You want to buy real estate, but you aren’t sure if buying a condo or a freehold townhouse is right for you. Before you decide, it is helpful to understand the difference between a condo and a freehold property. When you buy a freehold townhouse, also referred to as an attached or a row house, you own the entire property. When you buy a condominium townhouse, you only own the interior of the property, and the condo association owns the common areas and the exterior.
Buying a freehold townhouse is right for you if…
- You would rather not pay fees to the condo association
- You want the freedom to change your house’s exterior
- You have the energy and time to shovel snow, do yardwork, and take care of other tasks to maintain your property
- You are okay with spending more upfront due to the likelihood of increased appreciation
Buying a condo is right for you if….
- You want to spend less time maintaining your house
- You want to purchase a more affordable property
- You are okay with the prospect of paying monthly maintenance fess to the condo association
Either way, buying a condo or a freehold townhome offers many advantages, especially to new buyers who are ready to invest in real estate. Contact us at The Chris Keleher Team if you have questions about the difference between freehold properties and condos or if you are ready to look at property listings in the area.