Are you trying to decide between buying a townhome or a condo? Although most people assume that the only difference is the number of floors and the layout of the space, townhomes actually offer some pretty powerful advantages over traditional condos. Here are two reasons to buy a townhome instead of a condo:
1: Own Your Land, Not Just Your Space
When you first start shopping for property, it might be hard to tell the difference between condos and townhomes. Since both types of housing can contain great amenities such as outdoor common areas and high-end upgrades, condos and townhomes might seem interchangeable—with the exception of one major detail.
Most people don't realize it, but people who purchase condos own nothing more than the inside of their home. They don't own the land that their condo sits on, even if they rent out the bottom floor of the building. However, when you purchase a townhome, you actually own the parcel of land that your home sits on.
In addition to giving you a little outdoor space, owning land also helps townhome owners to protect their privacy. Since you have claim on your own land, you can ask strangers and other unwanted visitors to leave your property. Also, if your townhome has a small backyard or a front courtyard, it provides an added buffer of space between you and your neighbors.
2: Lower HOA Fees
That on-staff landscaping crew or clubhouse gym might seem like a great condo upgrade, until you factor in the price of your HOA fees. Since condos typically have a long list of included amenities, they usually have higher HOA fees, which might cramp your budget.
However, since you purchase your land parcel when you buy a townhome, you are responsible for your own landscaping and exterior upkeep. Although this might seem like a burden, this added responsibility drives down the price of your monthly HOA fees—putting more money in your pocket.
Before you invest in any property, take the time to ask about the HOA. Ask what the monthly dues typically cover and whether or not you are required to follow any rules. For example, some HOAs ask that you cut your grass on a regular basis or refrain from leaving bulky objects outdoors.Contact a management company, like Gerber Management Services, to find out more.
By investing in a townhome, you might be able to enjoy your own land, extra money in your pocket, and a reliable set of neighbors.