House, Townhouse, or Condo: Figuring Out Which Is Right for You

House, Townhouse, or Condo: Figuring Out Which Is Right for You
  • Opening Intro -

    If you're trying to decide between buying a house, townhouse, or condo, there are some significant differences that you should understand before making your decision.

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While all three function well as a great place to live, each has its pros and cons that can impact your quality of life once you close on your new property. This guide will help you decide whether to buy a house, townhouse, or condo, which one you’d benefit from most, and how to know if it’s the right choice for you.

Single-Family Houses

When it comes to buying a home, there’s a big decision: whether to go with a standalone house or a unit in a multi-family residence. Before you pick your foundation, think about all of your living options and choose carefully.

A good real estate agent can help you weigh the pros and cons of each type of living situation. In general, if you plan on staying in one place for more than five years, then buying a house is worth looking into.

Additionally, consider the tasks that go into home maintenance such as gardening, lawn care, and utility maintenance.

If you don’t mind or even enjoy these tasks, a single-family home could be a great option for you. Otherwise, consider whether you can afford to pay for professional help or find the time to do it yourself.

When considering renting or buying, many would argue that it’s always worthwhile to buy instead of rent. Houses typically offer more space for less money, but they also come with bigger responsibilities.

Townhouses

If you’re not ready to make a huge commitment to home maintenance, townhouses can be a great alternative to purchasing your own single-family home. They also provide many of the benefits of homeownership without obligating you to live in a big house.

Moreover, townhouses are generally less expensive than single-family homes as developers share costs with other owners for items like garages and lawn maintenance.

Renting a townhouse also means fewer repairs over time, since there are fewer items to maintain or replace. Remember that not all small living is created equal, so knowing how much space you need is essential to finding your perfect match.

Less space to maintain can be great for some people. On the other hand, if you prefer to have a large, private yard or outdoor space, you likely won’t find that with this type of property.

Condos

People who live in condos will tell you they do so for one simple reason: location, location, location. The benefits of condo living are obvious once you examine them. With a condo, you’re able to get into a nicer neighborhood without spending more money on mortgage payments or rent.

To be clear, getting a condo doesn’t mean you live rent-free. You’ll have to pay monthly fees such as HOA dues, which can add up on top of your existing mortgage payments.

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Despite this, condos are great if you want better access to public transportation and restaurants without having to spend tens of thousands more on a home.

When you’re house hunting, it can be difficult to figure out which type of property will meet your needs and provide the greatest value. Speaking with professionals, such as those at Premier Real Estate Partners, can give you a better idea of what will work best for you.

Keep this guide in mind as you determine the pros and cons of each type of property so that you can make an informed decision on whether or not to buy a house, townhouse, or condo.

Image Credit: by twenty20.com

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