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- Like condos and townhouses, some detached homes, especially in urban and suburban areas, may have HOAs, but the fees are usually minimal and cover no more than snow and trash removal and shared road maintenance. And many detached houses have no HOAs at all. Those provide the most independence and freedom of choice. - Source: Internet
- Condominiums provide the most hands-off approach to homeownership. Many of these types of residences are physically indistinguishable from rental apartments, though some developers construct condos that look like multilevel townhouses. Condos are often cheaper than townhouses, in part because they come with no land. The exterior of the units, plus the land around them, is considered a common area and owned collectively by all the condo owners in the community. - Source: Internet
- Traditional houses still offer a more significant investment return than townhouses and condos in most areas. Home appraisals have less variation when models in the neighborhood are the same footprint or square footage. The only distinguishing characteristics will be interior amenities. - Source: Internet
- Housing choices are abundant, especially in urban areas, leaving many first-time homebuyers wondering which type of residence to buy. Each style of dwelling—condominium, townhouse, and detached home—has its pros and cons. Buyers should consider their lifestyles and budgets, as well as how much they want to be involved in home maintenance when deciding which type of home works best for them. - Source: Internet
- If you value your privacy, the community lifestyle might not be for you. Since you will be living closer to your neighbors than in traditional single-family homes, you will be able to hear your neighbors more. In condos, you could have people above and below you as well. - Source: Internet
- Monthly cost and maintenance are the defining features of condos. Like townhouse owners, condo owners pay monthly HOA fees, though their fees may be significantly higher. Condo community HOA fees cover the cost of unit exterior maintenance; the insurance required to cover pricey items such as roofs, elevators, and parking structures; as well as services like trash and snow removal. A condo works well for people interested in owning real estate at a reasonable price and close to where they work or play. - Source: Internet
- The homeowner association will have insurance to cover the communal areas. A condo unit owner will need to have condo insurance for their belongings, much like you would have when renting an apartment. Having insurance is vital whether you are purchasing a condo or a townhouse. - Source: Internet
- The condo vs. townhouse topic is confusing, even for some real estate agents who don’t know the key differences. While these property types hold some similarities, there are also significant differences. - Source: Internet
- You can also try townhouses for sale near me or condos for sale near me as well. Both of these search terms should provide you with some communities to check out. Laying the groundwork for what you can expect will be a valuable start to your property search. - Source: Internet
- For example, the homeowner association could decide that the decks need replacement. When you are part of a community with numerous units, you may find that your building is farther down the list of completion. In a condo community, you can often find yourself waiting for things to get done that take longer than you would like. - Source: Internet
- You’re likely to have neighbors above and below you with condo ownership. Condo and apartments usually are very hard to distinguish visually from the exterior. You really can think of a condo as an apartment you own. - Source: Internet
- When comparing the architecture of a townhouse vs. a condo, condominiums usually are part of more significant buildings that can look like apartment complexes. The unit’s exterior often does not have many distinguishing characteristics with a condominium. Condos will share at least one wall and, in some cases, multiple walls. - Source: Internet
- For some people, condos and townhouses make a definitive purchase decision. For others, this may not be the case. If you do not like rules out of your control, condo or townhome living might not be for you. - Source: Internet
- You have less to worry about when you own a condominium. There are more conditions and restrictions that you need to follow, however. This is because you share much more in a condo development over a townhome community. - Source: Internet
- The main difference in comparing a condo vs. a townhouse will be what you’re required to do. Living in these homes gives owners different levels of responsibility for the property. - Source: Internet
- Both townhouses and condominiums can come with rules you may not like. For example, if you have pets, you may not be able to have them. In some communities, the type of pet may be restricted, or there could be a weight requirement. - Source: Internet
- The first time a condo association tells you that the flowers you’ve planted need to go, you’ll know exactly what I’m talking about. Always have a checklist to compare living in a traditional home vs. a condo before marking a final decision. - Source: Internet
- About the author: The above Real Estate information on a condo vs. townhouse was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for 35+ years. - Source: Internet
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