Learning • Step 2 of 8

Property types: choose what you’re actually buying

House, condo, townhouse — you’re not just buying square footage. You’re buying a cost structure, a risk profile, and a set of rules that will shape your monthly life long after closing.

Single-family home: maximum control

A single-family home gives you the most autonomy. No shared walls, no shared budgets, no one else voting on major decisions.

Example

You own a $550,000 house. Within the first few years: • HVAC replacement: ~$9,000 • Roof repair after a storm: ~$6,000 • Plumbing issue behind a wall: ~$4,000 None of this is unusual — and none of it is optional.

Summary

Single-family homes trade predictability for control. You won’t get surprise HOA bills, but every major repair lands entirely on you.

Condo: shared costs, shared risk

Condos reduce personal maintenance, but replace it with shared responsibility. You’re buying into a collective budget and hoping it’s been managed well.

Example

A 40-unit condo building needs major exterior work. • Total project: $1,200,000 • Your share: ~$30,000 If reserves are low, this can arrive as a special assessment with a tight payment window.

Summary

Condos feel simpler month-to-month, but the biggest risks are lumpy and communal. Low dues often mean deferred costs, not savings.

Townhouse: the hybrid (with caveats)

Townhouses often sit between houses and condos. Some maintenance is shared, some is yours. The details vary widely by development.

Example

Two townhouses look similar on paper: • One HOA covers roof and exterior • Another covers landscaping only Monthly dues may be similar, but long-term exposure is very different.

Summary

With townhouses, the HOA documents matter more than the label. Always verify exactly what’s shared and what’s not.

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