Within the last five years, older & younger millennials (ages 22-40) continue to make up the largest share of home buyers not only in Charleston, SC but throughout the nation. Due to this generation preferring a more active lifestyle, a majority of this group may prefer to reside in more urban living conditions, & be closer to city life. So this is where the question arises, does a townhouse or condo seem like the more logical, & affordable, choice for their new home? Let’s look into the pros & cons here:
The Pros of Buying a Condo or Townhome in (or near) Charleston, SC:
More Affordable Options to Live Closer to Downtown
Cost-conscious homebuyers can save some money while living in a condo or a townhome whenever comparing the costs of living in a single-family home in the same proximity. Condos & townhomes can cost on average, $100,000 less than single-family homes. They also have lower utility bills, less upkeep, & more options to great locations that can provide quicker access to downtown entertainment (aka, less gas money & cheaper Uber rides)! Owning a condo or townhouse can be very similar to renting an apartment, except that as the owner of your unit, you have the freedom to remodel the unit to your liking, & you are able to build equity on top of your investment. This equity can be beneficial later down the road if you choose to purchase a larger home in the future.
With condos & townhomes, a homeowner’s association (HOA) commonly takes responsibility for lawn care, landscaping, pool cleaning, pest control, & the cost of city services such as trash pick up. A homebuyer could also gain the perks of extra amenities that typically don't come with a single-family unit such as a swimming pool, fitness center, & gated entries.
Living in a single-family unit can sometimes create distance between neighbors, & not everyone enjoys being introverted. Condos & townhouses are much closer in proximity which can create a level of closeness between neighbors & increase the chances of commingling. There is also a sense of community that you may not feel or find in larger neighborhoods due to shared amenities such as a swimming pool, laundry center, & fitness center.
The Cons of Buying a Condo or Townhome in (or near) Charleston, SC:
A House Is Easier to Sell than a Condo
A condo or townhouse can be harder to sell & that’s because most buyers are looking for a house that they can grow in. So there is a greater likelihood that your condo or townhouse will only be appealing to a smaller number of buyers. Condos & townhouses are also known to be more institutional whenever it comes to their appearances, so it’s harder for them to stand out especially if there are a lot of units for sale in your complex. This is a major reason why most condos & townhomes are often converted to rentals.
Appreciation Rates May Dwindle
Homebuyers should pay attention to the difference in appreciation rates between condos & townhomes compared to single-family homes. It is known that condos & townhomes don’t appreciate as quickly as a single-family house. So it is important for the buyer to understand that they may not receive a large amount of money in return if they decide to sell their place within just a few short years.
The Homeowner Association (HOA) & Fees
These are the fees that go toward maintaining the building, the landscaping, & any amenities that may come with the condo or townhouse. The buyer should always calculate these fees into their monthly budget, as well as allow some wiggle room in the event that the HOA doesn’t cover something, such as new roofing or flooding.
Decide Where You Should Live With Team Lail-Chambers!
Home shopping can seem challenging but it doesn’t have to be with Team Lail-Chambers! We can help you decide if a new townhome, condo or single-family is your best option. Our staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston & the Lowcountry, & are happy to help you decide on the best neighborhood for you & your family. We work hard to match you with a home you'll love. Contact us today! We are ready & waiting to help you find your perfect Charleston home!