Not Quite Ready for Home Ownership?Start off With a Condo or Townhouse Instead
Owning a home is a big commitment, not only financially but also in terms of taking care of it, so you may want to start off with something a little smaller than a single-family home. Condos and townhouses can make a good first choice for owning property.
Buying a condo is like having an apartment that you own. You actually own the space that you live in, but other parts of the building are owned either by someone else or by an association of the owners. That means you don’t have to worry about maintenance tasks such as lawn mowing and snow removal, nor are you responsible for weather damage or wear and tear to the exterior of the building. This can be a huge advantage for a first-time buyer who may have no experience with these type of things, although you do have to pay either a monthly or annual fee to cover the expense of these items.
One possible drawback to buying a condo instead of a home is that condos tend not to increase in value as fast and can be harder to sell, so those are things you should consider before buying a condo.
Townhomes are more like single-family homes than condos, but they also have elements that are more like condos. Townhomes are also called attached homes or patio homes. With a townhome, you own the whole structure, including the outside. In that case, it is more like owning a home. However, many townhome developments also offer things like snow removal and lawn care, making them similar to condos in that respect.
One thing to keep in mind with condos and townhouses is that you have less control than when you own your own home, because you share ownership of the land. That means there are likely to be more restrictions on you. If you want to offer condos or townhomes for rent, for example, you may not be able to because the community you live in may restrict your ability to do so. That and other considerations are things you should keep in mind when buying a condominium or buying a townhome.