At one time, the average family lived in residential neighborhoods while others unable to afford a home rented an apartment. Today’s living arrangements have undergone many changes and now there are other options open to buyers.
Along with the growth of population in cities around the United States the condominium and the townhouse has been introduced. Just like the individual home, these two alternatives offer ownership to the occupant.
Before making a decision on where you wish to place your money, it is a good idea to seek out the pros and cons of each to see if it is suited for you and your lifestyle.
The condominium, or condominium as they have become known, is a buyer-acquired property where the interior of the condominium is specifically the owners, but the exterior is structure is owned collectively. Smaller than the average townhouse or home, they are ideal for the professional single or couple. Some of the amenities include:
- a facility swimming pool.
- tennis courts.
- fitness rooms.
- clubhouses with gaming such as pool and shuffleboard.
- no maintenance outside of the condominium that you purchase. Undoubtedly, there are some of you that already have your interest piqued but there are also some disadvantages to make note of as well.
- the extras noted above do not come free of charge.
- there are rules and regulations that must be followed.
- cost can increase with the vote of the governing board.
- shared walls allow noise in a condominium that is not soundproofed.
The Townhouse is a new addition to the metropolitan area as well. Larger than the average condominium, they are more suited for family living. Other nice things about a townhouse include:
- multiple bedrooms.
- home ownership.
- no maintenance fees. Just the lack of rules, regulations, and maintenance fees will make the townhouse a much more attractive option for the buyer who wants to live in or near the city. Yet there are some restrictions that apply.
- like the condominium, townhouses are attached.
- due to the larger size, the townhouse is not as easily affordable.
- they lack exterior ground space.
The Residential Home
For most, the idea of home ownership is the ultimate goal. You are free to do as you please with no one setting up a list of rules that you must follow. There are a number of other advantages to owning your own home:
- it is an investment that appreciates in value.
- mortgage interest is deductible on your taxes.
- you have outdoor space that is limited in other living arrangements. Yet, as with most things, home ownership has its downside too. Here are some things to think about.
- all upkeep, inside and out, is your responsibility.
- it can mean a lengthy commute to your job.
- you must purchase insurance to protect against liability claims
- you are responsible for damage to your neighbor’s property due to your negligence.
- property taxes must be paid yearly.
So there you have it, the main pros and cons of condo/townhouse living versus individual home ownership. What is right for one person is often not for another. So examine the differences carefully and make the choice that is right for you.