A luxury townhome or condo can be a great option for someone looking to invest in a second home or rental with less concern regarding maintenance and repair while away. Townhomes and condos offer a lock-and-leave lifestyle that frees you up compared to luxury homes and real estate.
Purchasing a luxury condo or townhome can also be a great real estate investment for a primary residence if you are not interested in spending time working in a yard or on home upkeep projects.
Differences between Condos, Townhouses, and Luxury Homes
A condo or townhome differs from a luxury, single-family home in that they are considered multi-family. Condos and townhouse buildings have shared walls with other owners.
Typically a Property Owners Association (POA) takes care of all of the exterior maintenance on the property. This usually means from the insulation out is the responsibility of the POA.
Similar to a Home Owners Association (HOA), there are fees attached to this privilege and they vary widely depending on what is covered.
What is a Condo?
The word condo is short for the condominium. By definition, condominiums are a building or complex of buildings containing a number of individually owned units.
In a condo development, you own the interior walls. You do not own the ground or real estate below you.
Condos can be found as ground-floor units but will have other units above and beside them. Usually, a condo is a single-floor unit, but some luxury units can occasionally be multi-floored.
What is a Townhouse?
A townhome is typically in a row with other units rather than stacked like a condo unit. In townhouses, there are usually multiple levels and they own the small portion of ground below them.
You will typically share one or more walls with a neighbor, but you can find freestanding properties that are sold as townhomes. Townhomes typically have fewer rules and regulations than condo developments.
Benefits of Buying a Luxury Townhome or Condo in the Mountains of NC
In a condo or townhome, your exterior maintenance (including roof, and siding) is covered. Often times those fees can even cover your TV/ Internet, roads, parking, and any community amenities.
In a luxury multifamily community, the amenities can be vast. Some may include things like pools, spas, tennis, trails, fitness centers, golf, and more.
Many times in a luxury townhome or condo in the High Country, you will have a long-range mountaintop view. Often you can get high-end finishes and luxury amenities at a more affordable price if you compare multifamily properties to the luxury single-family housing market.
Convenience and Community Connections
A condo or townhome can be a great choice if you are looking for convenience. They allow you to have more free time when you might otherwise be working on your property.
These developments also offer you the opportunity to connect with your neighbors more regularly. There are POA meetings where you can connect with one another or you may meet someone when you are out walking a dog or in the fitness center.
Often times multi-family communities hold events and community gatherings in their clubhouses. It is a great way to meet people and stay connected in your community.
Tips for Buying a Luxury Townhome or Condo
When you are looking to buy a luxury townhouse or condo there are a few things to look out for. Use these tips to make the right investment when buying your property.
One of the main things to consider is making sure there are not any approved or pending special assessments.
Special assessments are typically paid by the seller if they are already approved. If something is coming in for a vote, you may be on the hook.
Be sure to ask questions about the property. Consider questioning specifics about the townhome or condo such as:
- The age of the roof
- The age of their well or septic system
- When was the last time the unit painted
- If any of the amenities are in need of updates anytime soon
These are the things that can often lead to a special assessment in a community in addition to the regular dues.
You can also request a home inspection to identify any problem areas with the property as well. Some buyers may want to protect themselves and their purchase with mortgage loan protection insurance.
Understand Responsibilities, Rules, and Regulations
With the convenience of a townhome or condo, you also have to be prepared for the rules and regulations that are often in place. Be sure that you review all covenants, deed restrictions, and bylaws of any community you are interested in purchasing in.
There are often rules regarding pets, occupancy, age restrictions, quiet hours, and other rules that can impact your enjoyment of your townhome or condo.
