If you’re one of those people who doesn’t like maintaining your lawn or want to commit to a large down payment for a conventional home, buying a condo or townhouse may be right for you. Before we look at the top five reasons to buy a condo or townhouse, what are condos and townhouses?
Condos and townhouses are unit-based home purchases. For example, a condo unit will exist within a group of connected condominiums and you purchase one unit or one condo. Townhouses are found in planned developments where all homes are similar in style and you purchase the townhouse but are not responsible for the upkeep of common areas. The same for condos-you are not responsible for common areas, recreational areas, swimming pools or other areas where the Homeowner’s Association you join and pay for each month takes care of these common areas and you must abide by condo and townhome bylaws as well as rules and regulations. You do pay individual property taxes on both condos and townhouses.
Here are the top five reasons we found to purchase a condo or townhouse:
1. Less Commitment – Condos and townhouses are great for people who want to own their dwelling space but don’t want to do all the required lawn and common area maintenance. Most condos and townhouses do not require a down payment as large as on conventional homes. While you are committed to the condo or townhome, you buy and must follow the Homeowner’s bylaws, owning a condo or townhouse can be less of a stress when it comes to lawn upkeep and can offer more amenities than a conventional home.
2. The Amenities – Because condos and townhouses are usually in planned areas and are consider a “community” of sorts, certain amenities may come with the purchase of your condo unit or town home unit. These amenities may include a shared swimming pools, tennis courts, recreational areas, common barbecue areas, and picnic areas and meeting rooms that may be rented for parties. Other features could include higher security and a fitness center and newer condominium and town home structures are offering entire community conveniences such as grocery stores, drycleaners, and restaurants all within the development giving you the option to never leave the condo area for certain consumer needs.
3. Overall Price & Ownership – Buying a condo or townhouse can be much cheaper than a conventional home. Whether it’s a condo for sale, where you enter into a main lobby or a townhouse that allows you to have a private entrance and perhaps your own carport or garage, both are cheaper all around than a conventional home. Ownership of a condo or town home is much the same as a conventional home. You finance or pay cash and own the title to the condo unit or townhouse you buy. When you sell it, you do this on your own as long as your follow the bylaws, covenants, and restrictions. With a town home for sale, you will usually also hold title to the land the townhouse sits on.
4. Appeal for the Elderly – If you are in your retirement years, often a condo or town home is your best bet, especially when it comes to security and community involvement. Some town home and condo communities are dedicated for the elderly only and can provide activities at the same location where you live.
5. Simple Care – Because almost all townhouses and condos have management, if you do need to “fix” up your dwelling, there are provided specific guidelines on what you can and can’t do. If you aren’t the creative type, town homes and condos are great for a structured way to keep up with the exterior maintenance such as exterior paint color (which can usually be arranged through the Homeowner’s Association) and other exterior options that are allowed.
What is the Homeowner’s Association?
All condos for sale and most town homes for sale are organized by a Homes Association. When you purchase your condo or townhouse, you become a member by default. Usually there is a board of community members that oversee the bylaws, rules, and regulations. The association is also responsible for the upkeep of all common areas. There is a master fund that is funded through monthly fees payable by you and is set at time of move-in. Fees can be raised from time to time as outlined by the bylaws. All condo and townhouse owners must abide by the rules and regulations and pay their fees on a timely basis.
Buying a condo for sale or a townhouse can be an advantageous idea if you are looking for maintenance free lawn care, amenities such as pools or tennis courts, and a sense of security for all who live within the limits of each of the communities.
