What Should I Buy – A Condo or a Town Home?

Although most Canadians eventually want to own a house, some potential home buyers simply don’t have the time and money to invest in a single-family home. Instead, they may start off with something more convenient and budget-friendly, such as a condo or town house. Which one is the better buy?

A Condo or A Town Home?

Definition

In order to determine which is better, first it’s important to understand what each is. A condo is often found in a high-rise building. A condo is similar to an apartment, except the condo is owned by a person instead of the person having to pay rent every month to a landlord. A condo is maintained by an association, which takes care of everything outside the living space, including the common areas, landscaping and maintenance. In a condo, you are living next to other tenants, but you are allowed use of the common facilities such as the pool or gym.

A townhome is part of a row of attached houses. It is similar to a condo in that you share walls with neighbors. It is also maintained by an association. There may be a small area, such as a front area or backyard, that the owner can use, but for the most part, there is little maintenance. Townhomes may include a garage or a least a dedicated parking area for each owner.

Which is Better?

This depends on a person’s interests and lifestyle. A condo is an attractive option for those who want to live downtown – where condos are commonly found. They are often close to many amenities, such as restaurants and entertainment. Condos offer gyms and pools as well, which a home buyer may not be able to buy on his or her own. They may also include utilities and cable TV. Condos also offer security systems such as guards and surveillance video. However, many people use condos as investments, which makes getting a loan for one a little more difficult.

Many people prefer a townhome, however, because for all intents and purposes, it is considered a single family home. There is usually a garage to allow parking or storage. The owner owns the entire unit, from the ground up. For those who want an outside area to call their own, a townhome offers a small patio or deck area for entertaining. Townhomes also offer a little more independence. Although there are neighbors on either side, there are no neighbors under or above you, reducing the noise issues commonly found in condos and apartments.

Which One is Right for You?

No matter which one you choose, a mortgage specialist can help you find a mortgage that works for you. Whether you want to own a condo or a townhome, they can help you achieve that goal. Contact your nearest mortgage brokers to discover your options for home ownership.

Foreign Real Estate Investors: How to Purchase Real Estate in the USA?

Telmo Bermeo Real Estate Broker

About Telmo Bermeo

Small Business Owner, specializes in marketing homes for sale in the Atlanta Area by using the most up to date Internet Marketing Tools.

Real Estate Broker serving the Atlanta Metro Area, for over 12 years. If you are planning to buy or sell your home in Atlanta, call Telmo Bermeo at 770-309-6417