There are pros and cons to all types of homes, how can you tell which one is the best for your lifestyle? Here is a small guide I have created to help you with the dilemma of condo vs townhouse vs single family home.
If you are looking for the most hands-off approach to home ownership, look no further than the condo. The exterior of your unit, as well as all the common areas are owned collectively and are maintained by building management for which you pay monthly condo fees. Most condos are single level, but some luxury ones can be multi-level. In general, condos are more affordable than townhouses and single-family homes. If you are looking for the least upkeep possible and an urban lifestyle, consider getting a condo!
Next up in the battle between condo vs townhouse vs single family home is the townhouse. A townhouse is a narrow, multilevel residence that is attached to other townhouses on a street. While some townhouses are actually split into condominiums, the general identity of a townhouse is that you own the entirety of the building – including the front and backyard that goes with the property. In many cases townhouse owners also have to pay a monthly fee akin to condo fees, though it is typically lower than for condos. This fee usually covers snow removal, trash pickup, and maintenance / landscaping of the community’s common areas. A townhouse is a great idea for those who are looking for some involvement in their home’s aesthetic, but do not want the larger responsibilities that come with owning a home.
Single Family Home
Detached, freehold homes provide the most freedom to a homeowner. Their home can range from a very small square footage to an expansive mansion. With no neighbours touching any of your walls, you have the highest level of privacy possible. As the owner of a detached home, you have no condo fees unless you live in a specific community that provides communal amenities such as a neighbourhood pool or snow removal. People who tend to gravitate toward single family homes do so for the large outdoor spaces that can come with the property. These large outdoor spaces are great for pets, children and entertaining. However, with large outdoor spaces comes landscaping responsibilities. You will be spending more time mowing your lawn, shovelling your driveway, and doing general maintenance on your home unless you outsource these responsibilities.
So how should you choose when contemplating a condo vs townhouse vs single family home? My suggestion is that if you are a first-time homeowner, or you have little time after work, consider purchasing a condo. I also recommend condos to empty nesters who no longer have a need for a several thousand square foot home and just want to make the most of their retirement while being close to their family. If you are looking to grow your family, I recommend a townhouse or a single detached family home depending on your budget and how much space you need.
If you would like some more help when it comes to deciding which type of home is best for you, please feel free to reach out to me here. I would love to help you find the perfect home for the next chapter in your life.