Home Owners Associations, Condos, and Townhomes How to Figure What Suits Your Retirement Best

 

Retirement is a thing of beauty; it is the reward for a life of dedicated work. While some people see retirement as a time to slow down, others see it as an opportunity to finally live life exclusively on one’s own terms. Many retirees move to coastal states like Florida to look for beautiful homes, condos and townhomes for sale. There are distinct advantages to condos and townhomes for sale over traditional homes; here are a few things to consider before buying a condo or townhome.

The Advantages of Owning a Condo

When buying a condominium, the buyer effectively owns the interior of the home, yet the exterior and the common areas of the landscape are owned by a home owners association (HOA). This means that the landscaping and exterior building maintenance falls on the responsibility of the HOA; this is one of the key selling points for a condominium. Despite the fact that condos appreciate at a slower rate than that of a single-family home, condo-owners will build equity in a way that apartment-renters are unable to. It may be helpful to think of a condo as a midway point between a house and an apartment; for all intents and purposes you own the condo but don’t have to worry about many of the chores that concern traditional homeowners.

Buying a Townhome: What is the Difference?

Although condos and townhouses are sometimes lumped together, there is at least one major distinction between the two. When someone buys a townhome, they are in full ownership of the entire home, including the exterior. While this means that townhouse owners are required to mow the lawn, shovel snow, and rake leaves like any other home owner, the surrounding common property shared by townhomes is owned by a HOA that takes care of landscaping needs. These communities can include parks, playgrounds, and other recreational areas similar to some apartment complexes. Choosing between a condo and a townhome is largely a matter of opinion; the main question is whether you want to do landscaping or not!