When it comes to buying a new home it can be difficult to know which option is best for you. You can either buy a condo, townhome, or single family home. Each have their own pros and cons.
If you’re thinking about purchasing your first home, a condo might be the way to go. You don’t have to worry about maintaining the exterior, mostly all condominiums have fitness centers (which is great so you don’t have to pay a gym membership), and you get a pool that you don’t have to clean or pay for. There are pros and cons to buying a condo though.
Affordability- Condos are usually much cheaper to purchase then a single family home. If you are a first time home owner, then buying a condo is a great first step.
Amenities- Who doesn’t love the sound of having a fitness center, pool, a clubhouse, etc. right in your neighborhood? Many condominiums offer these amenities and are not open to the average homeowner.
Security- Many condominiums are gated, have security cameras, or doormen. If you live alone and are worried about your safety, this is a great perk. Also, you live close to our neighbors, so in case of an emergency there are plenty of options for help.
Maintenance- One of the biggest benefits of living in a condo is that it’s like living in an apartment when it comes to maintenance. They are there to maintain the exterior and help when something breaks. If you live alone, poor health, or just don’t have the time, then this is another great perk of condo living.
Lack of Privacy- Living in a condo is just like an apartment. You have people under, above, and on the sides of you. If you’re looking for more peace and quiet, then a condo may be out of the question.
Homeowners Association Fees- Having a pool that you don’t have to clean, a nice fitness center, and a clubhouse to maintain sounds nice right? Well this is where your part comes in to play. You pay a monthly fee (along with your mortgage) which goes towards the upkeep to all of these amenities. HOA fees vary depending on the size, location, and the quality of your community. Most condominiums have an HOA Fee of $300 or more a month.
Living by the Rules- Living in a condo means you have to live by managements rules. If you want to remodel something in your condo, you have to ask the condo association. If they say no, there’s nothing you can do about it. For people who want to remodel, this can become challenging.
Challenging to Sell- Condos can be difficult to sell. This is because most condos all look the same. If you are one of the few trying to sell your condo you may be in luck, but if there are multiple units for sale then it can be difficult.
When purchasing a townhome, almost all the same rules apply as to buying a condo. They do have a few differences.
Cost Efficient- Due to how expensive things are becoming lately, buying a townhome instead of a single family home is more affordable. With a townhome you can get a cheaper mortgage payment and they’re almost as roomy as a single family home.
Amenities- Most townhomes have the same amenities as a condo. They offer pools, fitness centers, and clubhouses depending on how upscale your neighborhood is.
Association & Bylaws- Living in a development with an association who enforces rules can make it easier on living. These rules passed by the association must be followed by the people of the community. Rules such as keeping your yard clean, parking, noise ordinances and keeping peace in the neighborhood are handled by the board.
Less Space- Living in a townhome you have limited space when it comes to storage and outdoors. Yes, you may have a backyard with a townhome, but it won’t nearly be as much space as a single family home. There may be areas such as a park or playground nearby you can walk to.
Privacy- You will have more privacy living in a townhome rather than a condo. But, you still have shared walls. The walls are a bit thicker and have newer insulation than condo walls so you won’t be able to hear your neighbors as much.
Limited Creativity- Most people like to eventually remodel or expand their home. Living in a townhome you are able to remodel the inside but only to a certain extent. You don’t have nearly enough room to remodel like you would a single family home. Expanding your home is not an option for townhome living. You really have nowhere to build on to and no extra land to build it on.
Single Family Home
Being a single family home owner has many benefits to it as well as its negatives. When you own a single family home you are open to a variety of options when it comes to remodeling, expanding, and adding amenities.
Renovations- Being able to renovate your home into your dream home is possible when owning a single family home. You can add up, down, and expand on the sides. You don’t have to worry about asking any associations for their permission to remodel. Once it’s your home, you can add anything you like.
Privacy- Having privacy is one of the best things in the world, right? Buying a single family home, you are assured to have the most privacy you want. You can add a fence around your yard, make as much noise as you want inside, and don’t have to worry about any noise curfews.
No Association- Not having an association to deal with means you don’t have to give any maintenance fee for your home or follow the strict rules and regulations of the associations.
Cost- Owning a single family home can be costlier. They are much more expensive to buy than a townhome or condo. Even with all the association fees that comes with a condo and sometimes townhomes.
Maintenance- You are responsible for anything that breaks or needs replacing in your home. It can become quite difficult to do these things on your own, so sometimes having to pay someone else to fix it becomes a challenge too.
Amenities- Everyone likes having their own amenities that they don’t have to share with a whole community. Buying your own pool, grill, and outdoor equipment can start to get expensive.
In the end, it is your choice to decide which option is the best for you and your family.