Buying a Townhouse versus a Condominium

A couple of alternatives to a single family home include townhouses and condominiums. These alternatives are considered more affordable in many places. However, prices have been increasing on these types of properties especially in hot markets such as the Los Angeles area. Even though the prices have been increasing with these types of properties, they are still more affordable than a single family home. 

The Big Difference

• Condominiums are owned by individuals

  • You will want to know who is the owner of the property such as the walls, the land, the air space. This is important because depending on who owns what, you will have certain rights and responsibilities. You may be responsible for the landscaping maintenance or your homeowners association may cover that. Knowing these things upfront can help you find out how much your monthly housing expenses will be.

• Townhouses are owned by a corporation

  • The land and walls may actually be owned by a corporation when this is the case the upkeep of your place is likely under a homeowners association. However, you will want to confirm this before buying the property. If the exterior walls of your property are owned by a corporation, then you will want to know what is the arrangement for property taxes. Who is paying what? Are utilities or some utilities paid by the corporation? If yes, then how much are you being charged in homeowners association fees and how frequently are the fees due.

• Condos are generally smaller than townhouses

  • Knowing how much space you will need can help you decide which type of home you want to buy. Are you looking to have a spacious living room or bedroom? Are you in need of a workspace? These are a couple of questions to think about.

• Townhouses are generally larger than condos

  • More space can be helpful if you plan on growing your family. Also, if you are working from home the extra space can be used for an at-home office space.

• Townhouses usually have a garage

  • A garage can be used as an extra storage area or to park your car. If you want to park your car inside a garage, you will want to consider buying a townhouse that comes with a garage. Also, if you want the garage as a workshop or extra storage space, consider looking for townhouses that come with a garage.

• Condos usually don't have a garage

  • If you are okay with shared parking, a condo can be a good home to buy. It all depends if you have a use for a garage then you’ll want to buy a condo with a garage or a townhouse.

These are some things to consider when deciding to buy a townhouse or a condominium. To find the kind of home that best fits your needs, you can contact your local Phil Wangenheim, Realtor© CalBRE Lic #: 01373917 at 818-299-2392 or by email at phil@readyproperties.com.