Condos and Townhouses…Part 5...Did you know?...
(Almost) everything you always wanted to know… (but were afraid to ask)
In Part 1 we discussed the differences between a condo and a townhouse.
Condos and Townhouses - Part 1- Did you know...
In Part 2 we talked a little about Condo Owners Associations (COA) and Homeowners Associations (HOA).
Condos and Townhouses - Part-2 - Did you know...
In Part 3 we discussed the pros and cons of owning a condo or townhouse vs. a single family home.
Condos and Townhouses -Part-3 -Did you know...
In Part 4 we covered other things to consider when buying a condo or townhouse.
Condos and Townhouses - Part 4 - Did you know...
In Part 5 we will be putting it all together to help you decide whether a condo, townhouse or single family residence is right for you.
Take a few minutes to answer these questions…and be honest!
1. Do you hate the thought of living in an attached home where you share at least one wall with the next unit?
If so, a condo or townhouse is probably not right for you.
2. Does having the bedrooms upstairs and living area downstairs appeal to you?
If it does not, a townhouse is not a consideration for you.
3. Do you like the idea of having all the living space on one floor so you don’t have to run up and down the stairs?
If so, a condo may be a good choice for you.
4. Do you have your heart set on owning land, even if it is a small plot?
If so, a townhouse might be a good solution.
5. Do you dread the thought of living in a community setting where owners are required to follow the rules and regulations of the condo or homeowners association?
If so, a condo or townhouse is not your best choice.
NOTE: This is a trick question since some single family homes also have a homeowner association…don’t assume that because a home is a single family there is no HOA.
6. You say money is tight but you are tired of renting and want to buy a home so you can start building equity and enjoy all the benefits of home ownership?
If so, a condo or townhouse is a great way to ease into owning a home.
7. Are you ready to retire or downsize?
If so, consider a condo or townhouse.
8. Are you concerned about affordability?
Condos and townhouses are more affordable than a single family home and definitely worth a closer look.
9. Do you have champagne taste on a beer budget but want your own home with some amenities (such as a swimming pool, boat dock, or a garage with workshop for your car)?
You will get the “most bang for your buck” with a condo or townhouse.
Amenities vary with cost so it pays to shop around.
10. Do you want or need a lifestyle that does not require spending your free time and money doing yard work, maintaining the pool, landscaping, outside painting and other exterior maintenance?
If so, you are a good candidate for a condo or townhouse.
11. Do you like to have fixed expenses for budgeting purposes?
If so, consider a condo or townhouse where you make one fixed monthly payment to cover things like water, sewer, trash pickup, lawn and pool maintenance, pest control, basic cable, exterior paint and repairs, etc.
12. Do you want “room to roam” and more privacy than a condo or townhouse offers?
Then a single family residence may be right for you.
13. Do you have a “green thumb” and enjoy doing yard work and exterior maintenance?
If so, a single family home might be best for you.
14. Do you have the financial ability to budget for monthly expenses such as:
water, sewer, trash pickup, lawn and pool maintenance, pest control, basic cable, exterior paint and repairs, outside lighting, landscaping and major items such as roof repair/replacement?
If so, you are a good candidate for a single family home.
The decision to buy a home, whether a condo, townhouse or single family, depends upon many factors. Your finances, lifestyle and interests all need to be considered
.
The right choice for one person may not be the right choice for another and requires much thought and careful consideration. A good REALTOR® who is knowledgeable about the community and its housing market can assist you in making an informed decision.
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