Is owning a condo or townhome something you have considered? Home buyers are often turned off by the idea but in snow days like today you start to wonder. There is definitely some stigma involved since some people may think that owning one of these attached units is no different than renting an apartment. Well, there are some benefits of renting, too. Let’s start with the maintenance. Typically HOAs are in charge of snow removal, regular exterior and roof maintenance and trash removal. Depending on the community, some ammenities include a fitness room, club house, pool, private playground for the kids and in higher density areas, covered parking is gold. When comparing with detached single-family dwellings, townhomes/condos are usually newer and less expensive and sometimes about the same size. For some of the reasons mentioned, these units are favorites for younger buyers with active lifestyles that have no time to maintain a home as well as elderly that have no interest or ability to keep up the maintenance as well. Of course, there are the cons as well such as limited parking, little or no yard and paying the HOA (refer to a previous article on HOAs). How about inventory? Let’s look at the current data for Denver and Aurora. There are 1,244 total units for sale of which 434 (35%) are condos/townhomes. However, looking at prices under $250k, condos/townhomes make up 57% of the 208 homes available. Whether you want somebody else taking care of the snow shoveling or just looking for a home in your price range, a condo/townhome may be your answer. Now you know.
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