For most first-time buyers, a townhouse and condo are perfect starter homes. That is because they are more affordable as compared to detached and semi-detached houses, particularly in big cities. Condos, such as KI Residences, are desired owing to the high property costs. In this post, a condo refers to the condo unit that is owned by a separate condo owner with an association managing the building. The townhouse refers to a condo townhouse. Both have fees and an association. These are the differences you should know.
Number of Levels
With the condo unit, there is only one level. For the townhouse, there are multiple floors or levels. If you have mobility issues, you are physically disabled or a senior, the number of floors is a vital thing to consider.
Usually, townhouses have their own rooftops or even space outsides. However, condos do not have an individual rooftop. You should note that the condo building has a shared roof for all units.
Condo units have a feeling of an apartment or hotel, including elevators, shared amenities, security, and concierge service. On the other hand, a townhouse feels like a single-family house. In this case, you have a feeling of freedom that you get from being a homeowner.
Usually, a condo has less space as compared to a townhouse. Therefore, there is a need to utilize the most of each square inch by using condo living ideas for the small spaces. A townhouse has more space. That explains why condos are ideal for couples or singles, whereas townhouses are ideal for families. It is a good idea to know all the floor plans when purchasing a condo as space is limited.
Although townhouses are worth more, condos are known to appreciate at a higher pace. For instance, the average increase in prices of the condo is 6% whereas townhouses is less than 2%.
It does not matter whether you have a vehicle or not; it is a good idea to purchase a townhouse or condo with a parking slot. That is because parking can increase the resale value of your property. However, it also comes with incremental costs. Usually, condos tend to have underground style parking, whereas the townhouses can have dedicated parking under them.
If you are living in a condo building, you may find yourself living high up depending on where your unit is situated. That can be a pain if the elevators breakdown or even the power goes off. Moreover, elevator waiting times can be long, particularly during rush hours. With a townhouse, you will live on the ground floor.