What's The Difference Between A Condo And A Townhome?
Posted: June 26, 2018 by Step Beyond Media
The world of real estate can be a tricky subject to learn all the different terms pertaining to diverse buildings available. Today we are going over the differences and similarities of condominiums and townhomes.
Condominiums, usually shortened to just condos, are a great item to purchase as an investment, a personal habitat, or even to rent. Not considered a type of house, condos are taxed as an individual entity. You do not own the land around it or the building it is in. Condos are usually an association of several people who own the individual units. They come in all shapes and sizes; 1 story, 2 story, basement or not, there are many different types of condos. In most cases, condo buildings include laundry, pools, gyms, and other owner perks. You may have neighbors above, below, to each side, or all of the above. Condominium refers to the type of ownership, not the type of house, as previously stated.
If you are looking to purchase a townhouse, you would then own the front and backyards included, unlike a condo. Townhomes usually are connected side to side with many stories. You would only have neighbors on each side instead of above and below. The term townhouse actually refers to a type of construction and is not a type of management, where the term condo is a type of ownership. Townhomes are known for their small, individual footprints, and their seemingly detached living space. You may also have heard the terms row houses, state houses, or public houses, which all mean the same thing: townhouse.
Lastly, let's discuss the similarities of the two. Either one you choose will be maintained by the homeowner's association. Whether that be the lawn, the structure itself, or the systems in each unit. You will be charged for upkeep for things such as security, trash, landscaping, and snow removal in both. Residing in a townhouse or a condo, you will be responsible for electric or gas, air conditioning, plumbing, and more. Make sure you know what costs are included and what are extra in the next townhouse or condo you choose to purchase.
Townhouses and condominiums have many differences, but also some similarities. Do your research and find what one is better for you. Your real estate agent will be able to help steer you in the right direction and also give sound advice on the decision.