Many people ask me whether they should consider a condo or a townhome. Well, at the end of the day, it is really a personal preference as to whether you should consider one of those types of properties instead of a single-family home. If you do consider them, you should know that there are many advantages and disadvantages associated with these types of properties.
The biggest advantage of owning a condo or a townhouse is the fact that you do not have to worry about expenses related to exterior maintenance. The upkeep for the exterior of the house is fairly nonexistent. Many people enjoy lower maintenance and utility bills by owning a condo or a townhouse.
Another advantage is that moving to this kind of property provides an easier transition for those moving from an apartment. If you are thinking about buying a single-family home in the future, this is a great intermediary stage.
However, it is important to remember that there is a price to pay for having the convenience of living in a townhome or a condo. Monthly homeowners association (or HOA) fees can range from several hundred dollars to over a thousand dollars depending on the complex here in Southern California. And you will want to verify what amenities you are getting for that amount.
Depending on the price of the HOA fees, you may be better off applying that money toward a monthly mortgage payment and purchasing a single-family home instead.
Also, if you are considering a townhome or a condo, make sure your complex has earthquake insurance. Since we live in an active seismic zone, it is critical to have this type of insurance in Southern California.
If you have any questions about this or are interested in talking about buying or selling in general, please feel free to contact me by phone or email. I look forward to speaking with you.
