Whether it’s your first time buying or you are a seasoned buyer upsizing or downsizing, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search.
Bucktown | Gold Coast | Wicker Park | East Lakeview
Condominiums
Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association. Smaller condo buildings may have less amenities, but may give you a more outdoor space or square footage and have lower assessments/dues. Larger condo buildings or high rises may provide more amenities and views but with higher association dues.
Townhouses
Those who purchase a townhome are generally purchasing the complete unit, both inside and out. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may sometimes include common areas like pools and parks. Townhome owners also pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home. The monthly association dues are typically lower than a condo building as well because you may be responsible for maintaining the roof and exterior walls unlike a condo building where it is a shared expense. There are more internal stairs in a townhome, however they live like a single family home without the higher price tag.
Which is the best choice?
Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price.
For more information about buying or selling don’t hesitate to reach out.
Juliana