There are many types of housing options available in the market today, and it can be difficult to decide which one is right for you. Two of the most popular choices are condos and townhouses. But what is the difference between them? Let’s discuss the key differences between condos and townhouses. We will also provide some tips on how to decide which option is best for you.
What Is A Condo?
A condo, or condominium, is a housing option in which you own an individual unit within a larger building or community. Condos are usually found in urban areas, and they often come with a variety of amenities.
What Is A Townhouse?
A townhouse is an attached home that is part of a row of houses. Townhouses are usually found in suburban areas, and they typically come with more square footage than condos.
Land Ownership
One of the key differences between condos and townhouses is ownership. When you purchase a condo, you are buying a unit in a larger building division. You own your individual unit, but you share common areas with the other owners in the building area, such as the gym, community activity space, or the pool. Townhouses are attached homes that are usually part of a row of houses. You own the land that your townhouse is built on, as well as the interior and exterior of the house itself.
Exterior Maintenance
Another key difference between these two housing options is maintenance. When you own a condo, the building’s management team is responsible for maintaining the common areas, such as the landscaping, exteriors, and amenities. As a townhouse owner, you are responsible for maintaining the exterior and interior of your home, as well as any landscaping.
Resale Value
Condos and townhouses both offer a variety of resale options. You can sell your unit outright, or you can rent it out to tenants. Townhouses typically have a higher resale value than condos, but this is not always the case. It all depends on the condo or townhouse’s location, condition, and features.
So, what is the best option for you? If you’re looking for a housing option with minimal maintenance, then a condo might be the right choice. If you prefer more space and privacy, then a townhouse might be better suited for you. Ultimately, the decision comes down to your personal preferences and needs. Contact Austin D. Titus for real estate broker services in London, Ontario, and nearby areas. Find the condo or townhome you want in a great neighbourhood.