Townhouse or condo better investment

While some communal space exists for townhouses such as pools, parks, or playgrounds; it’s the expanded ownership an individual resident wields over their townhouse that distinguishes it most from condominiums. Mergers and Acquisitions. Single-family homes can be single-story ranch homes or have multiple stories, as well as a basement or attic space.

Bottom line: Know your options so you can choose confidently

My boyfriend and I are thinking of moving in together in maybe a year or so. We’re both 22 and conxo to be together for quite a while, if not forever, and want to take the next step and make a larger investment. My question is this: What type of home would be a better investment for a young couple, possibly a condo, townhouse, or apartment? Or ccondo going for it and buying a smaller home be the best investment? My opinion is that an apartment kind of feels townhouse or condo better investment you’re throwing your money away, yes it gives you a place to live for the time being but you don’t get any sort of money back when you leave and you never really get to have the thrill of calling it «yours». I’m not sure what the difference between a condo and a townhouse is but my understanding is that you make payments almost like an apartment but after a certain point the place becomes yours, or you get some sort of severance deal when you leave?

Bottom line: Know your options so you can choose confidently

One of the few constants in life is change. Beyond the obvious factors like price and location, there are other points to consider with each housing category. Things like a leaky roof or peeling exterior paint are up to the property manager or condo association to fix. Condos can be great for anyone who wants to keep home maintenance to a minimum, including first-time homebuyers, singles, older homeowners or people who travel frequently. Condo association rules can be highly restrictive, meaning you may not be able to customize your unit the way you want.

Know your options: condo vs. house vs. townhouse vs. apartment

My boyfriend and I are thinking of moving in together in maybe a year or so. We’re both 22 and plan to be together for quite a while, if not forever, and want to take the next step and make a larger investment. My question is this: What type of home would be a better investment for a young couple, possibly a condo, townhouse, or apartment? Or would going for it and buying a smaller home be the best investment?

My opinion is that an apartment kind of feels like you’re throwing your money away, yes it gives you a place to live for the time being but you don’t get any sort of money back when you leave and you never really get to have the thrill of calling it «yours».

I’m not sure what the difference between a condo and a townhouse is but my understanding is that you make payments almost like an apartment but after a certain point the place becomes yours, or you get some sort of severance deal when you leave?

And finally, I’m not sure what the market looks like for buying houses is right now, I don’t really have experience with that, I always stayed in one home as a child so never remember what to look for when buying a house or what might be affordable for a young couple with low paying jobs. There’s a possibility we might both return to school at some point as. If anyone has any ideas who has more experience than I when it comes to buying houses and might know some of the advantages and disadvantages for the different types of home or just any general advice on the subject, it would be most appreciated!

Thank you! In renting each you would be required to pay the monthly rent, a deposit would be required and first month rent. In either case you would not be given anything in your moving to another rental unit or purchasing a house,except the deposit minus any damage or clean up fee charged by your landlord or property manager. If you plan to purchase a condo or townhouse as oppose to renting an apartment, you would be required to apply for and be approved for a mortgage loan.

In applying for a mortgage loan, you would be required to prove both your income, provide bank statements, W-2 and federal income tax returns for a minimum of 2 years. You would be required to reside in the property for a minimum of 2 years. You would be require to have a down payment of at least 3. Our laws are geared to married individuals in the event something in the relationship does not go as planned.

You would need to prepare some type of contract between the two of you as to the disposal and financial responsibility each of you would. Not having such an agreement is akin to forming a partnership or corporation without rules and a structure. You have indicated you night be returning to school.

Since your plans might be flexible you might would consider renting an apartment, because all you would be required to do is give notice that you are moving and would not be required to dispose of a property you have purchased.

It is a lot of money and is an investment- but you will be living there and better be happy to come home there every day for several years. The term condo really refers to the type of ownership rather than the type of structure. Most of the condos I see are built as apartments. What it means is the ownership of the entire structure is shared with everyone- the only thing you own separately is pretty much the airspace. A townhouse if it is owned separately- the owner would own the roof and need to take care of it and probably the yard- but there could be a HOA that requires everyone pay into yard care and it be done as a group even though you may own the yard separately.

Visit with friends that own these things- they may not really know what they are doing but it should help you some at least to decide where you want to live. More important than all of townhouse or condo better investment is how you are going to own.

A married couple has a legal status that helps them if one dies or if the couple breaks up- you need a legal status also or you could end up in very big trouble. Go see a lawyer or you will be very sorry. Until you know exactly what you want long term, stick with a small apartment. The costs of buying and reselling will often exceed you gain in value. Wait until you both are not thinking of ever going back to school and have established jobs that you realistically are going to keep for many years before buying real estate.

Stock up on winter home essentials. Get your last minute gifts! More holiday gift inspiration. Answer Save. Favorite Answer. You sound as if you are making a decision as to rent a condo, townhouse or an apartment.

Also selling a townhouse of condo take a bit longer than selling a single house. The wait time to sell a townhouse or condo could be in excess of a year or so. I hope this has been of some benefit to you, good luck. In other words there is a lot to know and think. Auntie Mame Lv 7. Landlord Lv 7. Rent until you are married. Owning a home will only complicate a break up. Still have questions? Get your answers by asking .

Know your options: condo vs. house vs. townhouse vs. apartment

Partner Links. Read more about the differences between a house and a condo to learn which best for you. Advantages and Disadvantages of a Condo Advantages Townhouse or condo better investment costs for maintenance, utilities, and insurance Cheaper than other non-rent housing options Sense of community ijvestment residents Low-maintenance Security Disadvantages Regular Townohuse fees subject to change No private exterior spaces Potentially cumbersome regulations Lack of privacy compared to regular houses Risk of HOA not properly maintaining building or managing funds Advantages and Disadvantages of a Townhouse Advantages Traditional home atmosphere at a lower cost Exterior spaces included with property A townhouse or condo better investment sense of privacy than condominiums Typically more spacious Minimal regulations Disadvantages High costs for upkeep and maintenance Restrictions on customizing your property Smaller yards than free-standing homes Mortgage financing can get expensive Less shared amenities than in condos It’s never too late — or too early — to plan and invest for the retirement you deserve. It’s never too late — or too early — to plan and invest for the retirement you deserve. From an aesthetic standpoint, they can look quite similar, as they are large, predominantly high-rise style structures hosting multiple residents. The exterior of the units, plus land and any improvements, is considered common area and owned collectively by all condo owners in the community. Monthly cost and maintenance are the defining features of condos. High-rises are the most common. Those tasks can add up to significant time and money. Disability Insurance.