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Townhouse Vs. Condo

(Published on - 7/9/2020 3:06:17 PM)

What is the difference?

Is there a difference between a townhouse and a condo? Yes, there is, and there are a lot of misconceptions involved! A condo is defined by the type of ownership. Basically, a condo is a single unit and typically one floor. The owner owns the interior of the space. It is part of a bigger unit of a building with similar units’ side by side, all with different owners. Think of an apartment building; each unit is owned by a different owner. The only difference between an apartment and condo is the ownership, meaning, a condo is owned by its resident, while an apartment is rented from a landlord. A townhome refers to a type of architecture. It is a multi-level home that shares walls with other homes on one or both sides. If you own your townhome, you own the interior, exterior, and land on which the home sits.

   

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Things to consider:

Maintenance/ HOA fees- Whether you are going with a townhouse or condo, you are not really responsible for maintenance, because that is what HOA fees are for. The owner of the HOA is responsible for that, which is why a lot of people do prefer purchasing a condo or townhouse. In a townhouse, the HOA manages the building, its grounds, interior, and exterior. In a condo, the HOA manages the building, its grounds, and interior. In a townhouse community, the HOA is managing common areas, which includes general grounds and, in some cases, roofs and exteriors of the structures.

Cost- Condos and townhomes are typically more affordable than owning a single-family home. Either would ultimately be a good choice for a first-time homebuyer or anyone on a budget. In terms of townhome vs. condo prices, condos are a bit cheaper to buy, but HOA fees are higher. Other types of costs to consider would be property taxes, insurance, and home inspection costs. These all vary based on the type of property you are buying.

Size- Condos have a smaller footprint as they are part of a bigger unit. A townhouse is bigger and typically you will find a yard and a garage for your car.     

                              Townhome vs Condo Pros and Cons | Hauseit® from Hauseit on Vimeo.

 

                Pros and Cons:  More community in condo living. Not much privacy.

                                             More privacy in a townhouse. Less connected.

                                             Higher HOA fees in a condo. Cheaper to buy.

                                             Lower HOA fees in a townhouse. More expensive to buy.

                                             More security in condos. More rules.

                         

 

 

 

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