. Condos are also very popular among those downsizing. As always it is important to review the Owners’ Association documents carefully to make sure you can use the condo as you wish. Some may not allow pets while others may not allow you to rent the unit.
Townhomes aka Attached homes – the happy medium
Townhomes are traditionally set up where you enter on the ground floor and own all the way up to the roof. They typically offer more square footage than a condo and can accommodate more bedrooms and bathrooms.
These attached homes will always share at least one wall with another unit. It is dependent upon the specific Owners’ Association guidelines how exterior maintenance is handled. Some townhome style properties are actually in a condo ownership structure so review carefully. The higher the Association fees the more that should be covered.
With attached homes it is possible to have a garage and even a small yard to yourself. A bigger bang for your buck and moderate maintenance can make attached homes appealing to first time homebuyers, families, and downsizers alike.
Detached Single-Family Homes – freedom of choice
If you want acreage, a lot of square footage, or a one of a kind of home then a detached house is the way to go.
Within the category of single-family homes there are many different directions you can take. If you appreciate the privacy of a detached home but don’t want the additional maintenance you can choose a subdivision with an Owners’ Association that takes care of all of the yard work.
Alternatively you may want land for horses, gardening, or just the feeling of being away from it all. Those looking to design a truly unique home will also choose detached whether for new construction or rehabbing and adding on to an existing structure.
If you are still unsure which option is right for you, contact me today and we can start looking.