Buyers from many walks of life are discovering the advantages of condo and town home living.
Whether you’re a first-time buyer looking for an affordable way to own a home, a busy professional with little time to devote to home maintenance or an empty-nester whose “right-sizing,” a condo or town home may be a good choice for you.
Advantages
- A condo or town home is very low maintenance; landscaping and maintenance of the exterior structure are typically handled by the homeowners’ association (HOA). This is attractive if you’re not “handy” or if you have a busy lifestyle that doesn’t leave much time for home maintenance.
- Many communities offer amenities such as pools, tennis courts, clubhouses, and walking trails, which may not be available with many detached homes.
- Newer construction offers greatly improved sound barriers and fire walls.
- The proximity of neighbors may give owners a greater sense of security.
Disadvantages
- HOA dues increase your monthly outgoings and can rise in the future as maintenance and repair costs go up. Increases or decreases in HOA fees usually must be approved by the HOA, but check the community bylaws before making an offer to purchase a condo or townhome.
- HOA covenants and by-laws may restrict the way you can use or improve your property. Again, be sure to read them carefully before making an offer.
- Available parking for guests may be limited.
- Typically, there is less storage space than in a detached home.
Before purchasing any home, consider the potential for resale. To determine if the property you’re considering is a good investment, ask about the condo/townhome market in your area.