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 usually depends on your budget and your lifestyle.
To evaluate what type of new home is best for you, review and consider the following:
Why a Condo Is Right for You
- You want to buy in an urban location
- You want luxurious community amenities, without the luxury price tag
- You want to live in a well-designed space, without a ton of wasted space
- You like the idea of low maintenance living, but want to buy a home
- You like the idea of spending less to own your home
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 of the building or shared community spaces.
Why a Townhome Is Right for You
- You want to buy in a urban or built up location
- You like the idea of a single-family home, but you also like the idea of affordability
- You like having some outdoor spaces, but you don’t want to spend the rest of your life doing yardwork
- You like exciting and unique community amenities
- You want an HOA to take care of building maintenance
Townhomes are the middle-ground of homes and condos. While you share walls with your neighbor, your own entrance from the street, and usually a small area of yard. The required monthly association fees cover some 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.
Why a House Is Right for You
- You want plenty of room to spread out
- You want to build equity in your home and retain resale value
- You want full control of your home’s exterior
- You want a large back yard
- You want to live in a peaceful suburban environment
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. You own all of the land and the entire structure, making you 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.
Buying the right type of home can improve your life dramatically. But before you start shopping for your new home, figure out if a condo, townhome, or single-family home is right for your desired lifestyle. When you are ready to start shopping for your perfect new home, visit NewHomeSource.com!
After graduating in 2016 from The University of Texas with a degree in English, Sanda Brown became a content writer for the BDX with a focus on website copy and content marketing.
At the BDX, Sanda helps write and edit articles on NewHomeSource.com, writes website copy for builders, and manages a team of freelancers that work on additional content needs.