Should I Buy a Condo or Townhouse?

Have you decided to purchase your first home while attending school at Simon Fraser University? That is an exciting decision that will provide you with a place that is all your own and could be a great investment for your future. Buying real estate while you are attending a University is very beneficial.

There are a few additional choices that you must make. Once you have decided on your wants and needs, you must decide what kind of home you would like to focus on during your search. Condos and townhouses are both very popular for college students. They each offer advantages and disadvantages, meeting the needs of different lifestyles. To make your choice easier, here is some information about these different kinds of SFU real estate.

The Differences

Choosing between a condo and a townhome is all about deciding what factors are important in your lifestyle. Condos are characterized as a joint building that is comprised of many different units. These units, often referred to as apartments, are individually owned. Any areas outside the condo are considered common area and available for use by anyone who lives on the property. Condos normally offer great amenities and the common areas are maintained by staff or hired contractors.

Townhomes are individual houses that are connected by one or two sides, rather than surrounded by units. This style is favorable by those who enjoy a little more privacy. There are not normally as many amenities as condos, but they do often have a backyard — great for those with pets.    

Size Matters

Townhomes are generally a bit larger than condos. They are multi-story structures, providing the owners with plenty of room to live and even expand. People tend to stay in townhouses for longer periods. If you would like more space and the potential to expand, possibly have a family or set up an office for professional use, a townhome is a great SFU real estate selection. 

Keeping things on a smaller scale is common with college students. These types of student choose to live in condo settings and love the lifestyle. Though they are smaller, The HOA fees tend to be higher than that of the average townhouse.

Maintenance

While both homes are considered low maintenance when compared to a traditional single family home, one requires more upkeep than the other. Townhouses might have a backyard that the owner is responsible for. They might also require the owner to make certain repairs. Condos are perhaps the most low maintenance types of real estate that money can buy. There is no yard work to perform and no maintenance for you to worry about. 

HOA Fees

Less maintenance comes at a price. While condos are normally much smaller than townhomes, their HOA fees are known to be higher. This is due to the fact that hired employees do all of the post cleaning up. More is asked of those who own townhomes.

End the end, choose that best that fits you. For more information or to speak to a professional agent about these kinds of SFU real estate, visit Canadian Real Estate today!