It used to be that when you thought of buying real estate in Trinidad you only really pictured a single family home. Times have changed because now when it comes to buying property there are three main options; a condo, townhome or standalone house.
The popularity of the condo and townhome options is on the increase due to the high cost of real estate. Many young families simply cannot afford to buy a standalone house so they have to look at cheaper options, but there are other factors that need to be considered that can influence the choice. Take a look at the advantages of each housing type laid out below.
Advantages of Buying a Condo
- The maintenance is taken care of by the association, so you don’t have to worry about mowing the lawn or tending to the landscaping.
- Repairs to shared areas are also taken care of by the association. Things like roof repair, cleaning of hallways and elevators or even painting of the exterior walls are included in your association dues.
- Living in a condo environment can increase your sense of security because you are surrounded by neighbours.
- It is usually cheaper to buy a condo than it is to invest in a standalone house, or even a townhome.
Advantages of Buying a Townhome
- You get the standalone home feel because they are usually two-storied.
- Townhomes usually have a small outdoor space which is great if you feel like you need to see a patch of grass. (Some townhomes have associations that take care of outdoor maintenance, while others leave it up to the individual owner.)
- Some townhomes come with covered garages which you usually don’t get in a condo arrangement.
- They are more affordable than standalone homes.
Advantages of Buying a Standalone House
- You have complete freedom to renovate the exterior to your liking. Townhomes and condos both usually place restrictions on what can be done to the exterior of your dwelling. Changing the paint or adding structures that change the uniformity of the building are generally not allowed under either condo or townhome living.
- You have the full benefit of outdoor space. You can barbeque or have friends and family over without feeling confined to the inside space.
- Your investment is not tied to the strength of the association. When you buy a condo or even a townhome, your investment can be eroded if the association falters and fails to uphold the maintenance of the buildings or if it allows other owners to change the look of the compound and so devalue the overall area. A single family home is not subject to these concerns to that extent although general decline of the neighbourhood can have the same effect.
Many of the newer property developments in Trinidad are focused on the condo and townhome buyer and it is often easier to find an affordable condo or a townhome in a desirable area than it is to find a house you can afford. Although there are many things to think about before you choose, cost is probably still the biggest factor in the decision on which property type is best for you.