And you might find yourself going head to head with Mrs. Smith who prefers tulips. When owning a townhouse, the owner is responsible for the exterior of the home and the land around it. The shared spaces in townhouse communities are often much smaller, compared to that of a condo. This means the costs associated with the HOA are significantly lower than with a condominium. A homeowner takes greater individual responsibility for their home and property, allowing them more room for independence.
Many townhouses are also governed by an HOA, which often handles things like trash removal and snow plowing.
However, it can also restrict the aesthetic choices of homes in the community. This means the regulation of things like house color, roof type, and even mailbox style.
Townhouses are a mix of independence and shared responsibility that fit some people better than others. Many of these benefits stem from an experienced and well-managed housing community.
If affordability is a major factor in your home buying decision, condos and townhouses are both great alternatives to single family homes. They are often less expensive in regard to both the initial investment, as well as monthly payments — even when you factor in various HOA and insurance fees. This is great for first-time buyers, families transitioning into a new state or area, and those who are looking to invest in a home as opposed to renting.
The next benefit to consider when purchasing a townhouse or a condo is resale value. Remember all the pesky fees we talked about earlier? With proper planning by homeowners in the community, those fees become investments into the livelihood of the property and the units themselves. Neighbors rely on each other as a collective to keep the neighborhood moving forward, especially during tough economic times. A well-managed and maintained townhouse or condo community can give an owner the leverage they need when selling their unit, reducing the amount of time the property sits on the market.
A successful community is also the key to holding value during an economic downturn. This rings true for both condos and townhouses. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
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Townhouses have been around for centuries, but the number of new townhouse builds has been steadily declining in recent years. In , townhouses comprised 11 percent of single-family new construction, down from nearly 14 percent in , according to an analysis from the National Association of Home Builders.
Still, townhouses can be a great option for homebuyers who enjoy living close to their neighbors. Townhouses are a style of multi-floor home that share one to two walls with adjacent properties but have their own entrances. In the suburbs, townhouses are often uniform homes built in a distinct community that might have its own homeowners association. Newer urban townhouses might also have a uniform look and an association, but older townhouses in cities tend to be more traditional rowhomes that can stretch for city blocks with less-restrictive or no HOAs.
Condos can come in a range of styles, such as townhouses, a larger high-rise building with units on each floor or a garden complex of one-story units. Condos are individually owned, but might also be rented to tenants. Apartments, by comparison, are typically commercial rental units owned by a corporation, and everyone in the complex rents — although in some places, you can own an apartment and rent it to tenants, as well.
What is a townhouse? Townhouse vs. Condo Condo Townhouse Ownership Condo owners only own the interior of their unit. All other areas, including the building exterior, lawn and communal areas, are property of the Homeowners Association HOA. Townhouses can be quite large and often feature multiple stories.
Additional condo vs. Condo owners only own the interior of their unit. Condos come in many different styles. The square footage of detached homes ranges from small to mansion-size, but the defining feature of this type of home is the freestanding structure; there are no neighbors with whom to share walls.
Like condos and townhouses, some detached homes, especially in urban and suburban areas, may have HOAs, but the fees are usually minimal and cover no more than snow and trash removal and shared road maintenance. And many detached houses have no HOAs at all. Those provide the most independence and freedom of choice. Detached houses appeal to people who want large yards for their children to play in and room for other structures, such as a detached garage or workshop.
Detached-home ownership is also the right call for people who do not mind yard work or who yearn for a big garden. On the other hand, unless the detached house is part of a community, it may not have some of the amenities that come with many condos and townhouses, such as a swimming pool, fitness club, or tennis court.
The decision of whether to buy a townhouse or condo—or to opt for a detached house—usually boils down to cost, convenience, and lifestyle. Millennial-generation buyers with little homeownership experience and no time for home maintenance may benefit the most from starting out in a condo or townhouse, upgrading to a detached house only after learning what it takes to keep up a home.
Established buyers who want space for their growing families and those who do not want to be subject to an HOA's rules will benefit the most from buying detached homes. And at the other end of the age spectrum, older boomers may benefit from the lower costs and reduced responsibilities of living in a townhouse or condo instead of a detached house.
A condo usually requires the least work, leaving owners free to travel and enjoy their leisure time. Real Estate Investing. Home Ownership. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.
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