What’s a Condominium?
A beachfront home in Monmouth NJ defined as a condominium (typically called condo for short) is a housing unit contained within a larger community. While condos may be similar to apartments, you own a condo, but you rent an apartment.
“Condos are generally on one level, with one underground garage,” explains Kyle Golden, real estate agent with Century 21 Thomson & Co., “and require the least amount of maintenance. So, for example, if the roof is leaking or the carpet in the entryway to the building needs to be replaced, that’s not your responsibility — the condo association handles those duties. (An association, sometimes called HOA, for homeowners association, is a self-governing organization in “common-interest” communities where homeowners collectively pay fees to maintain the units or neighborhood. HOAs are typically run by resident homeowners elected to a board of directors that oversee the HOA’s management).
Condos can be an option for anyone who wants to keep home maintenance to a minimum, including first-time homebuyers, singles, older homeowners or people who travel frequently. With the association taking care of maintenance, you won’t have to worry about tasks like mowing the grass or arranging trash pickup services. Some condo buildings also have door guards and offer an extra level of security, particularly in large cities.
Source: Bankrate and Kyle Golden
What’s a Townhouse?
Most modern beachfront homes in Monmouth NJ described as townhouses have small footprints, multiple floors and shared exterior walls with neighboring homes within the community. Some townhouses might have small yards or patios, and can be much cheaper to buy than a single-family home. “Along the beachfront area of Monmouth County, townhomes generally have three levels, with one or two garages attached to the home,” explains Kyle Golden, real estate agent with Century 21 Thomson & Co.
For homebuyers debating between a house or condo, a townhouse might be the best of both worlds. You get multiple levels, often more space (like a single-family house) with less exterior maintenance (a major perk of condos). Pet owners will also like the fact that their townhouse may have a small yard for their four-legged friends to enjoy.
When it comes to the ability to make your own decisions about your property, a townhouse comes out in front compared to a condo. Townhouses tend to allow property owners a bit more autonomy when it comes to shutter and door colors, though those decisions typically have to be HOA-approved. Townhouses, like condos, usually come with HOA rules and dues.
