Modern architecture and more current construction methods have given us variety. Thus, properties nowadays are no longer just commercial structures or single-family houses. The traditional option for those who do decide to rent is the apartment, but there are other choices for buyers today, like multifamily housing options.
In this age, there is so much you need to know about townhouses and condominiums, and you may not even learn about them if you don't live in one. If you need to find out if a townhome or condo is the best option for you, read on below. This article will give you more insights into two of the most common modern multifamily housing structures: the condominium and the townhouse.
1What Kind Of Structure Is A Town House?
A few decades ago, a townhouse or townhome was more commonly known as a row house. These were often built in small lots and, typically, only a wall separated one townhome from another, which will likely have a uniform appearance. In case you wish to purchase rather than rent one, the title of the land where your unit is built on will belong to you.
If there are certain areas around the townhouse that the residents share, expect to pay an added fee, which applies to all owners. The homeowners association collects such fees. The association maintains the surrounding areas and does repairs on the entire property using the collected money.
2What Are The Features Of A Town House?
A townhouse is not so different from the typical single-family home, but the former is an improved version, more or less. Townhomes usually have two floors at least, while a one-floor townhouse is called a villa. A townhouse usually has its own parking area, which is often at the front of the unit, and its residents will have access to the amenities of the compound, which may include the following: community pool, tennis court, as well as an exercise area.
The homeowners association is responsible for repair and maintenance; thus, most townhouse owners are not bothered with the usual issues that single-family house owners often face. Townhomes are quite popular as these are low-maintenance properties; this means that owners don't have to worry about mowing their lawns, repairing fences, or ensuring that their yards are not overgrown. In addition, the prices of townhomes attract many buyers too; these are usually more affordable than your traditional single-family home, plus it often comes with access to a number of modern amenities.
3What Are Some Town House Problems?
If you are thinking about buying a townhouse, then you should carefully consider if you are perfectly fine about becoming a member of the homeowners association, since you will be a member whether you like it or not. Keep in mind that the association will require unit owners to pay certain fees that may be collected monthly, quarterly, biannually, or annually. Whether or not you use the common areas, you will still be required to pay the maintenance fees.
As for the townhouse per se, look around and see if there is room for you to grow, which is especially crucial if you have a family. Also, see to it that the unit you are interested in purchasing is a townhouse. Once you buy the unit, you should be given the deed to the land where your unit sits on; if not, then you're likely buying another type of structure, which is also a type of multifamily option - the condominium.
4What Kind Of Structure Is A Condominium?
A condominium, also known as a "condo," is a type of housing structure that has slowly become more and more popular over the years. This is mainly due to the ever-increasing cost of land, as well as single-family houses. There are a number of financial matters to consider seriously if you want to gain the deed, and these are a mortgage, property tax, fees, and extra charges to pay for common areas and other amenities, as well as maintenance fees that will be collected by the association on a monthly basis.
It is common for condos to be built on top of one another, but there are also styles with two floors, as well as a parking area, similar to a townhouse. It will be quite difficult to determine whether it is a condo or an apartment if you only look at a structure as the housing styles mentioned often look the same. The difference lies in ownership: you can own a condo, but an apartment will always be just for rent.
5What Are The Perks Of Condos?
The main advantage of purchasing a condo is that everything stated in the contract will become yours. However, this does not necessarily imply that you can go ahead and knock down walls and make other structural changes since the contract also lists down what you can or cannot do to your property. All condo owners equally share other developments. The usual facilities that can be used by all owners include the spa, pool, roof deck, exercise area, and the sidewalk.
All condominiums are under the management of a board of directors, and, if you become a condo owner, you will automatically have the right to vote on certain big decisions. As for maintenance, cleaning, and repairs, these are the responsibilities of the homeowners association, while maintenance and operating fees are divided equally among all the condo owners. The fees will also largely depend on how big your unit is.
6What Are The Cons Of Owning A Condo?
A condo certainly has a number of attractive features, including being low maintenance (particularly the exterior) and possessing many facilities, such as pools, playgrounds, and tennis courts. There are also a few disadvantages to being a condo owner, which you must understand before you go ahead and buy one. First of all, there are association fees that need to be paid on a monthly basis.
Moreover, you also won't have the freedom to do what you like to your unit as there are specific restrictions about what you can or cannot do, and you should expect to share walls, ceilings, and floors with other condo owners. Since every unit is attached to each other, you'll be very close to your neighbors, which means less privacy (which is something that you'll automatically enjoy if you have a single-family home). In addition to that, condos take twice the time and effort to re-sell compared with a typical house.
Whether you are doing it for yourself or your family, buying a house is a huge decision, which is why it's crucial to study the housing structures that are available meticulously. Perhaps a townhouse or a condo unit is a better choice for you if you prefer something that is more low maintenance than the usual single-family house. Although both of these options may be suitable for your needs, always think things through before purchase as each housing style will have its own advantages and disadvantages. Be informed, consider your future needs, and carefully think about other factors that may affect your home life when looking at all of your housing options.
Jackie Wing is an Alaska native, who enjoys snowboarding more than is probably socially acceptable. She lives in Anchorage with her two dogs Reese and Peanut, or as she likes to call them "Thing 1" and "Thing 2."