For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come.
Is a HOA right for your next home purchase?
Dated: December 7 2018
Two distinctions that you should keep in mind as you’re doing your research to buy a Condo or Townhome:
When you buy a condominium, you’re purchasing one living unit that is located on a common piece of property that is co-owned by a number of other condo owners. You purchase the individual living space as well as a portion of the land, property, and amenities. In other words, a condo owner shares ownership of just about everything located on the property with others, including the roof and staircases.
When you purchase a townhouse, you take sole ownership of the home, the roof, and the land that lies below it. Though the townhouse is usually a part of a community association, each person has his own separate living space.
Condo associations have a reputation for being very strict when it comes to the rules of the property, particularly when it comes to items that are visible to the outside community. Since many households share a common condo property, they all play a role in keeping its market value strong.
While townhouses also have homeowner associations, those associations tend to give residents more freedom in decorating their living spaces. Some people look at these associations as a bother, but many others prefer to the governance of a homeowner’s association to help keep the property clean, well-maintained, and valuable.
The overall difference between these two popular home styles is that with a condo you can expect to share a lot more with your neighbors.
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