It’s not uncommon for first-time homebuyers or people simply looking to downsize to consider a condo or a townhouse as their next real estate venture. After all, they are both generally less maintenance than a large detached family home, cost effective, and a more affordable option for living closer to the city (although you can now find both options all around the GTA!) Both are very versatile in structure and in features, with endless options to fit in all your real estate needs.
But what is the difference between buying a townhome and owning a condo—and how do I decide what’s best for my family?
A condo, or condominium is generally a similar lifestyle to renting an apartment—except you own your unit, as opposed to sending a cheque to the building’s owner/landlord every month. Condos are a great first step for people looking to own their first property, who might be overwhelmed by the thought of maintaining a large plot of land or house. They’re also a great option for people who struggle with mobility, as they can be found in the heart of many well-populated areas close to all of the amenities that you need.
Some of the great perks of owning a condo is shared common spaces like rec rooms, gyms, and even swimming pools. Many condos even offer indoor parking so you can bypass shovelling a driveway or scraping ice off your vehicle in the winter time. You may not have to deal with yard maintenance, but many condos also offer a private or semi-private balconies so you can still enjoy the outdoors!
A townhouse or townhome, structurally might closely resemble a traditional family home, that also happens to be attached to one or more other townhouses. Even though you share walls with your neighbours, you still own your unit and property and have a separate entrance. Townhouses are popular in suburban settings, but their compact nature and rise in demand makes them widely available across the GTA.
Townhouses generally embodies more of the traditional house feeling, which makes them a great alternative for those who aren’t fond of the apartment-living lifestyle. It is also a great option for those looking for more space than a condo, but require less space than a fully detached home. They may include a yard, multiple storeys, or an attached garage. Townhouses essentially hold many of the benefits of owning a detached family home, with much less maintenance.
When searching for your first home, your next home, or your forever home, it’s really important to discuss your real estate requirements with your realtor. Ultimately, it is the type of ownership agreement that determines whether or not a unit is a condo or townhouse, not necessarily the structure itself. This should provide you with a good starting point to determine which option might be best for you and your family.
I’d love to help you on your journey to finding your dream home that is the right fit for you! Send me an email at edith@edithdacosta.com and we can chat discuss your real estate goals!
Edith DaCosta