Condos vs. Townhomes: What are the Pros and Cons?
June 14, 2018
Searching for and buying a home is a stressful process even for seasoned buyers. There are so many architectural designs to choose from! How can someone decide which is best for their circumstances and lifestyle? While this article can’t cover every type of home construction available in the Dallas real estate market, it can enumerate on condos and Dallas townhomes for sale – what are they, and why someone would choose one over the other.
First, what are the differences between condos and townhomes?
A condominium is a type of real estate divided into several units that are each separately owned. Condos or condominiums are usually set up as apartments within a larger complex. Each condo is privately owned, and the owners communally own the complex and adjacent amenities.
What makes these dwellings condos and not apartments is that a person can own the interior ‘apartment’ space, while jointly owning the shared areas. Also, condo owners pay the condominium association a fee for maintaining the buildings, exterior areas, and common areas.
Usually, condos are smaller but command higher association fees than townhomes. But condos include more amenities – even the roof is communally owned, so the risk is shared and costs are lowered regarding significant repairs. Condos come with unique amenities, like gyms and shared internet. Instead of taking the time to vet contractors, the association, via the agreed upon fee, takes care of those stressors for the condo owner.
A townhouse or townhome is a type of architectural construction. Townhomes are usually tall and narrow, placed side-by-side, and share at least one wall with another townhome. Unlike condos, townhomes typically include a private yard and a carport. Owners are required to pay a HOA fee, but it’s lower than those of, say, a comparable condo. The HOA fees for a townhome typically include lawn maintenance or waste care. While a townhome owner has more autonomy over choosing services like the internet, as well as contractors such as plumbers and electricians, the day-to-day upkeep is covered by the association.
Why would someone choose to buy a Dallas townhome for sale vs. a condo?
It depends on the individual’s circumstances and what they value when it comes to homeownership. For those who enjoy the idea of shared amenities maintained by an association or like the concept of shared risk for significant repairs, a condo might be an excellent choice. Those who don’t mind the risk associated with owning a home and those who prefer to have more privacy would probably do well in a townhome. Prospective homeowners should also consider how much square footage they want and if they prefer everything on one story or several stories. Townhomes are usually larger and are designed as storied buildings.
While either option comes with its own unique set of risks and rewards, Dallas condos and Dallas townhomes’ sales have gone up in the last year in the Dallas real estate market. With help from a qualified realtor, prospective homeowners can make an educated choice on which option suits them best.