Condo vs. Townhome in Greenville: Which Fits You?

Wondering if a condo or a townhome fits your Greenville lifestyle better? You are not alone. Many buyers weigh walkability, maintenance, and monthly costs before they choose. In this guide, you will see clear differences, typical Greenville price ranges, HOA realities, financing tips, and a simple checklist to make a confident call. Let’s dive in.

Quick look: condo vs. townhome

Condos

• Less exterior responsibility and strong amenity access.
• More shared maintenance and HOA controls.
• HOA fees often higher, sometimes include utilities and building insurance.
• Parking can be limited or assigned.

Townhomes

• More private control and often a garage or driveway.
• HOA fees often lower or moderate, depending on services.
• You may handle more exterior maintenance if HOA is limited.
• Multi-level layouts with small yards or patios are common.

If you value lock-and-leave living near Main Street and Falls Park, a condo may be the right fit. If you want a garage, more interior space, or a small private outdoor area, a townhome often wins.

How ownership and HOAs differ

What you own

• Condo: You own the interior of your unit plus a shared interest in common elements. The association manages the building and common systems.
• Townhome: Often fee simple ownership of the home and the land beneath. Some communities use a condo or townhome regime. Always verify the legal structure in the title and CC&Rs.

What the HOA covers

• Condo HOAs commonly handle building exterior and structure, master insurance, elevators and lobbies, common utilities like water or sewer, and amenities such as a pool, fitness center, or security. They maintain reserves and manage the property.
• Townhome HOAs often cover private roads, landscaping, lighting, and sometimes limited exterior items. Insurance coverage varies by community. In many fee simple townhomes, you insure the structure and the HOA covers common areas.

Insurance basics

• Condos usually require an HO-6 policy for your interior, personal property, and liability. The HOA carries the master policy for building structure and shared spaces.
• Fee simple townhomes often use an HO-3 or HO-5 policy that covers the structure’s exterior. Confirm what the HOA covers before you bind a policy.

Monthly costs and fees

HOA fees in Greenville

• Downtown mid to high-rise condos often charge moderate to high monthly fees. Luxury buildings with full amenities and included utilities can exceed $1,000 per month.
• Close-in townhomes often range from the low hundreds, roughly $100 to $400 per month, though gated or amenity-rich communities can be higher.

Do not judge fees by size alone. A higher condo fee might include water, cable, building insurance, and onsite staff. A lower townhome fee might only cover landscaping and road maintenance. Always read the HOA budget and fee breakdown.

Maintenance responsibilities

• Condo owners usually handle interior items only, like appliances and finishes. The HOA manages the exterior and shared systems.
• Townhome owners often handle exterior items such as the roof, siding, driveways, and private yards unless the HOA states otherwise. Check the CC&Rs for exact responsibilities.

Reserves and assessments

• Healthy reserves signal good planning for roof, elevator, or exterior repairs. Older buildings without strong reserves may face special assessments.
• Ask for 12 to 24 months of meeting minutes, the reserve study, two to three years of financial statements, and any litigation or special assessment disclosures.

Financing and approval

FHA/VA and project approval

• Condo loans can be more complex because some projects need approval for FHA or VA financing. Lenders often review owner-occupancy ratios, reserves, and any litigation.
• Fee simple townhomes typically qualify more easily for FHA/VA loans, but every lender and property is different. Confirm early if you rely on specific programs.

Lender red flags to check early

• Pending litigation that involves the HOA or building.
• Low reserves or recent special assessments.
• High investor concentration that may limit loan options.

Resale and value drivers

What helps condos resell

• Walkability to Main Street and Falls Park, good building management, secure parking, and well-maintained amenities can support demand.
• Buyers often watch the HOA’s financial health and the age and condition of the building.

What helps townhomes resell

• Private garages, usable square footage, small yards or patios, and lower maintenance are strong draws.
• Cohesive community design and attractive streetscapes help curb appeal.

Parking and walkability

• In Greenville’s close-in areas, assigned or secure parking is a major plus for both condos and townhomes. Easy access to restaurants, parks, and employers can boost resale and shorten time on market.

Rentals and short-term stays

HOA rental rules

• Many associations set minimum lease terms, limit the number of rentals, or require lease approval. Ask for the rental policy and scan recent meeting minutes for enforcement trends.

Short-term rental rules

• The City of Greenville may require permits or place limits on short-term rentals. If you plan to operate a short-term rental, confirm city requirements and the HOA’s stance before you buy.

Neighborhoods and price ranges

Greenville’s core offers a mix of attached-home choices:

• Downtown, West End, and near Falls Park: Primarily condos in mid to high-rise buildings and some loft conversions, with select rowhome or townhome options. These areas are highly walkable and close to dining and entertainment.
• North Main, Augusta Road, and Overbrook: A blend of historic homes, smaller condo communities, and infill townhomes with a residential feel and quick access to downtown.
• Close-in pockets along corridors like Five Forks and Augusta Street: New townhome projects appeal to buyers who want private garages and easy commutes.

Typical price bands in close-in Greenville vary by building age, finishes, size, amenities, and market conditions:

• Condos

  • Entry or smaller 1-bedroom units can start in the low to mid $200,000s.
  • Many 2-bedroom or newer mid-range units fall roughly in the $300,000 to $500,000 range.
  • High-end larger units and penthouses can reach $600,000 to $1 million or more.

• Townhomes

  • Newer infill townhomes around 2,000 to 2,500 square feet often range from about $350,000 to $600,000.
  • Larger or luxury townhomes with premium locations or features often exceed $600,000.

Always confirm current inventory and pricing with the latest market data, since conditions change.

Decision checklist

Use these questions to narrow your choice:

1. Do you want minimal exterior maintenance and shared amenities, or a private garage and more control over exterior care?
2. How important is walkability to Falls Park, Main Street, and restaurants?
3. What is your full monthly budget when you add mortgage, HOA, utilities, and taxes?
4. Are you comfortable with higher HOA fees if they include utilities and master insurance?
5. Do you plan to rent the property long term or use it as a short-term rental? Have you checked HOA and city rules?
6. Do you need FHA or VA financing, and if so, is the project eligible?
7. How do you feel about building governance and shared decision-making in a condo association?
8. Do you want a small private yard or patio for pets, gardening, or grilling?
9. Is secure or assigned parking a must?
10. What is your likely resale timeframe, and which option has broader buyer appeal if you plan to sell soon?

Smart next steps

• Ask for the HOA packet, CC&Rs, recent financials, reserve study, and 12 to 24 months of meeting minutes.
• Include contingencies for HOA review and, for condos, the condominium questionnaire or resale certificate.
• Confirm FHA/VA eligibility with your lender early if needed.
• Order a home inspection and verify who maintains major systems based on the CC&Rs.
• Verify parking assignments and any deeded storage.
• If you plan to rent, confirm the City of Greenville’s rules and the HOA’s rental policy.
• Consult a local real estate attorney if documents reveal unusual provisions or pending litigation.

Ready to compare homes?

If you want a practical, side-by-side view of condos and townhomes that match your lifestyle and budget, let an expert guide your search. For tailored advice, private showings, and a clear plan from offer to closing, connect with Monica Barnett. Request a Free Consultation.

FAQs

What is the main difference between a condo and a townhome in Greenville?

• Condos usually offer interior-only ownership with shared building elements managed by the HOA, while townhomes are often fee simple with more private control and responsibility for exterior items.

Are condos or townhomes cheaper upfront in Greenville?

• Entry-level condos can start in the low to mid $200,000s, while many close-in townhomes start closer to the mid $300,000s, but prices vary by size, age, finishes, amenities, and location.

How do HOA fees affect my monthly budget in Greenville?

• Condo fees are often higher because they can include utilities, master insurance, amenities, and management. Townhome fees are often lower, covering landscaping and roads, but you may pay more for exterior upkeep.

Can I use FHA or VA to buy a condo or townhome in Greenville?

• Many fee simple townhomes qualify more easily, while condos may need project-level approval. Check eligibility with your lender early in the process.

What should I review before buying into an HOA in Greenville?

• Ask for CC&Rs, bylaws, rules, recent financials, reserve study, 12 to 24 months of meeting minutes, and any litigation or special assessment disclosures.

Is a condo or a townhome better for short-term rentals in Greenville?

• It depends on HOA rules and city regulations. Confirm the HOA’s rental policy and the City of Greenville’s requirements before purchasing if you plan to operate a short-term rental.