What Type is Best for You? House, Condo, or Townhouse?
With several different types of homes to choose from, how do you determine which type of home is right for you? The best way to determine which type of housing is best for you would be to list the advantages and disadvantages of a house vs. condo or condo vs. townhouse, and then make a list of your needs vs. your wants in a home and compare the lists.
House vs. Condo
Living in a condo affords a more leisurely lifestyle where owners don’t have to worry about mowing the lawn, shoveling snow, trimming hedges, or other outdoor chores. Those concerns are taken care of by the condo association. However, the downside of this convenience is that condo owners must pay for this convenience through monthly association fees in addition to any mortgage payments to pay off the condo. Another downside to living in a condo is the close proximity to your neighbors. You will probably be able to hear your neighbors moving around as well as their televisions, stereos, and kids. Living in a house affords a person with more privacy and independence. You will not hear your neighbors through the walls, but any upkeep on the exterior or interior of the home is yours and yours alone to deal with.
Condo vs. Townhouse
In this comparison, condo dwellers enjoy all of the same advantages and disadvantages listed previously with lower maintenance responsibilities, but a slightly higher cost of living. Townhouse living provides the advantages of separate multi-floor living spaces, an additional income to pay off the mortgage, shared maintenance responsibilities, and someone right on the other side of the shared wall to watch over the place when you’re out of town. These are balanced by townhouse disadvantages, such as being able to hear your neighbors/renters, lack of complete privacy, and having to deal with the additional expenses and restrictions imposed by the area homeowners association. Many townhouses belong to a local association that requires a monthly fee and places restrictions on what you can do with your property.
Choosing the type of home that is best fits your lifestyle boils down to making a series of compromises. For instance, doing yard work yourself vs. writing a monthly check, enjoying privacy and solitude vs. being able to hear and see your neighbors all the time. These are decisions that only you can make. Before you choose one type of home over another, be very sure that any type of home addresses your needs now and for the future before you start indulging many of your wants!