When you’re purchasing property in Mexico’s summerly Riviera Maya, you need to consider the type of property you want. Setting a lot or home aside, many people that want a home in a condominium complex often battle between choosing a townhouse or a condo. At the end of the day, it comes down to your needs. The key difference is ownership; but it is associated with different lifestyles, as well.
Privacy and Community – Townhouse
A townhouse is technically the middle ground between a single-family home and a condo. It has its private front and back entrances and there is a general feel of a single-family home. However, it tends to be much more affordable. Townhouses also offer privacy. Some are freestanding and others sit in rows, sharing costs with your next-door neighbor. Unlike a condo, a townhouse will often include a yard in the title with the land the house is on. If owning land is something you want, a townhouse will fulfil that dream, without the hassle of a full home ownership.
When you purchase a townhouse, the maintenance of the land is your responsibility, as well. The fee, however, is determined by the HOA (homeowner’s association) and it includes exterior maintenance. You can’t put your signature on the exterior, so make sure you like the look of the townhouse when committing to the purchase. However, you will be required to mow your own lawn. Your fees may include common amenities such as playgrounds, pools and clubhouses. Shared spaces in townhouse communities are often smaller than in a condo. The HOA may handle things like trash removal, as well. In summary, townhouses are a mix of independence with shared responsibilities.
If you are considering investing in a townhouse, look at the restrictions on the units that can be rented out.
Townhouse recommendation of the month: Seis Casas Tulum
So, is a Condo a Better Deal?
A condo has separate units owned by individual residents. You own and maintain the interior for your unit, but don’t own the land itself. Condos offer a slightly different lifestyle: apartment living. Units are connected, so you often live in close proximity to your neighbors. The exterior, lawns, and shared spaces are maintained by the HOA. As a condo owner, you won’t be asked to mow the lawn or clean the pool. Freedom from maintenance duties is one of the biggest draws of condo ownership; but some townhouses offer that, too.
One of the perks of owning a condo is the social life. You see your neighbors in the elevator or by the pool bar. If that’s important to you, find out how many units are owner-occupied and how many are short-term rentals. A condo also offers flexibility, lower maintenance, and is easier to leave vacant while you travel.
You may want to purchase a condo if you’re thinking of an investment. The value of the unit will appreciate over time and you can use it for rental income more easily. For both condos and townhouses price depends on size and location, so it’s hard to generalize. Beachfront condos may fetch thousands of dollars per week in high season, but can be much more expensive. Since condos tend to appreciate slower than single-family homes, you may choose to capitalize on rental potential rather than wait for the unit to increase in value.
Consider HOA fees, as well. Condo owners usually pay more because of their ratio of shared space, and save on supplemental insurance. Townhouses, on the other hand, have lower fees but may be more expensive in other expenses. A condo might be cheaper than a townhouse if you do not factor in the monthly fees.
Condo recommendation of the month: 2-bedroom penthouse in Tulum.
Whichever you decide to invest in, you’re making the right choice investing in Mexico’s gorgeous Riviera Maya. And if our recommendations aren’t what you’re looking for, you can search through our other thousands of listings. You will certainly find one that is suited on your wants, needs, style and budget. You can also contact one of our Buyer’s Representatives who will help you sort through the many options available for you.
And remember, at Top Mexico Real Estate…we make it happen!