Achieve Your Dream of Homeownership with Condos and Townhomes [Infographic]
First-Time Home Buyers
If you’re in the market for a new home, but are having time finding something in your budget, be sure to consider condos and townhomes.
Better Fit for Budget
According to Realtor.com, condos and townhomes are an option for first-time home buyers because they may be a better fit for a limited budget.
The experts from Realtor.com say,
“For many newbies, it might just be a matter of making a shift toward something they can better afford – like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”
Opportunity to Build Equity
Realtor.com Senior Economist Analyst Hannah Jones explains that condos can help you build equity and begin your homeownership journey earlier than you may have expected. She said,
“Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”
What’s the Difference between a Condo and a Townhome?
These types of residences may not be easily identified by the casual observer.
A condominium, condo for short, is an individual residence that resides within a building or community of buildings. This may be like having an apartment, except that a condo is fully owned by the resident and not rented from another owner. Condo owners are entitled to buy and sell their condo unit as they would a traditional home. Condo owners are not typically responsible for maintenance on the home exterior but are responsible for interior maintenance and repair.
A townhouse is also owned by the residence. It’s usually a multi-floor home that shares connecting walls or multiple walls with adjacent property and with separate entrances. Townhomes also generally have front and/or backyards, and townhome owners are responsible for inside and outside home maintenance.
Minimal Upkeep
Both condos and townhomes may be part of an HOA, or homeowners association, which is responsible for home maintenance responsibilities that don’t fall to the owner. This might include things like repairing a damaged roof or providing garbage pick-up services. The monthly or annual fee for your HOA should be clearly stated before you agree to buy. Generally, condo HOAs cover more of the home maintenance responsibilities than townhome HOAs, but every community varies greatly.
Condos and townhomes tend to require the homeowner perform minimal maintenance. Whereas it is implied with the purchase of a single-family residence that the homeowner is responsible for interior and exterior repairs, as well as securing services to the property, condo and townhome residents rely on HOAs to assist with some or all of the maintenance tasks.
Fewer home maintenance responsibilities may be ideal for the first-time homeowner. According to U.S. News,
“The strongest reason for purchasing a condo is that all external maintenance is usually covered by the condo association, such as landscaping, pool maintenance, external painting, paving, plowing, and more.”
Home Search
On OneKeyMLS.com, you can use search filters to identify condos and townhomes in your geographic search area. Click Home Type and select Townhomes and Condos to see the available, coming soon, and pending listings for those particular types of residences. Then save that search for future reference or to receive email or text alerts about new listings as they are added.
Then speak with your local real estate professional, the expert who can best assist you on your homeownership journey.
Related Article: Homebuyer Glossary: Key Words Homeowners Need to Know [Infographic]
You may be interested in:
