Good question. When you’re looking to buy a new home, one of the very first and most important decisions you have to make is whether to buy a condo, townhome, or single-family home. This decision will usually depend on both your budget and your lifestyle.
Single-family homes are considered a better investment, as home values are usually higher than those of condos or townhomes and because they tend to be easier to sell. Since you own the land and the structure, however, you’re responsible for the upkeep and maintenance of every part of your new house. Consider whether you have the time, money, and desire to deal with the responsibilities this type of home requires.
With a new condo, you typically get more house for the money, but you only own the interior of your unit. You also share walls with your neighbors, perhaps on all sides (including above and below). On the other hand, because of the monthly association fees that are required with a condo, you don’t have to worry about the exterior.
Townhomes are the middle-ground of homes and condos. While you might share walls with your neighbor, your own entrance from the street and usually a small area of yard give you the feeling of having a house. The required monthly association fees will cover some of the maintenance costs, but you’re limited in what you may change on the exterior. A townhome is an excellent choice if you want to have the feeling of owning a home, but with a lower purchase price and less maintenance responsibility.