Should I Buy a Condo, Townhouse, or House?
Growing up during the second half of the 20th Century in the United States, most families considered it normal to live in a single family home, complete with a backyard, and often a front porch. Things have changed dramatically. The real estate market has exploded, sending prices through the roof in many parts of the country, making home ownership difficult even for middle class families. What's a family to do, rent an apartment? Perhaps, perhaps not.
Affordable Alternatives to Single Family Housing
Condominiums. Depending on the location, condominiums can be more affordable than single family homes. The cost can run approximately what it would be to rent an apartment, with the added advantages of ownership, an investment in one's future and tax write-offs. However, one must factor in property taxes and homeowners association dues to properly calculate living expenses.
One disadvantage to such ownership, from a financial standpoint, is that the owner has no control over sudden “special assessment” fees that can be levied to pay for common area repairs. Such assessments can come out of the blue and be prohibitive at times. But, then again, homeowners can find themselves with a leaky roof one day, and have to pay for immediate repairs all the same.
Townhouses. Townhouses are similar to condominiums, except that they are typically two-story, have their own separate roofs, and often come with backyards and garages. Townhouses, while they have common walls on either side, feel more like single family dwellings than apartment-style condominiums.
Depending on the type of property and the financial arrangements, condos and townhouses can be a good affordable way for young couples to buy their first home. Such options are also attractive for single people who want to own property, or for couples whose children have grown up—empty-nesters who wish to downsize, or for retirees who don't want to deal with single-family home maintenance.
Advantages and Disadvantages of Single Family Homes
Advantages. The main advantage to owning a single family home is that it is owned in full by the buyer, including the land. He or she can do what one wants with the property and in turn, is responsible for the upkeep. One can fully renovate as one wishes—adding rooms or knocking out walls, painting with any color one wishes, and maintaining the surrounding areas as one wishes. Furthermore, there are no association rules to follow or fees to pay.
In addition, since so many people covet single family home ownership, resale prices are higher than those of condos. If one likes privacy and is tired of the common wall experience of apartment living, a single family home can be the answer.
Disadvantages. Since the homeowner is responsible in full for the property, that means dealing with all the maintenance costs and repairs oneself. Unlike condos, which include public amenities like swimming pools, tennis courts, and club houses, no such features exist with single family homes. If one is looking for a community, perhaps even with security, single family homes may not fit the bill
Ultimately, the decision to buy a single family home, a condo or a townhouse depends on the financial means of the buyer, their needs, and how they want to live. Owning property is costly, but one need not be forced to choose between renting an apartment and owning a home—there are viable choices to fit divergent budgets and lifestyles.
What makes us different?
Home-Listings.org offers users the ability to connect with home, condo and townhome listings nationwide, in real time as well as help connect individuals and families who are looking to buy or sell a home with a qualified real estate agent. Whether you are just browsing for listings in your area or looking for the right real estate agent to work with, you've come to the right place. Simply click on the map or use the form below to get started.