The key here is to understand what your lifestyle and budget is. Owning a home is work so also consider maintenance when deciding which type of home is best for you. Eventually owning is always a plus with very few cons. Read on to know the difference and understand what suits you.
What Is a Townhouse?
The defining feature of a townhouse is what you own. Townhouse owners usually own the land on which the house is situated, including any front and backyard area that goes with the residence. They also own their home's exterior.
Townhouses generally have homeowner associations (HOAs). Owners pay monthly dues to cover insurance and maintenance of the community's common areas, as well as for services such as trash pickup. Some HOAs enforce community rules, such as the colors of exterior paint permitted, and the types of fencing owners can install.
Owners remain financially responsible for exterior maintenance and repair of their townhouses. A townhouse is right for people who want some involvement when it comes to maintaining their homes but do not want the responsibility of a large lot.
What Is a Condo?
Condos are often cheaper than townhouses, in part because they come with no land. Anything outside the condo is considered a common area and owned collectively by all the condo owners in the community.
Like townhouse owners, condo owners pay monthly HOA fees. Condo community HOA fees cover the cost of exterior maintenance; the insurance required to cover items such as roofs, elevators, and parking structures; as well as services like trash. A condo works well for people interested in owning real estate at a reasonable price and close to where they work.
What Is a Single-Family Residence (SFR)?
SFRs tend to provide owners with the most freedom when it comes to improving the home or the land that comes with them. The defining feature of this type of home is the freestanding building; there are no neighbors with whom to share walls.
SFRs have yards and room for other structures, such as a detached garage or workshop. SFR ownership is the right call for people who want a big garden.
Most single-family homes have no HOAs at all. Those provide the most independence and freedom of choice.
Condo vs. Townhouse vs. House
Condominium TownhouseSFR
CostOften the least expensive housing optionTypically, less expensive than a detached housePrices range widely by size and location
Monthly feesDues to homeowner associationDues to homeowner associationGenerally, none
What you ownYour individual unit, but not the land or other common areasYour home plus the land it sits on and possibly a small yardYour house plus the land under and around it
AmenitiesCondos often have shared amenities like a swimming pool or fitness clubMay also have shared amenities like a swimming pool or fitness clubAmenities depend on what was there when you bought
ResponsibilitiesMowing the lawn, painting or other upkeep is not your responsibility You aren't responsible for mowing the lawn or other upkeep Lawn mowing, painting, repairs, etc. are your responsibility
AutonomyYou need to follow all association rulesYou are subject to the rules of the owner's associationYou can do as you please within the limits of the law
The decision of whether to buy a townhouse or condoor to opt for a detached houseusually boils down to cost, convenience, and lifestyle.
1st time home buyers with no time for home maintenance may benefit the most from buying a condo or townhouse, upgrading to a detached house only after learning what it takes to keep up a home.
Buyers who want space for their families and those who do not want to be subject to HOA rules will benefit the most from buying detached homes.
I do hope this has been informative, please do write to me at jr.homesold@gmail.com for any further questions or contact me at Jayshree Reddy - 408-489-6812. I'm a real estate agent based in San Jose, California.
| About Author |
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I Live in San Jose. After a Long stint in Tech & Education moved to Real Estate in, Bay Area California.
I hope my expertise will come of help to you and you loved ones.
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Website: https://jayshreereddy.exprealty.com/
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