B & B Real Estate | Holyoke Real Estate, South Hadley Real Estate, Northampton Real Estate


Photo by Pixabay via Pexels

When it comes to home ownership, you have many options beyond buying a single-family home. A condominium and a townhouse are two such options. Before you consider making one of these your permanent home, it's important to understand the differences between them.

Condo Ownership

When you purchase a condo, you own the entire inside of the structure. The condo association owns the exterior, all common areas, and the land where the condo sits. Condo owners are not responsible for exterior maintenance. However, you need to budget for condominium association fees apart from your monthly mortgage payment. This covers the cost of repairs and maintenance in common areas. Most condos are in multi-story buildings.

Townhouse Ownership

When buying a townhouse in a traditional manner, you must pay dues to its homeowner's association. This fee goes toward outdoor maintenance, such as mowing the lawn and shoveling snow. Your fee may also include landscaping services. Townhomes typically appear as conjoined single-family homes.

If you choose to purchase a townhouse in a non-traditional manner, you own the land it sits on as well as the physical structure of the home. This means you are responsible for repairs and maintenance both inside and outside of your townhome. The association that owns a townhouse complex is only responsible for communal repairs such as potholes on the street.

Financial Considerations

You can't deduct homeowner's dues if either type of property is your primary or secondary home. The only exception to this is if you rent it to others. If you occupy the condo or townhouse, you can deduct real estate taxes and mortgage interest if you itemize deductions on your tax return. If you plan to use the condo as a second home and rent it the remainder of the time, make sure that you occupy it less than 10 percent of the time that you rent it. If you don't, the IRS considers it personal property.

The non-mortgage fees for a condo are almost always higher than they are for a townhouse. This is due to more shared areas and additional amenities that most townhomes don't have. These may include a swimming pool, a recreation room, or an area on the roof to suntan or host a barbeque for your neighbors. These amenities all carry an additional risk, which necessitates the need for additional insurance coverage.

The property taxes and initial down payment are typically higher for condos as well. Even so, some people prefer a condo over a townhouse because they feel that not being at street level offers them better security.

If you’re in the market for a non-traditional home, feel free to schedule a consultation. We'll go over your options and find the best home to suit your needs.


This Condo in Holyoke, MA recently sold for $99,900. This Garden style home was sold by Office Holyoke - B & B Real Estate.


53 Saint Kolbe Dr, Holyoke, MA 01040

Condo

$99,500
Price
$99,900
Sale Price

3
Rooms
1
Beds
1
Baths
One level living at it’s finest! This is the only unit in the complex with its own entrance and laundry inside the unit! This cute and clean condo is ready for you to call home! Hardwood floors flow throughout the whole unit. The kitchen has all stainless steel appliances. The updated bathroom has tile floors and beautiful vanity. The spacious master bedroom has a big picture window and huge walk in closet! Assigned storage unit in basement too! Dogs under 50lbs, cats and birds are allowed! (See Rules & Regs Attached) Easy to show! Schedule your private showing today!

Similar Properties



This Condo in Holyoke, MA recently sold for $97,850. This Townhouse,Rowhouse style home was sold by Office Holyoke - B & B Real Estate.


342 Maple St, Holyoke, MA 01040

Condo

$99,900
Price
$97,850
Sale Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Beautiful newly remodeled three bedroom condo that is in move in condition. This home features three bedrooms, updated kitchen, large living room, one and a half baths, partially finished basement and newer gas heat. Call today.

Similar Properties



This Condo in Natick, MA recently sold for $607,000. This Mid-Rise style home was sold by Office Holyoke - B & B Real Estate.


9 Morgan Dr, Natick, MA 01760

South Natick

Condo

$599,900
Price
$607,000
Sale Price

5
Rooms
2
Beds
2
Baths
Bight and spacious South Natick Hills condo for sale. This gorgeous 2 bedroom top floor corner unit includes brand new hardwood floors with new light fixtures throughout. 2 full beautiful remodeled bathrooms, an updated eat-in kitchen with stainless steel appliances and granite counter tops. In unit laundry room. Central A/C, balcony and 2 car garage parking space. This is also a pet friendly community that is close to downtown Natick with nearby access to the commuter rail.

Similar Properties




342 Maple St, Holyoke, MA 01040

Condo

$99,900
Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Beautiful newly remodeled three bedroom condo that is in move in condition. This home features three bedrooms, updated kitchen, large living room, one and a half baths, partially finished basement and newer gas heat. Call today.
Open House
No scheduled Open Houses

Similar Properties





Loading