Are you considering living in Arizona? It is one of the best places to reside in America. But of course, you will have to get yourself a home. “So, should I buy a townhouse or a condo?” This is a common question that disturbs many people, and I am sure it’s barging your mind too, especially if it’s your first time buying a home. And if you are wondering which option is best, this is a must-read article for you. It explains in details what a condo and a townhouse are, their similarities as well as their differences. By the end of the article, you will be able to determine which is the best, a townhouse, or a condo.
A lot of people tend to think that there is no difference between a condo and a townhouse, which is not the case. The two are very different. A condo, short form for condominium, is an individual unit that is privately owned and is usually within a larger building that contains many units. If you own a condo, you only get the ownership of the interior of the condo while the other units in the surrounding area communally owned.
Advantages of Buying a Condo in Arizona
Many people have shown a lot of interest in buying condos, and you can relate this to the many benefits. These benefits include:
• Minimal maintenance
This is probably one of the greatest benefits of buying a condo. The only thing you own is the interior space within your unit, and the rest is communally owned. Therefore, the only maintenance you will be responsible for is that of your home. Any other maintenance, such as cutting grass or fixing the roof, is the responsibility of other people. So, if you are busy working and don’t want many chores, a condo is the best option for you.
Many condos provide locked or gated entries, security professionals, or doorkeepers for the residents. That means that if you are living alone and have security concerns, a condo could be reassuring for you. You will have reduced risks of break-ins. Additionally, condos allow you to live in a neighborhood of other people, meaning that in times of emergencies, you have many people to get help from.
Whether you want a fitness center or a pool, many condos offer these amenities that many average homeowners cannot afford. These amenities are also great avenues to network or socialize with people.
Disadvantages of buying a condo in Arizona
Even with the many benefits, buying a condo has its own downsides. Here are some of the negatives of acquiring a condo.
• HOA fees
The fitness center, the swimming pool, maintenance, and other amenities you enjoy all cost money. Once you buy a condo, you become that community’s business partner. You then have to pay HOA (Homeowners association) monthly fee on top of your mortgage fee. The HOA fee is supposed to cater to all the property’s upkeep. The HOA fees, however, vary depending on the size or location of the condo.
• Lack of privacy
Privacy is something everyone wants. But living in a condo kind of means you forget about enjoying that privacy. You will probably have neighbors beneath, above, or on the sides having all-night celebrations or have a crying newborn baby every night. So, if you want to get a quiet place, a condo is not the best option to go for.
• Selling a condo is difficult
My guess is that probably you may not live in that condo forever, and at some point, you may consider selling it. Selling a condo is, at times, difficult mainly because not many people want to buy condos.
• More rules
Buying a condo will mean that you have to follow all the rules set by the management for that community. For example, you cannot decide to install a solar panel on the roof without getting permission from the condo association.
What is a townhouse?
A townhouse is a house owned by a single-family and has one or more common walls with other independent units. Each townhouse has its entrance and may have its own HOA. If you own a townhouse, you can as well rent it to tenants. With a townhouse, you not only own the interior of the house but also the compound.
Advantages of buying a townhouse
Townhouses have plenty of benefits, and that is why many people prefer them. Some of these benefits are:
• Affordable prices
A townhouse is way much cheaper compared to a detached home. You will find that a single-family home of the same size as a townhouse is very expensive. Therefore, if you do not want to live in an apartment and also don’t want to spend a lot on buying a single-family home, a townhouse is a great option for you.
• Minimal maintenance
A townhouse is usually small in size, and therefore, little maintenance will be required. If you are paying HOA fees, the association will do most of the maintenance for you.
• Sufficient living space
Though townhouses seem to be small in size, they are spacious enough for a family that is not too large.
• Outdoor space
A townhouse habitually gives you access to a small or patio outdoor space as well as a private garage.
Some townhouses may include various amenities which are catered for by the HOA fees.
Disadvantages of buying a townhouse
As they say, nothing is perfect. Townhouses also have their negatives, such as:
• Restrictive rules
As long as the houses are under the HOA, you have to go with all the rules they set.
• High HOA fees
Though you will get to have the privilege of enjoying various amenities, they don’t come for free. You have to pay for them as HOA fees, which at times can be high.
• Small yards
Although townhouses are quite spacious, they tend to have a very small space in the backyard. Often, they have a very insufficient parking space.
In conclusion, it is quite clear that townhouses and condos are very different, though they have some similarities. Deciding which is best for you will depend on what you want and the finances you have. However, whether you choose to buy a condo or a townhouse, there are plenty of houses for sales in Arizona, especially in Phoenix. With the information in this article, I am sure you can get what seems suitable for you.