There are more than 800 condos and townhomes in Suffolk County, NY with several hundred on the market at any point in time. For example, in August 2024, real estate site Zillow listed 307 condos and 183 townhomes for sale. That’s a lot of options!
Is a Suffolk Condo/Townhouse for You?
Choosing a condo or townhome may be a compelling option for prospective first-time homeowners put off by the higher prices typically commanded by single-family homes. (The average single-family home price in Suffolk County is currently above $650,000, according to Zillow).
While condos and townhomes in Suffolk County may lack the square footage and privacy advantages of detached single-family homes, these drawbacks may be offset in the minds of prospective buyers by significantly lower selling prices.
Here’s some national data from the National Association of Realtors comparing the median price of condos vs. single-family homes:
What You’ll Get in a Townhouse/Condo vs. a Single-Family Home
Condos/townhouses and detached single-family homes differ significantly in ownership structure, maintenance responsibilities, and lifestyle. Condo/townhouse owners typically own their unit’s interior space, while sharing common areas. Condo/townhouse owners pay HOA (Homeowner Association) fees and have less maintenance responsibility but also less privacy and outdoor space. In the case of single-family homes, owners control the entire property, have full control and responsibility for maintenance, and usually enjoy more privacy and space but at a higher cost.
Buying a condo or a townhome offers budget-conscious several important advantages over a single-family home, as pointed out by Bankrate.com:
- Condos and townhomes require less upkeep. If you want to own your home without the hassle of mowing the lawn, shoveling snow, or repairing the roof, siding, or windows, condos are an excellent choice. Your real estate agent can guide you through any associated fees and provide details on the condos you’re considering.
- Condos and townhomes help you build equity quickly. By purchasing a condo, you can increase your equity and net worth as you make mortgage payments and as your condo’s value appreciates over time.
- Condos and townhomes often offer added community amenities. You might have access to features like a pool, dog park, or parking, and the best part is, you don’t have to maintain them yourself!
- Condos and townhomes can foster a sense of community. Living in a condo or townhome means being close to neighbors, which is great if you enjoy socializing and making friends. Many condo communities organize events like barbecues and holiday parties for residents to enjoy.
Remember: your first home purchase is just that – your first! While it’s certainly possible that you’ll eventually outgrow the limited space of a condo or townhome, for many it’s a great way to “get your foot in the door” as a new homeowner. The equity you’ll build because of your ownership will help you buy another property – perhaps another condo/townhome or a traditional single-family house in Suffolk County, Long Island – should you decide you need something different.
Team Rita has its finger on the pulse of the residential real estate market in Suffolk County. We will be happy to guide you toward a home that you’ll be delighted with – whether it’s a condo, townhome, or traditional single-family home. We encourage you to contact us so we can show you what’s on the market in beautiful Suffolk County. Ready to learn more? Let’s get in touch today!
