When it comes to buying a home, one thing you need to consider is what is your best option: townhouse vs condo vs house? Each have their own pros and cons and you need to decide what best fits your lifestyle.
As you first decide which option is best for you and your family, consider: your location and lifestyle; maintenance costs; rules of ownership; lending and price; and monthly fees.
If you are a first-time home-buyer, you may not want to responsibilities or have the time for home maintenance. A condo or townhouse may be the perfect option for first-time buyers because association fees cover maintenance and repairs. In addition, condos and townhouses are more preferable for those who aren’t interested in homeowner responsibilities or yard care.
A downside of condos and townhouses are you have little control over annual fee increases and unforeseen special assessments.Although condos and townhouses can have assessment fees, single-family homes can have their share repairs that can hit the owner with a large bill.
In the end, you will need to weigh the pros and cons associated with each option and decide which best fits your lifestyle and future goals.