Should You Buy a Condo, a Townhouse, or a House?

Choosing a residence has buyers wondering which type is best for them. Each style of housing, including condominium, townhouse, and detached home, has its pros and cons. Lifestyles, cost, and desired maintenance involvement are all factors to consider when deciding which style of home to purchase. 

Should you live in a townhouse, a condo, or a house? Let’s explore the benefits and considerations of each of them.

Townhouses, Explained 

A townhouse is typically a narrow, multilevel residence attached to other residences on a street. Townhouse owners usually own the land that the house sits on, including any yard space that goes with the residence and the home’s exterior.

Townhouse communities commonly have homeowners’ associations (HOAs), in which owners pay monthly dues for community maintenance and other services. HOAs may enforce certain rules, such as what exterior paint colors or fencing is permitted.  

Owners are financially responsible for exterior maintenance and repair of their townhouses. A townhouse is great for those who seek involvement with maintaining their homes but do not want the responsibility of a large lot.

All About Condos

A hands-off approach to homeownership will be on a condo-buying checklist. Some condo complexes are physically indistinguishable from apartments complexes. However, condos are often cheaper than townhouses, since they do not come with land. The unit’s exterior, land, and any improvements are considered a common area and owned collectively by all condo owners in the community.

Monthly cost and maintenance are the defining features of condos. Like townhouse owners, condo owners pay monthly association fees, though these fees are significantly higher, to cover the cost of unit exterior maintenance, major repairs, and other services such as trash removal. Owning real estate at a reasonable price and close to work will be on a condo-buying checklist. 

Why a House? 

Situated on their own personal property, detached homes often provide owners with the most freedom for structure or land alterations. The square footage range of detached homes is vast, but the defining feature is the freestanding structure. They provide the most independence, freedom of choice and great for those who want yards and a garage. If you don’t mind taking care of your own maintenance, buying a house may be the direction you want to pursue. 

Your housing purchase will generally come down to budget, convenience, and lifestyle. Buyers with little homeownership experience and not much time for maintenance may benefit the most with a condo or townhouse, to ease into what it takes to keep up a home. Experienced buyers who desire space for their growing families and don’t want to follow HOA rules, will gravitate toward a house. If you’re simply seeking lower costs and reduced responsibilities, a condo has the fewest responsibilities associated with it.

No matter which type of residence you choose, make sure that you have the right type of insurance to protect your dwelling and your belongings. Because houses, townhomes, and condominiums all have different maintenance requirements and risk levels, it is crucial that you obtain the right form of coverage for your lifestyle and your property. Contact a personal insurance agent today to discuss potential homeowners insurance or condominium insurance today, before you need to follow a claim.

About SB One Insurance Agency

At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of SB One Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefit, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.