Townhouse, Condo or Single Family Home: Which is Best for Your Family?

Buying a home in a city like Ottawa comes with a lot of options. There are so many great neighbourhoods to choose from with a variety of different housing styles in each one. Condos, townhouses, and single-family homes are available throughout the city and in many of the outlying areas. But with so many choices, it can be tough to decide which style of home is right for you. 

Each type of dwelling has its benefits, but not all homes are right for every family. It’s important to understand your options so the home you purchase will suit your family’s needs now and in the future. Here’s everything you need to know about choosing between a condo, townhouse, or single-family home.

What’s the Difference Between a Condo, Townhouse and Single-Family Home?

A condo is an individually owned unit in a multi-unit building. The owner owns the inside of the unit but not the exterior or any surrounding property. The common areas around the building (or buildings) are generally owned by a Homeowners Association (HOA) or Condominium Corporation. As a result, condo owners pay additional fees to the HOA or Corporation. 

A townhouse is an individually owned home in a row of other identical or very similar houses. Each home has a private front and back entrance with shared side walls. Townhouse owners own the home as well as the land it sits on which usually includes a small yard. There’s generally a small HOA or condo fee to cover repairs and maintenance of common elements like the roof and grounds. 

A single-family home is a standalone structure with its own foundation. A single-family home has no shared walls*, a front and back yard, and often its own driveway. The size and style of single-family homes can vary greatly, though most include a basement and attic.

*A duplex is similar to a single-family home except a duplex features two individually owned homes that share an adjoining wall. Although they share a wall, each home has its own entrance and yard. A duplex is usually less expensive than a standalone home and homeowners have to split the cost of repairs for shared elements like the roof or siding. 

Which Type of Home Matches Your Budget?

Different types of homes come with different monthly expenses. Before you choose which type of home is right for you, you should be aware of the various costs. Here’s how the different options compare: 

Condo

Condos are usually less expensive to purchase than a townhouse or single-family home, but they come with higher monthly expenses. Monthly condo fees that cover repairs, maintenance, and some utilities can sometimes be as much as or more than a mortgage payment. You may also have to pay additional special assessments to cover unexpected repairs. 

Townhouse

A townhouse falls in the middle and is more expensive to purchase than most condos but less than a single-family home. Townhomes usually have fairly small HOA fees to cover basic maintenance of common elements. 

Single-Family Home

A single-family home is the most expensive option to purchase but they do not come with any additional fees. But the homeowner is responsible for all repairs and maintenance, which in some cases can be quite costly. 

Finding the Right Home for Your Lifestyle

Choosing the right type of home isn’t just about what you can afford, it’s also about the type of lifestyle you want to live. 

A condo requires very little maintenance and offers owners the freedom to live a busy lifestyle without worrying about the upkeep of the home. The close quarters of a condo offer less privacy but often create a more vibrant community.  

With a smaller yard and shared exterior elements, a townhouse involves less maintenance than a single-family home but more than a condo. A townhouse is often a good fit for young families that want to enjoy some outside space but don’t want the level of maintenance that comes with a single-family home.  

A single-family home comes with the most privacy and personal space. But they also require a lot of maintenance and upkeep. A single-family home is generally best for families who want a large yard, and outbuildings such as a garage or shed. And for those that have the time and resources to look after and maintain a larger house and property. 

With so many options, the choice between a condo, townhouse or single-family home may seem a bit overwhelming. Get in touch with us to connect with an Ottawa Realtor® who can help you find the right home for you and your family.