The decision to buy a condo is rarely an easy one. Knowing the benefits of buying a condo and the difference between a condo and other types of homes can help a buyer make the final choice.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Differences Between An Apartment, A Condo and A Single Family Home

An apartment is a rental unit that is part of a larger building or collection of units. Often apartments are found in large buildings that contain many apartments of the same layout. Sometimes apartments take the form of town houses. Apartment dwellers pay a monthly rent, often comparable in cost to a mortgage. Rent money goes to the landlord, who in turn takes care of the property and often pays for some utilities.

A condo is like an apartment in that it part of a larger building or collection of units. Some condos take the form of townhouses. The difference between a condo dweller and an apartment dweller is that a condo dweller buys the unit and is responsible for paying for the repairs of anything inside the condo. The condo association cares for the building and the grounds where the condo is located.

A single family home is a standalone building. Home buyers purchase the building and the property it stands on, and are responsible for taking care of everything on the property.

How To Know When You're Ready To Buy A Condo

People who buy Timberlea townhomes or condos are usually interested in making an investment, but are not interested in handling a lot of home maintenance. They want space, but not too much space. They want a mortgage, but not a big mortgage. Often people who buy condos are career-minded people who want to live close to their office and focus on their job.

Sometimes people decide to buy a condo when they might be ready to stop caring for a yard or the outside maintenance of a home. Condos represent a nice middle ground between the purchase of a home and the renting of an apartment.

Contact Your Real Estate Agent to Get Started

If you're a home buyer who believes that you might be ready to purchase a property, contact a real estate agent to discuss your needs. Your agent can help you decide if buying a condo is right for you.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.