As a first-time homebuyer, you have a lot of decisions to make, including whether you want to buy a townhome, condo, or house. Of course, there are advantages and disadvantages to each option. So how do you know what type of property fits your needs the best? To make deciding whether you should buy a single-family home, townhome, or condo simple, take these things into consideration.
Maintenance and Upkeep
When you purchase a single-family home, you're responsible for all of the maintenance and upkeep, including landscaping and any exterior repairs needed. If you don't have enough time to do these things yourself, you need to hire someone to do them. However, if you purchase a condo or townhome, the association fees that you pay cover any repairs or maintenance needed for every portion of the property that's considered community property. This includes things such as landscaping, sidewalk repair, and repaving the parking lot. So, if you have the knowledge, time, and money to maintain the exterior of a home, then, buying a house might be a good option for you. But, if you don't want to worry about exterior maintenance, you should buy a townhome or condo instead.
Your Lifestyle and Family
You need to think about your family and your family's future when you're trying to determine whether a house, condo, or townhome is the best option for you. If there are children in your family or you plan to have children in the future, you may need the additional space that a house provides. Townhomes and condos are typically smaller than single-family homes, so if you have a large family or you just need a lot of space, buying a condo or townhome may not be ideal. However, if you don't need much room or additional space for your family to grow, you may be able to live in a condo or townhouse comfortably.
Additionally, you need to take your day-to-day lifestyle into consideration. If you have children, you might enjoy living in a suburban home that's located in a family-oriented neighborhood. However, if your main priority is work and you don't want to commute from the suburbs, a condo or townhouse in the city may be a better option. Also, if you're a frequent traveler, owning a condo or townhome is often more convenient because you don't have to worry about exterior maintenance while you're away.
Ultimately, it's up to you to decide whether you should purchase a single-family home or buy a townhome or condo instead. As long as you take your family's needs and lifestyle into consideration, it's easy to determine which is the best option for you.