A condo, (condominium), is a single private building, or a community of buildings with separate units owned by individual residents, (the owners).
Condos vary in size and style, ranging from individual homes to high-rises.
Residents own and maintain the interior of their unit, but don’t own the property on which it sits.
And at the other end of the spectrum, Townhouses are often, rows of uniform homes that share one, or more walls with other buildings.
The defining feature of a townhouse is, the owners usually own the land on which the house is situated, including any front and backyard area that goes with the residence.
Condominium and townhouse do share a lot of fundamental similarities and subtle distinctions.
Particularly, if you are living in urban centres, a condo can be an ideal residential property to have, as there are numerous condos on offer.
For instance, if you are based in Toronto, there are some attractive and affordable condos like Axis condo that you can consider buying.
We take a look at the question – Why condos are a better investment than a townhouse?
An explanation of five reasons that makes a condo a better investment than a townhouse.
Residential real estate is, often, the most important investment a person owns.
Some people purchase real estate in the hope of making money, either, by selling it or renting it, but most people simply live on their property.
In an urban setting, one has the luxury to choose a condominium, townhouse, or an apartment, or a detached home, depending upon personal taste, needs, budgets and lifestyle.
As stated above the owners of a condominium, own only their unit and receive a deed for their unit, like any other private residence and are free to rent their unit as well.
Condos are less restrictive, compared to townhouses. Now, the difference between townhouse and condo is, the OWNERSHIP as condos
share common areas, with other units in their building, or community, such as pools, tennis courts, recreation centres, parking lots, roofs, entrance gates, etc.
Here, location and amenities, play a role in determining the cost of real estate, but recent developments have shown an increasing demand for condos and a decrease in the townhouse.
If you are in the real estate business and are looking for strategies to improve your business performance, think about investing in condos.
Condos are relatively cheaper than townhouses, but like townhouse owners, condo owners pay a fee, (monthly, quarterly, bi-annual, or annual), for maintenance to the house owners association, (HOA) community.
Condos fee is higher, compared with the townhouse, since a larger part of the condo is shared with the community.
This fees under the supervision of the community board, undertakes the expense of damage and repairs.
This is not the case for townhouse maintenance, who have to take care of high maintenance by themselves
Amenities And Facilities
Apart from making life in a condo more convenient, amenities add more market value and desirability to resale in the future as well.
Urban condos provide more variety for amenities than your townhouse.
These facilities include swimming pools, green parks, parking, laundry room, gym and spa, cozy fine lobby and other common areas.
The newer condos, even, include a movie room, library, children and pet play areas.
Security, Rules Agreement And Procedure
Security and safety issues are directly related to building upkeep and maintenance and therefore, come under the preview of the HOA board.
Condominium security service provides professional security, with a personal touch, in verification and access control for visitors, monitoring security cameras and emergency response.
Condos are, already, subject to rules and regulations, called covenants, including alarm and accident response, perimeter protection, fire and life safety procedure, entry and exit management.
A Sense Of Freedom
With security in check, Condominium provides a sense of freedom.
Many of us lead a busy life and choosing a condo, close to your workspace, banks, coffee shops, or shopping centres, could save your time on your chores and commute daily.
Neighbourhood socializing is another perk of living, in a community.
Condos provide you with a chance to mix and mingle, with different people and get involved in community programs.
For an active personality, condo life allows you an easy escape, to travel and explore, knowing that you live in a secured building and community, with your home maintenance checked.
Overall, living in a condo unit is a new experience that is worth your time and energy, in comparison to a townhouse.
Condos have a high value in the market.
The capital value of condos increases over time, especially because the areas where they are often located in are highly sought after.
About the Author
Adrianna Smith is a content developer and entrepreneur who runs a content writing business. She is fascinated with data, marketing, and web content writing. Loves coffee and adventures.
Don’t miss important articles during the week. Subscribe to cfamedia weekly digest for updates.