If you’re planning on downsizing, or even finding a new home fit for yourself or a small family, townhomes and condos are normally the go-to option. Both are viable choices if you want a small space to call your own without having to spend money every month for rent.
The primary difference between a townhouse and a condo is what you can claim as your own property. Imagine a condensed, single-family home: with a townhouse, you can own the space you’re living in. Looking for something temporary? Don’t worry, townhomes can be leased or owned, and if you’re interested in a small living area while still maintaining some type of yard to plant roses in, then a townhome is right for you. In addition, if you’re a fan of getting to know your community and neighbours, it’s probably good to know that townhomes are very close-knit and you typically share the same outer walls with your neighbours.
As mentioned before, a large difference between a townhome and condo is the amount of space you can claim as your own. With condos, you do own the space inside the house, but you’re unable to own any type of outdoor grassy areas. Condos are more reminiscent of apartment living, with a number of units that share a single building inside. Condos also offer community living with amenities such as surrounding shops, maintenance, and other condo highlights which are not often found in townhome settings. But, one thing to remember is, unlike townhomes, condos normally only have the option to own instead of renting, so it’s only viable for those looking for something more long-term. If you don’t plan on staying more than a few years, a townhome may be a better option.
Things Townhomes and Condos Have in Common
While it’s a common mistake to confuse townhomes with condos, there are in fact some things that the two types of developments have in common. You also normally have a homeowners association that will help with the maintenance of that space you live in, like pulling weeds outside a townhome or repairing a dishwasher in a condo, for example.