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Condominiums And Townhomes - Hot or Not?

By Edited Apr 7, 2016 0 0

Condominiums and townhomes are hot properties in the real estate market. These types of housing have gained momentum in the past few years due to their intrinsic qualities. Condominiums and townhomes vary widely in terms of price, so much so that most are able to afford them, from the first time buyer with limited means to the deep pocketed individual looking for an upscale luxury condo. Some people use the words condo and townhouses to designate the same thing, however in reality condominiums and townhomes are very distinct.

Townhouses are single or multi story dwellings that possess their own private entrance. They look like single houses stuck together but each with the same design. They can have a patio to the front or to the back but not always. Condominiums by and large look like apartment buildings, the term condominium actually refers to the type of ownership of the premises. Condo owners co-own the common areas of the building with the other owners. One of the differences between a house and a townhome, apart from their appearance, is that townhouse owners while they own the land on which their property sits, they only own the land to the front and back of their property and not the actual plot of land (the underground land).

Condominiums and townhomes, the plus and minuses

Condominiums and townhomes each possess their own strength and weaknesses. As a potential buyer you should be aware of those in order to make en informed purchase and not have any regrets later down the road. Let's have a look at some of the advantages and disadvantages of these dwellings. Amongst the advantages of owning condominiums and townhouses are the presence of security personnel and leisure installations in larger complexes and a lower upkeep cost for the owner (although of course this depends on your property, we are here speaking in broad terms). As for the disadvantages, you will not be as free to modify the exterior appearance of your townhouse as you would your house, being stuck together privacy is less than in a regular house and you will have to pay a maintenance fee common to all owners in the complex.

As you can see there are some specifics you have to know concerning condominiums and townhomes. Knowing your rights and responsibilities is the first step towards a satisfying purchase. Condominiums and townhomes are often an interesting proposition for first time real estate buyers as they enable them to get their foot into the property market while taking away some of the stress and responsibilities associated with owning a detached house.

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