Before you buy real estate, whether purely as an investment or as a place to live, there are numerous decisions to be made. You'll have to think about a number of things on your way to homeownership, from location to pricing to whether or not a dreadfully antiquated kitchen is a dealbreaker. One of the most crucial questions is: what kind of home do you want? If you don't prefer a detached single-family home, you'll have to choose between a condo and a townhouse. There are a lot of similarities between the two, as well as a lot of variances. It's a case of considering the advantages and disadvantages of each and balancing them with the other selections you've made regarding your perfect home. Here's where you should begin.
A Condo v/s a Townhouse – The Fundamentals
In the same way that an apartment is an individual unit within a building or community of buildings, a condominium is an individual unit within a building or community of buildings. A condo, unlike an apartment, is owned by the residents rather than rented from a landlord. Townhouses for sale in NH are connected residence that is also owned by their occupants. A neighboring attached townhome shares one or more walls. Consider a rowhouse rather than an apartment, and expect a little more privacy than a condo.
Condos and townhouses can be found in cities, rural areas, and the suburbs. Both can be a single story or a series of stories. The major difference between the two is ownership and fees.
Ownership
When you buy a condo, you become the sole owner of your unit while also sharing the ownership of the building with the other owner-tenants. Not just the structure of the building but also its common amenities, such as the gym, pool, as well as airspace, are all under joint ownership. Ownership of a townhouse is similar to that of a detached single-family home. The structure and the land it sits on are both your own property; the only difference is that it shares some walls with another structure.
The names “condo” and “townhouse” refer to ownership rather than architecture. In your ownership rights, you can live in a structure that looks like a townhouse but is actually a condo—for example. You own the structure but not the land it stands on. If you're looking for townhome-style houses, make sure to inquire about ownership rights, particularly if you want to own your front or backyard.
Associations of homeowners
It's impossible to discuss the condo vs. townhouse debate without considering homeowners' associations (HOAs). This is one of the most significant differences between these sorts of residences and single-family homes. Whether you buy a condo or a townhouse, you must pay a monthly fee to the homeowner's association (HOA). The HOA, which is controlled by other tenants (and which you can join if you want to), is responsible for the day-to-day upkeep of the common areas. The HOA manages the building, its grounds, and the common interior areas of a condo. The HOA manages common areas in a townhouse community, which may include general grounds and, in some circumstances, roofs and exteriors of the structures.
The HOA sets rules for all renters in addition to regulating common property maintenance. These may include restrictions on renting your home, noise, and what you can do with your property (for example, some townhome HOAs forbid you to have a shed on your property, even though you own your yard). When comparing condos and townhouses, inquire about HOA rules and fees, as they can vary greatly from property to property.
Cost
Even with monthly HOA fees, owning a condo or townhouse is usually less expensive than buying a single-family home. Condos and townhomes are typically ideal selections for first-time homeowners or anyone on a budget because you should never buy more housing than you can afford. When it comes to buying a condo vs. a townhouse, condos are typically less expensive because you're not investing inland. However, because there are more jointly-owned spaces, condo HOA rates tend to be higher. There are also other expenses to consider. The cost of property taxes, house insurance, and a home inspection varies based on the type of property and its location.
So, whether you have decided to invest in Retirement Communities in NH or sell your NH home, make sure to work with a reliable realtor.
