Should I buy a Condo/Townhome?
What is a condo/townhouse?
A condo owner only owns the interior space of their unit. Typically, you’ll have an HOA fee that you may pay monthly, quarterly or annually, that will help cover the maintenance for the exterior of the units. If you are looking for the least amount of exterior work, owning a condo may be right for you as you are only caring for the interior. The main difference between a condo and a townhouse is that you do not own land with a condo. In a townhome, you own the interior walls that you live in as well as land. Townhome communities will have an HOA and some of them include taking care of the exterior as well as the landscaping.
What is an HOA?
HOA stands for Home-Owners-Association. It is made up of the other residence owners in your subdivision. Everyone is responsible for paying their HOA fee that comes together to help care for your collected properties. Typically, you will have an HOA fee that could be due monthly, quarterly or even yearly. That fee is collected to help maintain your subdivision and allow for necessary repairs/maintenance or even emergency funds should your community ever need the money. All HOA’s are different and can vary in their fees, rules and what they may take care of.
What’s the benefit of owning a Condo or Townhome?
Owning a condominium or townhouse may require less maintenance depending on the condition you buy in as well as what the HOA takes care of. If you enjoy traveling and moving around a lot during the year, owning something that you can up and leave easily may be ideal for you. You can have your agent look into the different complexes to see what their HOA takes care of to help find the right community for you. Being in this type of community may also bring community to you! If you are someone looking to be close to neighbors and establish more relationships, being in this type of setting may be for you. There are many subdivisions that have club houses and they do a lot of community events there. Some communities also may have a gym, pool, golf course and tennis courts!
I would love to give you more information on what owning a condo or a townhome looks like as well as explore the different types of communities out there in South Carolina. There are so many different options when it comes to homeownership. Give me a call and let’s talk about what’s a right fit for you!